Method and Apparatus for Converting a Gift Card into a Generic Prepaid Credit Card

摘要

An apparatus for converting a gift card into a generic prepaid credit card is comprised of a gift card reader, a data input device, a data output device, a telecommunications device and a prepaid credit card production device, all operatively connected to a computer. The telecommunications device permits communication between the apparatus, the gift card vendor and the generic prepaid credit card vendor. The computer is programmed such that when a gift card is inserted into the reader its value is determined and, after the deduction of transaction fees, the monetary value is transferred to a generic prepaid credit card which is dispensed to the customer. The method for converting a gift card into a generic prepaid credit card which is implemented by the apparatus is also a part of this invention.