Importance

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Abstract

A data processing system and method are provided for allocating all charged transactions, accrued interest attributable to each charged transaction, and payments made by respective credit cardholders, to sub-accounts specifically designated by the cardholder. In particular, at the point of purchase, the cardholder specifies one or more designated sub-accounts to which the charge is to be allocated. The data processing system allocates to each designated sub-account all charges specified, as well as all interest charges that accrue as to each designated sub-account to which the interest charges are attributable. As each periodic payment is made by the cardholder, the cardholder has the capability of specifying the designated sub-account or portion thereof which is being paid. The data processing system allocates each payment to the designated sub-account(s) specified by the cardholder and calculates interest charges allocable to each designated sub-account as adjusted by each payment by the cardholder. The data processing system also tracks and calculates all charges and payments on a cumulative basis (i.e., without regard to the sub-accounts) so that monthly or other period billing statements will reflect cumulative charges for the billing period, and prior outstanding account balances and credits. The system also calculates and generates a breakdown of new charges to each sub-account for the billing period, as well as cumulative outstanding balances on each sub-account.

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First Claim