G - Physics – 06 – Q
Patent
G - Physics
06
Q
G06Q 30/00 (2006.01) G06F 19/00 (2006.01)
Patent
CA 2257401
A method and a system for operating a revolving credit program utilizing a table of tiered, variable interest rates in which one of the interest rates is applied as a finance charge to a remaining outstanding balance of an account depending upon the percentage that payments made during a billing cycle comprise of an account parameter, such as the outstanding balance, a highest balance or a beginning balance. In the preferred embodiment the applied interest rate is determined by the percentage the outstanding balance is reduced by payments on the balance during a billing cycle. Also in a preferred embodiment of the invention, the tiered interest rate table is structured to apply progressively reduced interest rates to outstanding balancesreduced by progressively greater payment percentages from the previous billing cycle, thereby encouraging a credit customer to make larger payments and pay down the outstanding balance faster. The interest rate of each tier is tied to, and floats with, an index, such as the Prime Rate, so that each tier represents a different spread, or increase over, the index. Also in the preferred embodiment, the system calculates and displays the minimum payments necessary to reduce the outstanding balance to meet each tier of the interest rate table.
Kapan Michael J.
Robinette Vicky
Gowling Lafleur Henderson Llp
Keycorp
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