SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 15, 1996
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CITIBANK (SOUTH DAKOTA), N.A.
ON BEHALF OF
CHOICE CREDIT CARD MASTER TRUST I
(Issuer in respect of the Choice Credit Card Master Trust I
Floating Rate Class A Credit Card Participation Certificates, Series 1992-2
7.20% Class B Credit Card Participation Certificates, Series 1992-2
(collectively, the "Certificates"))
(Exact name of registrant as specified in charter)
UNITED STATES OF AMERICA 33-55268
(State or other jurisdiction of incorporation) (Commission File No.)
46-0358360
(I.R.S. Employer Identification No.)
701 EAST 60TH STREET, NORTH
SIOUX FALLS, SOUTH DAKOTA 57117
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (605) 331-2626
NOT APPLICABLE
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS. Set forth below is the monthly report and servicer's
certificate (the "Monthly Report") relating to the Distribution Date
occurring on February 15, 1996 and the related Due Period delivered
pursuant to Section 5.02 of the Series 1992-2 Supplement to the Pooling and
Servicing Agreement, each dated as of December 15, 1992 (together, the
"Agreement"), relating to Choice Credit Card Master Trust I, among Citibank
(South Dakota), N.A. (the "Bank"), as successor to Citibank (Maryland),
National Association, as Seller, the Bank, as Servicer, and Norwest Bank
Minnesota, National Association, as Trustee. The Monthly Report contains
information relating to the distribution to Certificateholders on the
referenced Distribution Date as well as information relating to the
Receivables and the Accounts from which the Receivables have arisen.
Capitalized terms used but not defined herein have the meanings set forth
in the Agreement.
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CITIBANK (SOUTH DAKOTA), N.A.
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CHOICE CREDIT CARD MASTER TRUST I
For the Due Period Ending January 26, 1996
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This Certificate relates to the Distribution Date occurring on February 15, 1996
and the related Due Period.
A. Information Regarding the Portfolio
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1. Portfolio Yield ......................................... 10.17%
Yield Component ...................................... 14.60%
Credit Loss Component ................................ 4.43%
2. New Purchase Rate ....................................... 7.95%
3. Total Payment Rate ...................................... 9.71%
4. Principal Payment Rate .................................. 8.61%
5. Aggregate Amount of Principal Receivables in the Trust:
Beginning of Due Period ..............................$ 4,023,492,583
Average ..............................................$ 4,018,796,361
Lump Sum Addition ....................................$ 0
End of Due Period ....................................$ 4,004,204,582
6. Delinquencies (Aggregate outstanding balances in the Accounts that were
delinquent by the time periods listed below as of the close of business of
the month preceding the Distribution Date, as a percentage of aggregate
Receivables as of the last day of the Due Period):
Current ..............................................$ 3,653,827,052
5-34 days delinquent ..............................$ 233,917,579
35-64 days delinquent ..............................$ 68,024,524
65-94 days delinquent ..............................$ 36,092,463
95-124 days delinquent ..............................$ 25,547,813
125-154 days delinquent ..............................$ 19,079,036
155-184 days delinquent ..............................$ 14,456,897
Current ............................................... 90.20%
5-34 days delinquent ............................... 5.77%
35-64 days delinquent ............................... 1.68%
65-94 days delinquent ............................... 0.89%
95-124 days delinquent ............................... 0.63%
125-154 days delinquent ............................... 0.47%
155-184 days delinquent ............................... 0.36%
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CITIBANK (SOUTH DAKOTA), N.A.
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CHOICE CREDIT CARD MASTER TRUST I - GROUP 1
For the Due Period Ending January 26, 1996
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Current Due Current Due
Period on an Period on a
Actual Basis(1) Standard Basis(1)
B. Information Regarding Group 1
-----------------------------
(Percentage Basis)
1. Portfolio Yield 10.17% 10.17%
2. Weighted Average Certificate Rate 6.27% 6.27%
3. Weighted Average Investor Fee Rates
Fixed Servicing Fee 0.77% 0.77%
Others 0.05% 0.05%
4. Surplus Finance Charge Collections 3.08% 3.08%
5. Required Surplus Finance Charge Amount 0.00% 0.00%
6. Aggregate Surplus Finance Charge Amount 3.08% 3.08%
minus Required Surplus Finance Charge Amount
C. Information Regarding Group 1
-----------------------------
(Dollar Basis)
1. Total Investor Collections $ 108,498,672 $ 108,498,672
Principal Collections $ 94,858,115 $ 94,858,115
Finance Charge Collections $ 13,640,557 $ 13,640,557
2. Investor Default Amount $ 4,133,248 $ 4,133,248
3. Investor Monthly Interest $ 5,757,833 $ 5,757,833
4. Investor Monthly Fees
Fixed Servicing Fees $ 707,117 $ 707,117
Others $ 45,917 $ 45,917
5. Surplus Finance Charge Collections $ 2,996,442 $ 2,996,442
6. Required Surplus Finance Charge Collections $ 0 $ 0
7. Aggregate Surplus Finance Charge Amount $ 2,996,442 $ 2,996,442
minus Required Surplus Finance Charge Amount
(1) Values for "Current Due Period on an Actual Basis" reflect, in the case
of a first due period close of a series, activity from the series cut-off
or close dates until the first due period end, or, as in the case of
Investor Monthly Interest and certain fees, until the first distribution
date. Values for "Current Due Period on a Standard Basis" reflect
activity for the entire current period, as if all series had already been
outstanding prior to the first day of such period.
All percents are based on actual cash revenue or expense for the period,
converted to an annualized percent using daycounts appropriate for the
item, either 30/360, actual/360, or actual/actual. Depending on the item,
cash expenses may accrue from December 27, 1995 to January 26, 1996, 31
days, or January 16, 1996 to February 14, 1996, 30 days (standard basis).
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CITIBANK (SOUTH DAKOTA), N.A.
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Choice Credit Card Master Trust I, Series 1992-2
For the Due Period Ending January 26, 1996
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The undersigned, a duly authorized representative of Citibank (South
Dakota), N.A., as Servicer ("Citibank (South Dakota)"), pursuant to the Pooling
and Servicing Agreement dated as of December 15, 1992, (as amended and
supplemented, the "Agreement"), as supplemented by the Series 1992-2 Supplement
(as amended and supplemented, the "Series Supplement"), between Citibank (South
Dakota), Seller and Servicer, and Norwest Bank Minnesota, National Association,
Trustee, does hereby certify the information set forth below. Capitalized terms
used in this Certificate have their respective meanings as set forth in the
Agreement or Series Supplement, as applicable.
D. Information Regarding Series 1992-2
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1a. Class A Invested Amount .......................... $ 1,000,000,000
1b. Class B Invested Amount .......................... $ 102,000,000
2a. Class A Monthly Interest .......................... $ 5,145,833
2b. Class B Monthly Interest .......................... $ 612,000
3a. Balance in the Class A Interest Funding Account .......... $ 15,780,556
3b. Balance in the Class B Interest Funding Account .......... $ 1,836,000
4a. Available Cash Collateral Amount ......................... $ 77,140,000
4b. Percent of Class B Invested Amount ............... 75.63%
5a. Class A Investor Charge-offs ............................. $ 0
5b. Class B Investor Charge-offs ............................. $ 0
6. Required Amount .......................................... $ 0
7. Draw on Cash Collateral Account .......................... $ 0
8a. Class A Monthly Principal for the Distribution Date(2).... $ 0
8b. Class B Monthly Principal for the Distribution Date(2).... $ 0
9a. Balance in the Class A Principal Funding Account(2)....... $ 0
9b. Balance in the Class B Principal Funding Account(2)....... $ 0
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(2) Applicable during the Accumulation Period and any Early Amortization
Period.
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CITIBANK (SOUTH DAKOTA), N.A.
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Choice Credit Card Master Trust I, Series 1992-2
For the Due Period Ending January 26, 1996
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E. Information Regarding Charge-offs and Distributions to Certificateholders(3)
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1a. The total amount of the distribution to Class A
Certificateholders on the Payment Date ................... $ 15,780,556
1b. The total amount of the distribution to Class B
Certificateholders on the Payment Date ................... $ 0
2a. The amount of the distribution set forth in item 1(a) above
in respect of principal on the Class A Certificates ...... $ 0
2b. The amount of the distribution set forth in item 1(b) above
in respect of principal on the Class B Certificates ...... $ 0
3a. The amount of the distribution set forth in item 1(a) above
in respect of interest on the Class A Certificates ....... $ 15,780,556
3b. The amount of the distribution set forth in item 1(b) above
in respect of interest on the Class B Certificates ....... $ 0
4a. The amount, if any, by which the outstanding principal
balance of the Class A Certificates exceeds the Class A
Invested Amount as of the end of the Record Date with
respect to the Payment Date .............................. $ 0
4b. The amount, if any, by which the outstanding principal
balance of the Class B Certificates exceeds the Class B
Invested Amount as of the end of the Record Date with
respect to the Payment Date .............................. $ 0
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(3) The following information, as applicable, is to be included only
on Payment Date.
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CITIBANK (SOUTH DAKOTA), N.A.
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Choice Credit Card Master Trust I, Series 1992-2
For the Due Period Ending January 26, 1996
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The undersigned, a duly authorized representative of Citibank (South
Dakota), N.A., as Servicer ("Citibank (South Dakota)"), pursuant to the Pooling
and Servicing Agreement dated as of December 15, 1992, (as amended and
supplemented, the "Agreement"), as supplemented by the Series 1992-2 Supplement
(as amended and supplemented, the "Series Supplement"), between Citibank (South
Dakota), N.A., Seller and Servicer, and Norwest Bank Minnesota, National
Association, Trustee, does hereby certify as follows:
1. Capitalized terms used in this Certificate have their respective
meanings as set forth in the Agreement or Series Supplement, as
applicable.
2. Citibank (South Dakota) is, as of the date hereof, the
Servicer under the Agreement.
3. The undersigned is a Servicing Officer.
4. This Certificate relates to the Distribution Date
occurring on February 15, 1996.
5. As of the date hereof, to the best knowledge of the undersigned,
the Servicer has performed in all material respects all its
obligations under the Agreement through the Due Period preceeding
such Distribution Date.
6. As of the date hereof, to the best knowledge of the undersigned,
no Amortization Event has been deemed to have occurred on or prior
to such Distribution Date.
7. As of the date hereof, to the best knowledge of the undersigned,
no Lien has been placed on any of the Receivables other than
pursuant to the Agreement.
IN WITNESS WHEREOF, the undersigned has duly executed and
delivered this Certificate this 15th day of February 1996.
CITIBANK (SOUTH DAKOTA), N.A.
Servicer,
By:/s/ Robert Wadalavage
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Name:Robert Wadalavage
Title:Director
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CITIBANK (SOUTH DAKOTA), N.A.,
as Servicer
Choice Credit Card Master Trust I
By: /s/ Eugene D. Rowenhorst
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Eugene D. Rowenhorst
Senior Vice President
Dated: July 16, 1996
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