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Personal Financing

Uploaded by short + black on Aug 01, 2007

TABLE OF CONTENTS


INTRODUCTION 3
PERSONAL BUDGET 3
CREDIT CARD COMPARISON 3
VIRGIN CREDIT CARD 4
MONTHLY EXPENSES 4
TRADE IN 5
TOYOTA COROLLA 5
MAZDA 6 PURCHASE 5
INVESTMENTS 5
SUPERANNUATION 5
OVERSEAS TRIP – 10 YEARS 6
YEPPOON HOME 6
BEENLEIGH HOME 6
BIBLIOGRAPHY 8
INTERNET 8
APPENDIX 10

INTRODUCTION


PERSONAL BUDGET


CREDIT CARD COMPARISON

Mr. Bernard Fanning has many options regarding credit card selections and which credit card would be best for his personal needs. The credit cards that were researched to help Mr. Fanning find the right credit card for him included Commonwealth Bank credit cards, Suncorp Metway credit cards, American Express credit cards and Virgin credit cards. After researching the different types of credit cards that these banks offered, it came down to their standard credit cards which were best suited for Mr. Fanning. Standard credit cards were chosen as Mr. Fanning would only be using his credit card from time to time. Standard credit cards that were offered from the banks mentioned above were all involved with a cheap interest rate deal and all with a 55 day interest free period. Other credit cards that were put on offer by the different banks included platinum and gold credit cards. These cards would not be as virtuous as standard credit cards as they assign higher interest rates. The comparison table below demonstrates the difference between all four of the banks standard credit cards including interest rate, annual fee, and balance transfer.


The comparison graph below indicates the difference between interest rates among the four standard credit cards.












VIRGIN CREDIT CARD

Although all four of the credit cards had reasonably the same interest rates and interest free days, the card that would be ideal for Mr. Fanning is the Virgin credit card which offers him a 0% interest rate for the first six months. Unlike the other researched credit cards, Virgin has no annual fee which would save him on average $50 per year. Mr. Fanning is assured a low ongoing interest rate which at present is 12.99% p.a. Virgin credit cards also offer a low balance transfer which starts of for the first six months as 0%.
MONTHLY EXPENSES

Monthly expenses that Mr. Fanning is advised to place onto his virgin credit card include his over the phone payments. Over the phone payments include electricity bills and electricity bills. Mr. Fanning may also include other necessities of interest which may include his entertainment costs. Mr. Fanning’s credit card limit is set at $1000 per month. This is due to the fact that Mr. Fanning...

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Uploaded by:   short + black

Date:   08/01/2007

Category:   Accounting

Length:   5 pages (1,174 words)

Views:   3869

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