Patent attributes
A credit card and credit card payment system includes a zero-LOC card account having an associated zero-LOC card with a unique identification number and a zero line of credit. The issuer of the zero-LOC card assumes no credit risk. This zero-LOC card account is independent of a funding card account, such that the zero-LOC card is funded, at some point before use, by at least one funds transfer from the funding card account to provide a positive credit balance in the zero-LOC card account. At the point of use, zero-LOC card functions just like a regular credit card except for the fact that a debit/payment transaction on the zero-LOC card is authorized using the available credit balance on the zero-LOC card account instead of the available line-of-credit as in the case of a regular credit card.
