System and method for establishing or modifying an account with user selectable terms
The present invention relates to methods for allowing an account holder to easily customize the terms of an account such as a loan account, an asset account, a mortgage account, an insurance account, or a brokerage account. Exemplary embodiments of the invention allow the user to specify various preferred terms such as cost (e.g., APR and annual fee), rewards programs, card design, affiliates, credit line, and payment due date, among others. The financial service provider issuing the account, e.g., the issuing bank, may make the various available terms for the account easily accessible to the user, for example through an internet website or an automated phone system, enabling the user to easily specify his or her preferences. The customization methods may be applied to the process of opening a new account or customizing an existing account. The customization methods may dynamically update the available terms as the user begins to select his or her desired terms.
1. A computer implemented method of modifying an existing account comprising the steps of:
receiving, over an electronic network and at a time when the account may be used to complete purchases by the account holder, account identification information from an account holder, wherein the account identification information is entered by the account holder at a web page programmed to accept such information;
sending over an electronic network and to the account holder at least a portion of the existing account terms at a time when the account may be used to complete purchases by the account holder;
displaying the existing account terms on a web page viewable by the account holder;
sending over an electronic network and to the account holder a plurality of new available account terms; and
receiving over an electronic network and from the account holder a selection of at least one of the new available account terms.
2. The method of claim 1 , further comprising the steps of:
modifying the plurality of new available account terms based on the selection received from the account holder; and
sending the modified available account terms to the account holder.
3. The method of claim 2 , further comprising the step of matching the user's selection to a predefined account.
4. The method of claim 1 , wherein the plurality of new available account terms are grouped into a plurality of categories of account terms.
5. The method of claim 3 , wherein the plurality of categories includes a first category comprising interest rate and a second category comprising credit limit.
6. The method of claim 3 , wherein one of the plurality of categories comprises payment due date.
7. The method of claim 3 , wherein one of the plurality of categories comprises card design.
8. The method of claim 3 , wherein one of the plurality of categories comprises rewards program.
9. The method of claim 4 , wherein the plurality of categories of account terms are arranged in a menu system.
10. The method of claim 1 , wherein the account is a secured loan account.
11. The method of claim 1 , wherein the account is an unsecured loan account.
12. The method of claim 1 , wherein the account is an asset account.
13. The method of claim 1 , wherein the new available account terms are based in part on the credit history of the user.
14. A method of modifying an existing credit card account and associated physical credit card using a web page comprising the steps of:
receiving an account number entered by an account holder in a web page;
sending to the account holder, over a network, at least a portion of the existing account terms for an account identified by the account number, wherein the portion of the existing account terms are displayed to the account holder on a web page, and wherein the sending occurs at a time when the account holder may use the account to complete purchases;
sending to the account holder, over a network, a plurality of new available account terms, wherein the plurality of new available terms are displayed to the account holder on a web page;
receiving from the account holder a selection of at least one of the new available account terms entered by an account holder in a web page, wherein the selection comprises a selected credit card design; and
providing to the account holder a physical credit card comprising the selected credit card design.