[go: up one dir, main page]

WO2003098495A1 - Programme de recompense sur pret hypothecaire - Google Patents

Programme de recompense sur pret hypothecaire Download PDF

Info

Publication number
WO2003098495A1
WO2003098495A1 PCT/AU2003/000602 AU0300602W WO03098495A1 WO 2003098495 A1 WO2003098495 A1 WO 2003098495A1 AU 0300602 W AU0300602 W AU 0300602W WO 03098495 A1 WO03098495 A1 WO 03098495A1
Authority
WO
WIPO (PCT)
Prior art keywords
facility
reward
credit
points
accumulated
Prior art date
Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
Ceased
Application number
PCT/AU2003/000602
Other languages
English (en)
Inventor
Massimo La Grutta
Current Assignee (The listed assignees may be inaccurate. Google has not performed a legal analysis and makes no representation or warranty as to the accuracy of the list.)
Prudential Finance Corp Pty Ltd
Original Assignee
Prudential Finance Corp Pty Ltd
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Prudential Finance Corp Pty Ltd filed Critical Prudential Finance Corp Pty Ltd
Priority to AU2003229096A priority Critical patent/AU2003229096A1/en
Publication of WO2003098495A1 publication Critical patent/WO2003098495A1/fr
Anticipated expiration legal-status Critical
Ceased legal-status Critical Current

Links

Classifications

    • G—PHYSICS
    • G06—COMPUTING OR CALCULATING; COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/02—Marketing; Price estimation or determination; Fundraising

Definitions

  • the invention relates broadly to financial products, and relates more particularly to mortgage products offered by financial institutions.
  • a mortgage for a residential property is offered with a credit card having an associated rewards programme.
  • the rewards programme awards points to a reward account based upon the purchases made using the credit card.
  • the accumulated points are redeemed, as required, to a credit in respect of the residential mortgage.
  • the customer is provided with a widely accepted transactional payment facility, the use of which offsets the cost of the customer's secured debt facility.
  • This link between the customer's long-standing mortgage and transactional credit card provides a compelling incentive for the customer to retain the mortgage, and the credit card, with the existing provider.
  • Liberal use of the credit card for day-to-day purchases is encouraged as the use of reward points is directly linked to a reduction in the residential mortgage.
  • a residential mortgage is usually a debt of significant value and is, accordingly, underwritten by an asset used as security. As the debt is of considerable proportions and typically lasts 20 years or more, the interest repayments and other fees are also significant.
  • Credit cards by contrast, are a convenient form of household credit that is typically used for household expenses with minimum monthly repayments. Relatively high interest rates and various other charges are charged to the customer who in return has access to a pre-approved line of credit for day-to-day transactions.
  • a competitive advantage in either the residential mortgage or credit card markets is beneficial, owing to the revenue streams earned by providers from mortgage and credit card accounts.
  • the prospect of at once securing both the residential mortgage and the credit card business of customers is thus appealing to financial providers.
  • the product described herein encourages customers to retain the residential mortgage with the provider, and to continue using the credit card to accumulate further redeemable points. Customer "churn" is thus discouraged to the benefit of the financial provider.
  • the marketing appeal of the product can provide a basis for expanding mortgage market share, and also increasing the number of and return from credit card holders, while reducing the "churn" rate for both.
  • the intuitive appeal of the product is especially strong for households that make a high volume of monthly purchases via a credit card, and which have a highly geared residential mortgage. This appeal relates to the notion that the more one spends using the credit card, the more favourable is one's position in relation to the residential mortgage.
  • Fig. 1 is a schematic representation of the mortgage reward programme described herein.
  • Fig. 2 is a flowchart of steps involved in operation of mortgage reward programme described herein.
  • Fig. 3 is a schematic representation of computer system advantageously used for administering the mortgage reward programme described herein.
  • a mortgage is broadly defined as a loan made in respect of an asset that the creditor holds as security for the loaned debt. The asset is returned to the debtor upon full payment of the debt. Mortgages are used for the purchase of property assets, and in retail banking are most commonly made in respect of residential property.
  • a payment facility such as a credit card is perhaps the most widely used of such payment facilities.
  • a residential mortgage and a credit card directly linked via a rewards programme as described herein, advantageously meets the banking needs of the customer while for the provider enhances the loyalty of the customer's residential mortgage and credit card business.
  • Fig. 1 schematically represents the mortgage reward programme described herein.
  • a secured debt facility, in the form of a mortgage facility 110 for a residential property is associated with a transactional credit facility in the form of a credit card 120.
  • the credit card 120 operates in conjunction with an associated reward programme 130. Purchases made using the credit card 120 accumulate points in accordance with the reward programme 130. Such points can be redeemed against the mortgage facility 110.
  • the mortgage reward programme described herein thus links a mortgage facility 110 and a credit card payment facility 120 in the advantageous manner described herein. Points accumulated through use of the credit card 120 can be redeemed as a converted cash credit against the mortgage facility 110.
  • the reward programme 130 is one in which an account of reward points is maintained. Points are accumulated in accordance with the reward program 130.
  • the reward programme 130 may specify the award of points in any manner that the provider sees fit.
  • the structure of the reward programme 130 is such that points are accumulated in a manner that is readily understood and appealing to customers.
  • a common structure for the reward programme 130 may be that points are awarded at a rate that reflects the dollar value of purchases made using the credit card 120. For example, 100 award points may be allocated against a reward programme account for every dollar of purchases made using the credit card 120. This basic structure does not, of course, preclude the award of further points in particular circumstances.
  • the reward programme 130 can have a range of rules, or special offers, governing the award of points.
  • bonus may be allocated against the reward programme account for purchases made at any one of a select network of retail providers. Allocation of such bonus points is intended to build loyalty towards members of this select network of retailers.
  • “Extra” points may also be allocated for promotional purposes, such as the purchase of select products within a certain promotional time frame. Additional points may be awarded for purchases above a certain amount in a given store, hi any case, points can be accumulated under the reward programme 130 in any specified manner.
  • Fig. 2 flowcharts, in overview, steps involved in operation of the financial product described herein.
  • step 210 purchases are made using the credit card 120.
  • step 220 points are allocated in respect of the purchases made in step 210, in accordance with the reward programme 130.
  • step 230 the points accumulated in step 220 are redeemed against the mortgage facility 110.
  • Table 1 below outlines the characteristics of the mortgage facility 110 (in this case a secured variable loan for a residential home) that may be offered to purchasers.
  • the "reward programme” characteristic outlined in Table 1 indicates that reward points accumulated under a reward programme are redeemable as "dollars off (that is, a credit) in respect of the mortgage facility.
  • Nil FEATURES Spilt Loan - up to 4 accounts, Redraw, Internet and Phone Banking, ATM access via debit card and Cheque book optional
  • PRINCIPAL REDUCTIONS Can be made at any time on variable rate. Up to
  • REPAYMENT METHOD Direct Debit, Monthly, Fortnightly or Weekly, Direct Salary Credit, (Principal and Interest or
  • Table 2 below outlines characteristics of a credit card 120 that can be used in conjunction with the mortgage facility 110 described above with reference to Table 1.
  • Table 3 below presents characteristics of a reward programme 130 that can be used in conjunction with the mortgage facility 110 and credit card 120 described above with reference to Tables 1 and 2.
  • Table 4 below presents an example of points accrued in accordance with a reward programme 130, and redeemed as "dollars off a mortgage loan 110.
  • OPENING BALANCE POINTS 1,000 POINTS OPENING BALANCE DOLLARS: $10.00
  • BONUS POINTS ADDED 500 POINTS BONUS DOLLARS ADDED: $5.00 USAGE POINTS ADDED: 3,600 POINTS USAGE DOLLARS ADDED: $36.00
  • POINTS TRANSFERRED OUT 4,000 POINTS towards $100,000 Mortgage Loan
  • the credit card reward programme provider can, upon authorization from the customer, debit the customer's reward points account by a specified amount and deposit an agreed cash amount in the mortgage facility maintained by the mortgage provider. This specified amount may appear as a credit in either the mortgage account that forms part of the mortgage facility 110.
  • the mortgage facility 110 and credit card 120 may, of course, be provided by the same financial institution.
  • the mortgage reward programme described herein can be provided with the assistance of computer hardware and software operated by a financial institution, as is understood by those skilled in the art.
  • An account is kept of monies owing in the mortgage facility 110, and payments made via the credit card 120. Separate accounts are also maintained of reward points accumulated under the reward programme 130.
  • a purchaser can manually or automatically have accumulated reward points redeemed as a "cash" credit in the mortgage facility 110. All such transactions are appropriately recorded, as is usual with transactions made with financial institutions. Described below is an example computer system suitable for executing software that can assist in operating or administering the financial product described herein.
  • Fig. 3 is a schematic representation of a computer system 300 that is provided for executing computer software programmed to assist in performing techniques used to provide the financial product described herein.
  • This computer software executes on the computer system 300 under a suitable operating system installed on the computer system 300.
  • the computer software is based upon computer program comprising a set of programmed instructions that are able to be interpreted by the computer system 300 for instructing the computer system 300 to perform predetermined functions specified by those instructions.
  • the computer program can be an expression recorded in any suitable programming language comprising a set of instructions intended to cause a suitable computer system to perform particular functions, either directly or after conversion to another programming language.
  • the computer software is programmed using statements in an appropriate computer programming language.
  • the computer program is processed, using a compiler, into computer software that has a binary format suitable for execution by the operating system.
  • the computer software is programmed in a manner that involves various software components, or code means, that perform particular steps in accordance with the techniques described herein.
  • the components of the computer system 300 include: a computer 320, input devices 310, 315 and video display 390.
  • the computer 320 includes: processor 340, memory module 350, input/output (I/O) interfaces 360, 365, video interface 345, and storage device 355.
  • the computer system 300 can be connected to one or more other similar computers, using a input/output (I/O) interface 365, via a communication channel 385 to a network 380, represented as the Internet.
  • the processor 340 is a central processing unit (CPU) that executes the operating system and the computer software executing under the operating system.
  • the memory module 350 includes random access memory (RAM) and read-only memory (ROM), and is used under direction of the processor 340.
  • the video interface 345 is connected to video display 390 and provides video signals for display on the video display 390.
  • User input to operate the computer 320 is provided from input devices 310, 315 consisting of keyboard 310 and mouse 315.
  • the storage device 355 can include a disk drive or any other suitable non- volatile storage medium.
  • Each of the components of the computer 320 is connected to a bus 330 that includes data, address, and control buses, to allow these components to communicate with each other via the bus 330.
  • the computer software can be provided as a computer program product recorded on a portable storage medium.
  • the computer software is accessed by the computer system 300 from the storage device 355.
  • the computer software can be accessed directly from the network 380 by the computer 320.
  • a user can interact with the computer system 300 using the keyboard 310 and mouse 315 to operate the computer software executing on the computer 320.
  • the computer system 300 is described only as an example for illustrative purposes. Other configurations or types of computer systems can be equally well used to implement the described techniques.
  • a mortgage reward programme is described herein as a property mortgage 110, which is linked with a credit card 120 having an associated reward programme 130.
  • a charge card may instead be used as a transactional credit facility.
  • a single entity (such as a full-service bank) may offer to customers both the mortgage facility 110, and the credit card facility 120 with the associated reward programme 130.
  • separate entities may collaborate in respectively offering the mortgage product 110 on the one hand, and the credit card 120 and reward programme 130 on the other hand.
  • the associated reward programme 130 and its administration may be outsourced by the credit card provider, as an example.
  • the product when offered under licence, may require one or more of the involved entities to direct royalties or other payments of appropriate value to a licensor.
  • the licensor may, of course, be one of the collaborating entities involved in offering the product to customers.

Landscapes

  • Business, Economics & Management (AREA)
  • Engineering & Computer Science (AREA)
  • Accounting & Taxation (AREA)
  • Development Economics (AREA)
  • Strategic Management (AREA)
  • Finance (AREA)
  • Game Theory and Decision Science (AREA)
  • Entrepreneurship & Innovation (AREA)
  • Economics (AREA)
  • Marketing (AREA)
  • Physics & Mathematics (AREA)
  • General Business, Economics & Management (AREA)
  • General Physics & Mathematics (AREA)
  • Theoretical Computer Science (AREA)
  • Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)

Abstract

La présente invention permet de lier un prêt hypothécaire (110) à une carte de crédit (120) afin de répondre aux besoins bancaires de clients individuels. L'invention offre l'avantage d'associer un programme de récompense (130) à une carte de crédit (120) de telle manière que les points de récompense accumulés conformément au programme de récompense (130) permettent de rembourser le prêt hypothécaire (110). Autrement dit, les paiements effectués au moyen de la carte de crédit (120) font effectivement bénéficier le client d'une réduction de la somme due au titre du prêt hypothécaire (110).
PCT/AU2003/000602 2002-05-20 2003-05-20 Programme de recompense sur pret hypothecaire Ceased WO2003098495A1 (fr)

Priority Applications (1)

Application Number Priority Date Filing Date Title
AU2003229096A AU2003229096A1 (en) 2002-05-20 2003-05-20 Mortgage reward programme

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
AUPS2433A AUPS243302A0 (en) 2002-05-20 2002-05-20 Financial product
AUPS2433 2002-05-20

Publications (1)

Publication Number Publication Date
WO2003098495A1 true WO2003098495A1 (fr) 2003-11-27

Family

ID=3835999

Family Applications (1)

Application Number Title Priority Date Filing Date
PCT/AU2003/000602 Ceased WO2003098495A1 (fr) 2002-05-20 2003-05-20 Programme de recompense sur pret hypothecaire

Country Status (2)

Country Link
AU (1) AUPS243302A0 (fr)
WO (1) WO2003098495A1 (fr)

Cited By (8)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
AU2005204292B2 (en) * 2005-08-26 2007-04-26 Westpac Banking Corporation Integrated financial service product
US7398246B2 (en) 2003-11-13 2008-07-08 Citicorp Credit Services, Inc. Method and system for managing a mortgage rebate transaction card account
US8463703B1 (en) 2012-02-22 2013-06-11 Citibank, N.A. Methods and systems for customer incentive awards
US8833650B1 (en) 2006-05-25 2014-09-16 Sean I. Mcghie Online shopping sites for redeeming loyalty points
US8944320B1 (en) 2006-05-25 2015-02-03 Sean I. Mcghie Conversion/transfer of non-negotiable credits to in-game funds for in-game purchases
US9704174B1 (en) 2006-05-25 2017-07-11 Sean I. Mcghie Conversion of loyalty program points to commerce partner points per terms of a mutual agreement
US10062062B1 (en) 2006-05-25 2018-08-28 Jbshbm, Llc Automated teller machine (ATM) providing money for loyalty points
US20190180255A1 (en) * 2017-12-12 2019-06-13 Capital One Services, Llc Utilizing machine learning to generate recommendations for a transaction based on loyalty credits and stored-value cards

Citations (5)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
CA2237109A1 (fr) * 1997-05-07 1998-11-07 Pnc National Bank Base de donnees de systeme d'information marketing et methode et systeme d'exploitation correspondants
WO2001079966A2 (fr) * 2000-04-14 2001-10-25 American Express Travel Related Services Company, Inc. Systeme et procede d'utilisation de points fidelite
CA2338387A1 (fr) * 2000-07-07 2002-01-07 Unipac Service Corporation Programme de prime de fidelite permettant de reduire le solde d'un engagement de pret
WO2002037218A2 (fr) * 2000-10-30 2002-05-10 Coinstar, Inc. Procede et dispositif de rachat de coupons electroniques
WO2002065246A2 (fr) * 2001-02-12 2002-08-22 Stockback Holdings, Inc. Programmes de fidelisation de clients, et systemes et procedes utilisant ces programmes

Patent Citations (5)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
CA2237109A1 (fr) * 1997-05-07 1998-11-07 Pnc National Bank Base de donnees de systeme d'information marketing et methode et systeme d'exploitation correspondants
WO2001079966A2 (fr) * 2000-04-14 2001-10-25 American Express Travel Related Services Company, Inc. Systeme et procede d'utilisation de points fidelite
CA2338387A1 (fr) * 2000-07-07 2002-01-07 Unipac Service Corporation Programme de prime de fidelite permettant de reduire le solde d'un engagement de pret
WO2002037218A2 (fr) * 2000-10-30 2002-05-10 Coinstar, Inc. Procede et dispositif de rachat de coupons electroniques
WO2002065246A2 (fr) * 2001-02-12 2002-08-22 Stockback Holdings, Inc. Programmes de fidelisation de clients, et systemes et procedes utilisant ces programmes

Cited By (11)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US7398246B2 (en) 2003-11-13 2008-07-08 Citicorp Credit Services, Inc. Method and system for managing a mortgage rebate transaction card account
US8156039B2 (en) 2003-11-13 2012-04-10 Citicorp Credit Services, Inc. Method and system for managing a mortgage rebate transaction card account
AU2005204292B2 (en) * 2005-08-26 2007-04-26 Westpac Banking Corporation Integrated financial service product
US8833650B1 (en) 2006-05-25 2014-09-16 Sean I. Mcghie Online shopping sites for redeeming loyalty points
US8944320B1 (en) 2006-05-25 2015-02-03 Sean I. Mcghie Conversion/transfer of non-negotiable credits to in-game funds for in-game purchases
US8950669B1 (en) 2006-05-25 2015-02-10 Sean I. Mcghie Conversion of non-negotiable credits to entity independent funds
US8973821B1 (en) 2006-05-25 2015-03-10 Sean I. Mcghie Conversion/transfer of non-negotiable credits to entity independent funds
US9704174B1 (en) 2006-05-25 2017-07-11 Sean I. Mcghie Conversion of loyalty program points to commerce partner points per terms of a mutual agreement
US10062062B1 (en) 2006-05-25 2018-08-28 Jbshbm, Llc Automated teller machine (ATM) providing money for loyalty points
US8463703B1 (en) 2012-02-22 2013-06-11 Citibank, N.A. Methods and systems for customer incentive awards
US20190180255A1 (en) * 2017-12-12 2019-06-13 Capital One Services, Llc Utilizing machine learning to generate recommendations for a transaction based on loyalty credits and stored-value cards

Also Published As

Publication number Publication date
AUPS243302A0 (en) 2002-06-13

Similar Documents

Publication Publication Date Title
US20230068406A1 (en) Automatic Savings Program
US10580072B2 (en) System and method for providing a credit card with multiple credit lines
US6105865A (en) Financial transaction system with retirement saving benefit
US8165940B2 (en) Non-credit account credit rating
US5970480A (en) Centralized credit interchange system of converting purchase credit awards through credit exchange system for purchase of investment vehicle
US6592030B1 (en) Financial transaction system with retirement saving benefit
US20030200163A1 (en) System for and method of deriving funds for a financial vehicle
US20050234789A1 (en) Systems, methods and computer readable media for providing and managing balance transfer accounts
US20100094697A1 (en) System and method for banking
US20060206402A1 (en) System and method for a rebate reward
US8156039B2 (en) Method and system for managing a mortgage rebate transaction card account
Furletti Credit card pricing developments and their disclosure
WO2005013043A2 (fr) Systeme et procede permettant de rembourser un pret participatif au moyen d'une ligne de credit renouvelable
CA2638069A1 (fr) Methode permettant de limiter des operations de carte de debit
WO2009015246A1 (fr) Système de paiement et procédé de paiements de prime d'assurance
WO2003098495A1 (fr) Programme de recompense sur pret hypothecaire
US20050203833A1 (en) Methods and systems for financing food expenses with a loan secured by real property
AU2003204280B2 (en) Mortgage Reward Programme
WO2001080104A2 (fr) Systeme et procede de calcul de fonds pour un vehicule financier
FICM Credit Cards

Legal Events

Date Code Title Description
AK Designated states

Kind code of ref document: A1

Designated state(s): AE AG AL AM AT AU AZ BA BB BG BR BY BZ CA CH CN CO CR CU CZ DE DK DM DZ EC EE ES FI GB GD GE GH GM HR HU ID IL IN IS JP KE KG KP KR KZ LC LK LR LS LT LU LV MA MD MG MK MN MW MX MZ NI NO NZ OM PH PL PT RO RU SC SD SE SG SK SL TJ TM TN TR TT TZ UA UG US UZ VC VN YU ZA ZM ZW

AL Designated countries for regional patents

Kind code of ref document: A1

Designated state(s): GH GM KE LS MW MZ SD SL SZ TZ UG ZM ZW AM AZ BY KG KZ MD RU TJ TM AT BE BG CH CY CZ DE DK EE ES FI FR GB GR HU IE IT LU MC NL PT RO SE SI SK TR BF BJ CF CG CI CM GA GN GQ GW ML MR NE SN TD TG

DFPE Request for preliminary examination filed prior to expiration of 19th month from priority date (pct application filed before 20040101)
121 Ep: the epo has been informed by wipo that ep was designated in this application
122 Ep: pct application non-entry in european phase
NENP Non-entry into the national phase

Ref country code: JP

WWW Wipo information: withdrawn in national office

Country of ref document: JP