Cash-Back Category Matching for Adaptive Rewards Assignment
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Solution Overview
Problem
Existing credit card rewards programs have fixed categories and percentages for cash back rewards, which do not adapt to the changing lifestyle of the cardholder, leading to suboptimal rewards distribution.
Innovation Solution
A system and method allowing credit card holders to dynamically select and assign categories of purchases to different cash back percentages through an interactive interface, enabling customization and periodic reassignment of these associations.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If the rewards program uses fixed categories and percentages for cash back rewards, then the system structure is simple and easy to manage, but the rewards distribution does not adapt to the changing lifestyle of the cardholder
Solution Approach 1:
The patent implements a dynamic rewards program where cardholders can periodically reassign purchase categories to different cash back percentages. The system allows users to access an interface (via mobile device or computer) to modify their category assignments, transforming the static fixed-program into a dynamic customizable program that adapts to changing lifestyles while maintaining manageable system structure through automated processing of reassignments
2Ease of operation
If the cardholder manually assigns categories to portions, then the rewards distribution becomes personalized and adaptable, but the operation process becomes more complex
Solution Approach 1:
The patent enables cardholders to self-assign and reassign purchase categories to cash back percentages through user-friendly interfaces on mobile devices or computers. The system automatically processes these assignments and updates the rewards calculation, eliminating the need for manual bank intervention while providing personalized rewards control to cardholders
Solution Approach 2:
The system provides cardholders with information about their current category assignments and cash back percentages through statements or online accounts. This feedback mechanism enables cardholders to understand how rewards are calculated and makes the assignment process more intuitive, reducing operational complexity by guiding users through the customization process
Data Source
AI summary
A system and a method create a data base of classes matched with portions and incorporate an input device having a display screen, a processor and a storage device operatively coupled with the input device, and an application stored in the storage device and including executable code. When the code is executed it causes the processor to: display on the display screen a list of the portions; respond to an input device selection of each of the portions by displaying on the display screen a list of the classes; respond to an input device selection of one of the classes in the classes list by matching the selected one class to the selected portion; and when all of the portions have been selected and have at least one of the classes assigned thereto, storing in the storage device the data base representing the classes that are matched with the portions.