World Renowned Inventor, Donald Spector, Predicts New Role for Credit Card Companies
Lisa Pamintuan, President of New York College of Health Professions, announces the issuance of US Patent # #8,533,108by the United States Patent and Trademark Office for proprietary smart credit cards that will allow card holders to charge their purchases knowing that they will automatically receive any rebates or refunds to which they are entitled based on their personal profile.
This patent is part of an extensive world class patent portfolio under the Intellectual Properties Agreements of New York College of Health Professions, and is believed to change the transaction fees, the advocacy positioning and the use of credit cards in the marketplace.
"Our proprietary smart credit cards allow customers to charge their purchases at any price knowing that they will automatically receive whatever discounts, rebates or refunds they should get based on their personal profile," said President Pamintuan. "The credit card company will maintain a user's highly confidential profile that includes employment benefits, government benefits, association benefits, military benefits or any other benefit the person is entitled to, without the user having to show additional documents or calculate the best deal."
Working as an advocate for the cardholder, the smart credit card will hold all of the user's information, as it is built into the cardholder's profile, and will be automatically subtracted or rebated when received by the credit card company.
"Veterans will be able to purchase houses as easily as renting them, with much of their background information already being in the possession of the credit card company and just as importantly, the e-credit card company acting as an advocate for the cardholder. If an employee, as an example, is entitled to a refund from their employer for attending a continuing education course, they will not have to go to their supervisor, instead they can have the credit card company submit the receipt and obtain the refund," President Pamintuan added again, "This credit card is a particularly easy to use card for the elderly. The card company will seek out through Medicare, Medicaid, other government agencies and insurance companies or exchanges any refund or rebate they are eligible for. They just have to use the card and know they will get whatever monies or benefits they are entitled to."
Earlier this year New York College announced MOU's with Wake Forest Innovations, the commercialization enterprise of Wake Forest Baptist Medical Center, and New York Medical College, Touro University System along with other major corporations for the mutual development and exploitation of patents. It is believed that banks, credit card companies, law firms and others will work together to create the platform for this new type of credit card. This patent is part of a much larger portfolio which many believe will change the transaction fees, the advocacy positioning and the use of credit cards in the marketplace.
