Wireless Device Card Status Display System
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Solution Overview
Problem
Users of credit cards often lack awareness of their current balance relative to their credit limit, leading to overspending and associated fees, which can result in defaults and bad credit history.
Innovation Solution
A system and method for displaying current consumer card status on a wireless device, comprising subsystems for receiving and sending transaction information, and displaying account information, including graphical and textual representations of account balance relative to credit limits, to provide real-time reminders and alerts.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If users do not have real-time access to their credit card balance information, then they can use the card without constant monitoring, but they will overspend and incur fees
Solution Approach 1:
The patent introduces an intermediary system consisting of a server and wireless device that mediates between the credit card account and the user. The server receives transaction information from the credit card issuer and sends alerts to the user's wireless device, providing real-time balance information without requiring the user to directly monitor their account through complex banking systems.
Solution Approach 2:
The system enables users to self-monitor their credit card balance through automated alerts sent to their wireless devices. Users can set their own credit limits and receive automatic notifications when approaching those limits, allowing them to take proactive control of their spending without requiring manual intervention or complex monitoring procedures.
2Ease of operation
If users constantly monitor their credit balance, then they can control spending, but it becomes inconvenient and requires frequent checks
Solution Approach 1:
The system performs preliminary actions by proactively sending alerts to users before they reach their credit limits. Instead of requiring users to continuously check their balances, the system anticipates when monitoring is needed and provides timely notifications, allowing users to control spending without constant manual intervention.
Solution Approach 2:
The patent implements a feedback mechanism where the system automatically monitors transaction information and provides real-time feedback to users through wireless device alerts. This continuous feedback loop informs users of their current balance status and warns them when approaching credit limits, enabling effective spending control without requiring users to actively monitor their accounts.
3Adaptability or versatility
If users are not aware of their credit limit, then they have freedom to spend, but they risk going over the limit and incurring fees
Solution Approach 1:
The system applies preliminary anti-action by providing advance warning alerts to users before they reach their credit limits. These alerts serve as a preventive measure that counteracts the potential harmful action of overspending, allowing users to maintain spending freedom while avoiding the negative consequences of exceeding their credit limits.
Data Source
AI summary
A system for object tracking may comprise a system for displaying consumer account information on a wireless device comprising at least one subsystem that receives transaction information regarding a purchase of the consumer, at least one subsystem that sends selected transaction information regarding the transaction to a wireless device, and at least one subsystem that displays on the wireless device account information based on the sent selected transaction information.