Patent US 6,243,688

An Internet-based purchase credit award interchange center is described which interfaces with a credit award exchange center for conversion of any form of merchant or purchase credit award resulting from customer purchase of goods or services to investment in a mutual fund and/or investment vehicle utilizing computer data processing methods. Preassigned purchase credit accumulations earned by a consumer are exchanged from a merchant or creditor through or combination of credit cards, co-branded credit cards, PIN cards, debit and smart cards, coupons, stamps, proof of purchase, rebates, or any form of purchase award of merchant or creditors choice for an investment in a mutual fund or other investment vehicle. A specific implementation is described wherein a credit card account having investment credit awards is issued through the Internet to a customer. While inputting information through the Internet necessary for establishing the credit card account, the customer also provides any information needed to authorize the purchase of investment vehicles on his or her behalf. Any forms that need to be signed by the customer to authorize purchase of the investment vehicles may be printed out by the customer. The customer may also select, via the Internet, particular investment vehicles out of a group of possible investment vehicles. Subsequent use of the credit card by the customer automatically results in accrual of credit award accumulations in the selected investment vehicle.