초록 ▼

A system and method for allowing a parent to control the use of an ancillary credit or debit transaction card which is issued to a child. A central computer communicates with an issuer computer having a data base containing account information and spending limits for the transaction card and the par

A system and method for allowing a parent to control the use of an ancillary credit or debit transaction card which is issued to a child. A central computer communicates with an issuer computer having a data base containing account information and spending limits for the transaction card and the parent can set a spending limit for the ancillary card given to the child. When the child presents the ancillary transaction card to a merchant in payment of merchandise, the merchant swipes the card and contacts a central computer for card authorization. If the credit limit of the ancillary card holder has been exceeded according to the data base, a method of contacting the parent is transmitted to the central computer. The central computer initiates contact with the parent via two-way communications, for example, two way pager, cellular telephone, or other personal communication service, and queries the parent whether to authorize the transaction by increasing the spending limit of the ancillary cardholder or refusal of the transaction. The parent responds to the central computer via the two-way communications device, and the central computer forwards an approval/refusal code to the merchant. In this manner, a parent can control the maximum transaction card spending by a child.

대표청구항 ▼

[ What is claimed is:] [17.] A system for authorizing monetary transactions for the procurement of goods, services or distribution of currency using a credit or debit type transaction card while allowing an account holder to control spending by a card user using the transaction card by permitting th

[ What is claimed is:] [17.] A system for authorizing monetary transactions for the procurement of goods, services or distribution of currency using a credit or debit type transaction card while allowing an account holder to control spending by a card user using the transaction card by permitting the account holder to approve or refuse a spending amount exceeding a predetermined value, the system comprising:a card issued to a card user from a card issuer having a card number, the card number including an account number;wherein when the card user uses the issued card to procure goods or services from a merchant via a card transaction, the merchant seeks approval from the card issuer of the transaction;a central computer having a first database of card issuers, a second database of spending limits pre-approved by the account holder, and a third database of a contact method for contacting the account holder;a first issuer computer having a fourth database of account spending limits pre-approved by the card issuer;wherein said central computer retrieves approval or refusal of the transaction from the first issuer computer;central computer contact means for contacting said account holder for approval or denial of the transaction;and wherein the first central computer passes the account holder approval or refusal of the transaction to the merchant.