Calculating and displaying interest avoided by use of a particular interest calculation method

US7702547B2 · kind B2 · utility

Assignee

• American Express Travel Related Services Company, Inc. · US

Inventors

• Simran K. Kalra · New York, US
• Brette Kameny · New York, US
• Anita Kozminsky · Stamford, US
• James Mahon · Dublin, IE
• Pamela Reid-Morgan · Miramar, US
• Peter Stephen Smith · New York, US

Key dates

• Filing date: Oct 21, 2005
• Grant date: Apr 20, 2010
• Expiry date: Apr 27, 2028

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/12
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Systems, methods, and computer program products for presenting, on a statement associated with a financial transaction instrument, an amount of interest avoided during a statement period. A first interest amount is computed for the statement period according to a first interest calculation method, the first interest amount being an interest amount actually billed to the transaction instrument account holder. A second interest amount is computed for the statement period according to a second interest calculation method. An amount of interest avoided for the statement period is computed by taking a difference of the first interest amount and the second interest amount. The amount of interest avoided for the statement period is displayed on the statement, whereby the holder of the transaction instrument is informed as to the amount of interest avoided by use of the first interest calculation method, rather than the second interest calculation method.