Internet-based credit interchange system of converting purchase credit awards through credit exchange system for purchase of investment vehicle

DETAILED DESCRIPTION A method is provided for establishing and processing a purchase award account wherein purchase credit awards resulting from a purchase by a consumer using the purchase award account is exchanged into an ownership interest in an investment vehicle.
In accordance with the method, information is received from a consumer needed to establish the purchase award account, a purchase award account is established on behalf of the consumer.
Thereafter, information is received pertaining to purchases made by the consumer using the purchase award account, the account of the consumer is credited with credit awards, and the credit awards are accumulated in the account.
Upon the credit awards reaching a predetermined level, an ownership interest in the investment vehicle is then purchased on behalf of the consumer with the credit awards in the account.
The investment vehicle is thereafter subject to appreciation or depreciation.
In an exemplary embodiment, the information from a consumer needed to establish the purchase award account is received over the Internet.
Forms are provided via the Internet for the signature by the consumer to authorize purchase of investment vehicles on behalf of the consumer.
The forms are printable by the consumer from a web site via the Internet.
The consumer also selects, via the Internet, specific investment vehicles out of a group of predetermined vehicles.
The investment vehicle may be a mutual fund, a bond, a stock, an insurance investment vehicle, a money market fund, an annuity investment vehicle or a real estate investment vehicle.