<PAGE>
Exhibit 99.3
Series 1999-1 Monthly Certificateholders' Statement for the month of October
2000
<PAGE>
Series 1999-1
Monthly Certificateholder's Statement
Saks Credit Card Master Trust
Series 1999-1
Pursuant to the Master Pooling and Servicing Agreement dated as of August 21,
1997 (as amended or supplemented, the "Pooling and Servicing Agreement"), as
supplemented by the Series 1999-1 Supplement, dated as of July 21, 1999 (the
"Supplement" and together with the Pooling and Servicing Agreement, the
"Agreement") each between Saks Credit Corporation (as successor to Proffitt's
Credit Corporation) as Transferor, Saks Incorporated (formerly known as
Proffitt's, Inc.) as Servicer, and Norwest Bank Minnesota, National Association
as Trustee, the Servicer is required to prepare certain information each month
regarding distributions to Certificateholders and the performance of the Trust.
The information with respect to Series 1999-1 is set forth below:
<TABLE>
<CAPTION>
Date of the Certificate November 10, 2000
Monthly Period ending October 31, 2000
Determination Date November 10, 2000
Distribution Date November 15, 2000
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General
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<S> <C> <C> <C> <C>
101 Amortization Period No 101
102 Early Amortization Period No 102
103 Class A Investor Amount paid in full No 103
104 Class B Investor Amount paid in full No 104
105 Collateral Interest Amount paid in full No 105
106 Saks Incorporated is the Servicer Yes 106
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Investor Amount
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as of the end of
as of the end of the the relevant
prior Monthly Period Monthly Period
-------------------- --------------
107 Series 1999-1 Investor Amount $ 378,375,000 107(a) $ 378,375,000 107(b)
108 Class A Investor Amount $ 280,000,000 108(a) $ 280,000,000 108(b)
109 Class B Investor Amount $ 30,275,000 109(a) $ 30,275,000 109(b)
110 Collateral Interest Amount $ 68,100,000 110(a) $ 68,100,000 110(b)
111 Series 1999-1 Adjusted Investor Amount $ 378,375,000 111(a) $ 378,375,000 111(b)
112 Class A Adjusted Investor Amount $ 280,000,000 112(a) $ 280,000,000 112(b)
113 Principal Account Balance with respect to Class A - 113(a) $ - 113(b)
114 Class B Adjusted Investor Amount $ 30,275,000 114(a) $ 30,275,000 114(b)
115 Principal Account Balance with respect to Class B $ - 115(a) $ - 115(b)
116 Collateral Interest Adjusted Amount $ 68,100,000 116(a) $ 68,100,000 116(b)
117 Principal Account Balance with respect to the $ - 117(a) $ - 117(b)
Collateral Interest
118 Class A Certificate Rate 6.84000% 118
119 Class B Certificate Rate 7.05000% 119
as of the end
for the relevant Monthly of the relevant
Period Monthly Period
----------------------- --------------
120 Series 1999-1 Investor Percentage with respect to 32.34% 120(a) 32.09% 120(b)
Finance Charge Receivables
121 Class A 23.93% 121(a) 23.75% 121(b)
122 Class B 2.59% 122(a) 2.57% 122(b)
123 Collateral Interest 5.82% 123(a) 5.78% 123(b)
124 Series 1999-1 Investor Percentage with respect to 32.34% 124(a) 32.09% 124(b)
Principal Receivables
125 Class A 23.93% 125(a) 23.75% 125(b)
126 Class B 2.59% 126(a) 2.57% 126(b)
127 Collateral Interest 5.82% 127(a) 5.78% 127(b)
128 Series 1999-1 Investor Percentage with respect to 32.34% 128(a) 32.09% 128(b)
Allocable Amounts
129 Class A 23.93% 129(a) 23.75% 129(b)
130 Class B 2.59% 130(a) 2.57% 130(b)
131 Collateral Interest 5.82% 131(a) 5.78% 131(b)
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Page 1 of 5
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Series 1999-1
<TABLE>
<CAPTION>
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Series 1999-1 Investor Distributions
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<S> <C> <C> <C>
132 The sum of the daily allocations of collections of Principal Receivables for $ - 132
the relevant Monthly Period
133 Class A distribution of collections of Principal Receivables per $1,000 of $ - 133
original principal amount
134 Class B distribution of collections of Principal Receivables per $1,000 of $ - 134
original principal amount
135 Collateral Interest distribution of collections of $ - 135
Principal Receivables per $1,000 of original principal amount
136 Class A distribution attributable to interest per $1,000 of original $ 5.70 136
principal amount
137 Class B distribution attributable to interest per $1,000 of original $ 5.88 137
principal amount
138 Collateral Interest distribution attributable to $ 4.21 138
interest per $1,000 of original principal amount
139 Monthly Servicing Fee for the next succeeding $ 1.67 139
Distribution Date per $1,000 of original principal amount
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Collections Allocated to Series 1999-1
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140 Series allocation of collections of Principal Receivables $ 77,712,049 140
141 Class A $ 57,507,429 141
142 Class B $ 6,217,991 142
143 Collateral Interest $ 13,986,628 143
144 Series allocation of collections of Finance Charge Receivables $ 7,416,588 144
145 Class A $ 5,488,324 145
146 Class B $ 593,425 146
147 Collateral Interest $ 1,334,839 147
Available Funds
---------------
148 Class A Available Funds $ 5,488,324 148
149 The amount to be withdrawn from the Reserve Account to be included in $ - 149
Class A Available funds
150 Principal Investment Proceeds to be included in Class A Available Funds $ - 150
151 The amount of investment earnings on amounts held in the Reserve Account $ - 151
to be included in Class A Available funds
152 Class B Available Funds $ 593,425 152
153 The amount to be withdrawn from the Reserve Account to be included in $ - 153
Class B Available funds
154 Principal Investment Proceeds to be included in Class B Available Funds $ - 154
155 Collateral Interest Available Funds $ 1,334,839 155
156 The amount to be withdrawn from the Reserve Account to be included in $ - 156
Collateral Interest Available Funds
157 Principal Investment Proceeds to be included in Collateral Interest Available Funds $ - 157
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Application of Collections
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Class A
-------
158 Class A Monthly Interest for the related Distribution Date, plus the amount $ 1,596,000 158
of any Class A Monthly Interest previously due but not paid plus any
additional interest with respect to interest amounts that were due but not
paid on a prior Distribution date
159 If Saks Incorporated is no longer the Servicer, an amount equal to Class A $ - 159
Servicing fee for the related Distribution Date
160 Class A Allocable Amount $ 1,187,259 160
161 An amount to be included in the Excess Spread $ 2,705,065 161
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Page 2 of 5
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Series 1999-1
<TABLE>
<S> <C> <C> <C>
Class B
-------
162 Class B Monthly Interest for the related Distribution Date, plus the amount $ 177,866 162
of any Class B Monthly Interest previously due but not paid plus
any additional interest with respect to interest amounts that were due but not
paid on a prior Distribution date
163 If Saks Incorporated is no longer the Servicer, an amount equal to Class B $ - 163
Servicing fee for the related Distribution Date
164 An amount to be included in the Excess Spread $ 415,559 164
Collateral Interest
-------------------
165 If Saks Incorporated is no longer the Servicer, an amount equal to Collateral $ - 165
Interest Servicing fee for the related Distribution Date
166 An amount to be included in the Excess Spread $ 1,334,839 166
167 Available Excess Spread $ 4,455,463 167
168 Available Shared Excess Finance Charge Collections $ - 168
169 Total Cash Flow available for Series 1999-1 waterfall $ 4,455,463 169
170 Fund any Class A Required Amount $ - 170
171 Class A Investor Charge Offs which have not been previously reimbursed $ - 171
172 Class B Required Amount to the extent attributable to line 162 and line 163 $ - 172
173 Class B Allocable Amount $ 128,372 173
174 Excess of the Required Reserve Account Amount over the amount held in $ - 174
the Reserve Account
175 An amount equal to any unreimbursed reductions of the Class B Investor $ - 175
Amount, if any, due to: (i) Class B Investor Charge Offs; (ii) Reallocated
Principal Collections; (iii) reallocations of the Class B Investor Amount to
the Class A Investor Amount
176 Collateral Monthly Interest for the related Distribution Date plus Collateral $ 286,398 176
Monthly Interest previously due but not paid to holders of the
Collateral Interest plus additional interest
177 Servicing Fee due for the relevant Monthly Period and not paid above plus any $ 630,625 177
amounts previously due but not distributed to the Servicer
178 Collateral Interest Allocable Amount $ 288,758 178
179 Any unreimbursed reductions of the Collateral Interest Amount, if any, due to: $ - 179
(i) Collateral Interest Charge Offs; (ii) Reallocated Principal Collections;
(iii) reallocations of the Collateral Interest Amount to the Class A or
Class B Investor Amount
180 Excess of the Required Spread Account Amount over the available $ - 180
Spread Account Amount
181 The aggregate of any other amounts, if any, then due to the Collateral $ - 181
Interest Holder
182 Shared Excess Finance Charge Collections $ 3,121,309 182
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Determination of Monthly Principal
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183 Available Principal Collections held in the Collection Account $ 77,712,049 183
184 Controlled Deposit Amount for the Monthly Period $ - 184
185 Deficit Controlled Accumulation Amount $ - 185
186 Principal Collections deposited for the Monthly Period $ - 186
187 Class A Monthly Principal $ - 187
188 Class B Monthly Principal (only after payout of Class A or the accumulation $ - 188
of the Class A Investor Amount)
189 Available Principal Collections held in the Collection Account less $ 77,712,049 189
portion of such Collections applied to Class A Monthly Principal
190 Controlled Deposit Amount less Class A Monthly Principal $ - 190
191 Collateral Interest Monthly Principal (only after payout of Class A and Class B $ - 191
or the accumulation of the Class A and Class B Investor Amount)
192 Available Principal Collections held in the Collection Account less portion of $ 77,712,049 192
such Collections applied to Class A and Class B Monthly Principal
193 Controlled Deposit Amount less Class A and Class B Monthly Principal $ - 193
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Page 3 of 5
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Series 1999-1
<TABLE>
<CAPTION>
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Reallocated Principal Collections
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<S> <C> <C> <C> <C>
194 Reallocated Principal Collections $ - 194
195 Collateral Subordinated Principal Collections (to the extent needed to $ - 195
fund Required Amounts)
196 Class B Subordinated Principal Collections (to the extent needed to fund $ - 196
Required Amounts)
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Investor Default Amounts, Adjustment Amounts, and Allocable Amounts
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% Amount
--------- -------------
197 Series 1999-1 Default Amount 32.34% 197(a) $ 1,604,389 197(b)
198 Class A Investor Default Amount 23.93% 198(b) $ 1,187,259 198(b)
199 Class B Investor Default Amount 2.59% 199(b) $ 128,372 199(b)
200 Collateral Interest Default Amount 5.82% 200(b) $ 288,758 200(b)
201 Series 1999-1 Adjustment Amount $ - 201
202 Class A Adjustment Amount $ - 202
203 Class B Adjustment Amount $ - 203
204 Collateral Interest Adjustment Amount $ - 204
205 Series 1999-1 Allocable Amount $ 1,604,389 205
206 Class A Allocable Amount $ 1,187,259 206
207 Class B Allocable Amount $ 128,372 207
208 Collateral Interest Allocable Amount $ 288,758 208
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Required Amounts
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209 Class A Required Amount $ - 209
210 Class A Monthly Interest for current Distribution Date $ 1,596,000 210
211 Class A Monthly Interest previously due but not paid $ - 211
212 Class A Additional Interest for prior Monthly Period or previously due $ - 212
but not paid
213 Class A Allocable Amount for current Distribution Date $ 1,187,259 213
214 Class A Servicing Fee (if Saks Incorporated is no longer the Servicer) $ - 214
215 Class B Required Amount $ - 215
216 Class B Monthly Interest for current Distribution Date $ 177,866 216
217 Class B Monthly Interest previously due but not paid $ - 217
218 Class B Additional Interest for prior Monthly Period or previously $ - 218
due but not paid
219 Class B Servicing Fee (if Saks Incorporated is no longer the Servicer) $ - 219
220 Excess of Class B Allocable Amount over funds available to make payments $ - 220
221 Collateral Interest Required Amount $ - 221
222 Collateral Monthly Interest for current Distribution Date $ 286,398 222
223 Collateral Monthly Interest previously due but not paid $ - 223
224 Collateral Interest Additional Interest for prior Monthly Period or previously $ - 224
due but not paid
225 Collateral Servicing Fee (if Saks Incorporated is no longer the Servicer) $ - 225
226 Excess of Collateral Interest Allocable Amount over funds available to $ - 226
make payments
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Reduction of Investor Amounts
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Class A
-------
227 Class A Investor Amount reduction $ - 227
228 Class A Investor Charge Off $ - 228
Class B
-------
229 Class B Investor Amount reduction $ - 229
230 Class B Investor Charge Off $ - 230
231 Reductions of the Class B Investor Amount due to $ - 231
Class A Allocable Amount
232 Reallocated Principal Collections applied to Class A $ - 232
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Page 4 of 5
1
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Series 1999-1
<TABLE>
<S> <C> <C>
Collateral Interest
-------------------
233 Collateral Interest Amount reduction $ - 233
234 Collateral Interest Charge Off $ - 234
235 Reductions of the Collateral Interest Amount due to Class A and Class B $ - 235
Allocable Amounts
236 Reallocated Principal Collections applied to Class A and Class B $ - 236
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Servicing Fee
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237 Series 1999-1 Servicing Fee $ 630,625 237
238 Class A Servicing Fee $ 466,667 238
239 Class B Servicing Fee $ 50,458 239
240 Collateral Interest Servicing Fee $ 113,500 240
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Reserve Account
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241 Required Reserve Account Amount ( if applicable) N/A 241
242 Reserve Account reinvestment rate (if applicable) N/A 242
243 Reserve Account reinvestment earnings $ - 243
244 Reserve Account balance $ - 244
245 Accumulation Period Length 12 months 245
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Excess Spread
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246 Portfolio Yield for Monthly Period (excluding Shared Excess Finance 17.84% 246
Charge Collections from other Series)
247 Base Rate for Monthly Period 8.53% 247
248 Portfolio Yield minus Base Rate for such Monthly Period 9.30% 248
249 Three month average of Portfolio Yield minus Base Rate 10.41% 249
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of November, 2000.
Saks Incorporated,
as Servicer
By /s/ Scott A. Honnold
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Name: Scott A. Honnold
Title: Vice President and Treasurer
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