Pub. Number US7398919
Appl. Data 11 20041221
Applicant TCF Financial Corporation
Inventor(s) Cooper, William A.
Title Transaction card system and approach
Abstract A deferred-type payment approach facilitates
transaction card management and processing. According to an example embodiment,
a user's transaction card purchases are authorized against a purchase limit
associated with a consideration-bearing (e.g., interest-bearing) account. The
purchases are tracked and, at the end of a billing cycle, provided to the user
via a statement or other informative approach. During a payment time period
after the end of the billing cycle, the user is afforded an opportunity to
review tracked purchases and provide funds to cover the purchases. If the user
does not provide funds for the purchases during the payment time period, funds
are automatically transferred from the consideration-bearing account to cover
the purchases at the end of the payment time period. In this regard, purchases
made with the transaction card against the consideration-bearing account are
not assessed against the consideration-bearing account until after the billing
cycle has ended.

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