SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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): July 16, 1998
Citibank (South Dakota), N.A.
on behalf of
Citibank Credit Card Master Trust I
(Issuer in respect of the Citibank Credit Card Master Trust I
9 1/4% Class B Credit Card Participation Certificates, Series 1991-3
7.875% Class A Credit Card Participation Certificates, Series 1991-6
8.350% Class B Credit Card Participation Certificates, Series 1991-6
5.95% Class A Credit Card Participation Certificates, Series 1993-2
6.15% Class B Credit Card Participation Certificates, Series 1993-2
5.50% Class A Credit Card Participation Certificates, Series 1993-3
5.70% Class B Credit Card Participation Certificates, Series 1993-3
7.25% Class A Credit Card Participation Certificates, Series 1994-2
7.50% Class B Credit Card Participation Certificates, Series 1994-2
6.80% Class A Credit Card Participation Certificates, Series 1994-3
7.00% Class B Credit Card Participation Certificates, Series 1994-3
8.25% Class A Credit Card Participation Certificates, Series 1994-4
8.25% Class A Credit Card Participation Certificates, Series 1995-1
8.45% Class B Credit Card Participation Certificates, Series 1995-1
7.85% Class A Credit Card Participation Certificates, Series 1995-3
6.70% Class A Credit Card Participation Certificates, Series 1995-8
6.85% Class B Credit Card Participation Certificates, Series 1995-8
6.55% Class A Credit Card Participation Certificates, Series 1995-9
6.65% Class B Credit Card Participation Certificates, Series 1995-9
5.90% Class A Credit Card Participation Certificates, Series 1995-10
6.05% Class B Credit Card Participation Certificates, Series 1995-10
Floating Rate Class A Credit Card Participation Certificates, Series 1995-11
Zero Coupon Class A Credit Card Participation Certificates, Series 1996-1
Zero Coupon Class B Credit Card Participation Certificates, Series 1996-1
[Cover page 1 of 2 pages]
<PAGE>
Floating Rate Class A Credit Card Participation Certificates, Series 1996-5
Floating Rate Class B Credit Card Participation Certificates, Series 1996-5
Floating Rate Class A Credit Card Participation Certificates, Series 1996-6
Floating Rate Class B Credit Card Participation Certificates, Series 1996-6
6.55% Class A Credit Card Participation Certificates, Series 1997-2
6.70% Class B Credit Card Participation Certificates, Series 1997-2
6.839% Class A Credit Card Participation Certificates, Series 1997-3
6.989% Class B Credit Card Participation Certificates, Series 1997-3
Floating Rate Class A Credit Card Participation Certificates, Series 1997-4
Floating Rate Class B Credit Card Participation Certificates, Series 1997-4
Zero Coupon Class A Credit Card Participation Certificates, Series 1997-6
Zero Coupon Class B Credit Card Participation Certificates, Series 1997-6
6.35% Class A Credit Card Participation Certificates, Series 1997-7
6.45% Class B Credit Card Participation Certificates, Series 1997-7
Floating Rate Class A Credit Card Participation Certificates, Series 1997-8
Floating Rate Class A Credit Card Participation Certificates, Series 1997-10
Floating Rate Class B Credit Card Participation Certificates, Series 1997-10
5.750% Class A Credit Card Participation Certificates, Series 1998-1
5.875% Class B Credit Card Participation Certificates, Series 1998-1
6.05% Class A Credit Card Participation Certificates, Series 1998-2
6.20% Class B Credit Card Participation Certificates, Series 1998-2
5.80% Class A Credit Card Participation Certificates, Series 1998-3
5.95% Class B Credit Card Participation Certificates, Series 1998-3
5.85% Class A Credit Card Participation Certificates, Series 1998-6
6.00% Class B Credit Card Participation Certificates, Series 1998-6
Floating Rate Class A Credit Card Participation Certificates, Series 1998-7
Floating Rate Class B Credit Card Participation Certificates, Series 1998-7
(collectively, the "Certificates"))
(Exact name of registrant as specified in charter)
UNITED STATES OF AMERICA 46-0358360
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation)
33-41055, 33-43576, 33-62180, 33-77802, 33-84834, 33-97664, 33-99328
and 333-38803
(Commission File Numbers)
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)
[Cover page 2 of 2 pages]
<PAGE>
Item 5. Other Events.
The information provided below is provided in respect of Citibank
Credit Card Master Trust I. Certain capitalized terms used herein are used
as defined in the Glossary of Terms at the end of this Report.
Loss and Delinquency Experience
The following tables set forth the loss and delinquency experience with
respect to payments by cardholders for each of the periods shown for the
Accounts. With respect to the Loss Experience table below, loss experience
is shown on a cash basis for Principal Receivables. If accrued Finance Charge
Receivables which have been written off were included in losses in the
following table, Net Losses would be higher as an absolute number and as a
percentage of the average of Principal and Finance Charge Receivables
outstanding during the periods indicated. There can be no assurance that the
loss and delinquency experience for the Receivables in the future will be
similar to the historical experience set forth below with respect to the
Accounts.
<TABLE>
<CAPTION>
Loss Experience for the Accounts(1)
(Dollars in Thousands)
Six Months Year Ended December 31,
Ended -------------------------------
June 30, 1998 1997 1996 1995
------------- ----------- -------- ------------
<S> <C> <C> <C> <C>
Average Principal Receivables Outstanding(2) $34,498,146 $33,529,923 $31,225,337 $25,083,447
Net Losses(3)......................... $ 1,086,376 $ 2,099,096 $ 1,678,991 $ 956,261
Net Losses as a Percentage of Average
Principal Receivables Outstanding(4).... 6.35% 6.26% 5.38% 3.81%
</TABLE>
- ---------------
(1) Losses consist of write-offs of Principal Receivables.
(2) Average Principal Receivables Outstanding is the average of Principal
Receivables outstanding during the periods indicated.
(3) Net losses as a percentage of gross charge-offs for the first six months
of 1998 were 92.14% and for each of the years ended December 31, 1997,
1996 and 1995 were 92.49%, 92.46% and 88.49%, respectively. Gross
charge-offs are charge-offs before recoveries and do not include the
amount of any reductions in Average Principal Receivables Outstanding due
to fraud, returned goods, customer disputes or certain other miscellaneous
write-offs.
(4) The percentage for the six months ended June 30, 1998 is an annualized
number.
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<PAGE>
<TABLE>
<CAPTION>
Delinquencies as a Percentage of the Accounts(1)(2)
(Dollars in Thousands)
As of December 31,
As of --------------------------------------------------------------
June 30, 1998 1997 1996 1995
------------------------ ---------- ---------- ----------
Number of Days Delinquent Delinquent Delinquent Delinquent
Delinquent Amount(1) Percentage(2) Amount(1) Percentage(2) Amount(1) Percentage(2) Amount(1) Percentage(2)
----------- ----------- ---------- ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
35-64 days.. $662,449 1.89% $683,773 2.01% $714,532 2.25% $699,878 2.75%
65-94 days.. 369,304 1.05 389,897 1.15 394,432 1.25 353,832 1.39
95 days or more. 687,801 1.96 699,696 2.06 687,988 2.17 558,613 2.20
----------- ----------- ---------- ------------ ---------- ----------- --------- ------------
Total...... $1,719,554 4.90% $1,773,366 5.22% $1,796,952 5.67% $1,612,323 6.34%
</TABLE>
- ------------------
(1) The Delinquent Amount includes both the Principal Receivables and Finance
Charge Receivables.
(2) The percentages are the result of dividing the Delinquent Amount by the
average of Principal and Finance Charge Receivables outstanding during the
periods indicated.
Revenue Experience
The revenues for the Accounts from finance charges, fees paid by
cardholders and interchange for the six months ended June 30, 1998 and for
each year of the three-year period ended December 31, 1997 are set forth in
the following table.
The revenue experience in the following table is presented on a cash
basis before deduction for charge-offs. Revenues from finance charges, fees
and interchange will be affected by numerous factors, including the periodic
finance charge on the Receivables, the amount of any annual membership fee,
other fees paid by cardholders, the percentage of cardholders who pay off
their balances in full each month and do not incur periodic finance charges
on purchases, the percentage of Accounts bearing finance charges at
promotional rates and changes in the level of delinquencies on the
Receivables.
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<PAGE>
<TABLE>
<CAPTION>
Revenue Experience for the Accounts
(Dollars in Thousands)
Six Months Year Ended December 31,
Ended ----------------------------------------------
June 30, 1998 1997 1996 1995
------------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Finance Charges and Fees Paid.... $3,207,455 $6,189,383 $5,732,865 $4,545,420
Average Revenue Yield (1)(2)..... 18.75% 18.46% 18.36% 18.11%
</TABLE>
- ------------------
(1) Average Revenue Yield is the result of dividing Finance Charges and
Fees Paid by Average Principal Receivables Outstanding during the
periods indicated.
(2) The percentage for the six months ended June 30, 1998 is an annualized
number.
The revenues related to periodic finance charges and fees (other than
annual fees) depend in part upon the collective preference of cardholders to
use their credit cards as revolving debt instruments for purchases and cash
advances and to pay off account balances over several months as opposed to
convenience use (where the cardholders prefer instead to pay off their entire
balance each month, thereby avoiding periodic finance charges on purchases)
and upon other services of which the cardholder chooses to avail himself and
which are paid for by the use of the card. Fees for these other services
will be treated for purposes of the Pooling Agreement and the Series
Supplement as Principal Receivables rather than Finance Charge Receivables;
however, the Banks will be permitted to specify that any such fees will be
treated as Finance Charge Receivables. Revenues related to periodic finance
charges and fees also depend on the types of charges and fees assessed on the
Accounts. Accordingly, revenues will be affected by future changes in the
types of charges and fees assessed on the Accounts and in the types of
Additional Accounts added from time to time. Revenues could be adversely
affected by future changes in fees and charges assessed by CBSD and other
factors.
CBSD has previously reduced the finance charges and reduced or
eliminated the annual fees applicable to, and modified some other terms of,
certain of the Accounts. These changes have reduced the gross yield of the
Accounts.
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<PAGE>
Cardholder Monthly Payment Rates for the Accounts
Monthly payment rates on the Receivables may vary because, among other
things, cardholders may fail to make a required payment, may only make
payments as low as the minimum required payment or may make payments as high
as the entire outstanding balance. Monthly payment rates on the Receivables
may also vary due to seasonal purchasing and payment habits of cardholders.
The following table sets forth the highest and lowest cardholder monthly
payment rates for the Accounts during any month in the periods shown and the
average of the cardholder monthly payment rates for all months during the
periods shown, in each case calculated as a percentage of the total beginning
account balances for such month. Monthly payment rates reflected in the
table include amounts which would be deemed payments of Principal Receivables
and Finance Charge Receivables with respect to the Accounts. In addition,
the amount of outstanding Receivables and the rates of payments,
delinquencies, charge-offs and new borrowings on the Accounts depend on a
variety of factors including seasonal variations, the availability of other
sources of credit, general economic conditions, tax laws, consumer spending
and borrowing patterns and the terms of the Accounts (which are subject to
change by CBSD).
<TABLE>
<CAPTION>
Cardholder Monthly Payment Rates for the Accounts
Six Months Year Ended December 31,
Ended ----------------------------------------------------
June 30, 1998 1997 1996 1995
--------------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Lowest Month................. 19.15% 18.00% 17.65% 17.59%
Highest Month................ 22.20% 21.98% 21.05% 20.92%
Average of the Months in the Period 20.75% 19.92% 19.39% 19.09%
</TABLE>
The Receivables
The Receivables in the Accounts as of June 27, 1998 included $616,314,800
of Finance Charge Receivables and $38,178,634,084 of Principal Receivables
(which amounts include overdue Finance Charge Receivables and overdue Principal
Receivables). As of June 27, 1998, there were 31,653,177 Accounts. Included
within the Accounts are inactive Accounts that have no balance. The Accounts had
an average Principal Receivable balance of $1,206 and an average credit limit of
$5,411. The average total Receivable
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<PAGE>
balance in the Accounts as a percentage of the average credit limit with
respect to the Accounts was 23%. Approximately 89% of the Accounts were opened
prior to June 1996. Approximately 13.25%, 10.95%, 6.68% and 5.66% of the
Accounts related to cardholders having billing addresses in California, New
York, Texas and Florida, respectively. Not more than 5% of the Accounts related
to cardholders having billing addresses in any other single state.
The periodic finance charge assessed on balances in most accounts for
cash advances and purchases is currently the Prime Rate (as published in The
Wall Street Journal) plus a percentage ranging from 5.4% to 10.4% for
accounts in good standing, and the Prime Rate plus 12.9% for accounts which
have been recently, or currently are, delinquent. As of the most recent
quarterly reset date, the periodic finance charge ranged from 13.90% to
18.90% for most accounts in good standing, and was 21.40% for most accounts
which have been recently, or currently are, delinquent. CBSD may change the
periodic finance charge on accounts at any time by written notice to the
cardholders. Any announced increase in such rate will become effective upon
the earlier of subsequent use of a card and the expiration of a 25-day period
from the date such change was made effective (assuming failure on the part of
the cardholder to object to the new rate). CBSD also offers promotional
rates of limited duration to attract new cardholders and to promote balance
transfers from other credit card issuers and, under certain circumstances,
the periodic finance charge on a limited number of accounts may be greater or
less than those assessed by CBSD generally.
The Accounts consist of Eligible Accounts. The Banks may (subject to
certain limitations and conditions), and, in certain circumstances, will be
obligated to, designate from time to time Additional Accounts and to convey
to the Trust all Receivables of such Additional Accounts, whether such
Receivables are then existing or thereafter created. The Banks have made
Lump Sum Additions to the Trust which, in the aggregate, included
approximately $28.38 billion of Principal Receivables.
The following tables summarize the Accounts by various criteria as of
June 27, 1998. References to "Receivables Outstanding" in the following
tables include both Finance Charge Receivables and Principal Receivables.
Because the composition of the Accounts will change in the future, these
tables are not necessarily indicative of the future composition of the
Accounts.
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<PAGE>
Composition of Accounts by Account Balance
Percentage Percentage
of Total of Total
Number of Number of Receivables Receivables
Account Balance Accounts Accounts Outstanding Outstanding
------------------------------ --------- -------- ----------- ------------
Credit Balance(1)............... 270,407 0.85% $(54,928,838) (0.14)%
No Balance(2)..................15,482,223 48.91 0 0.00
Less than or equal to $500.00...3,947,460 12.47 780,075,368 2.01
$500.01 to $1,000.00............2,125,016 6.71 1,572,145,088 4.05
$1,000.01 to $2,000.00..........3,133,018 9.90 4,607,893,829 11.88
$2,000.01 to $3,000.00..........2,008,807 6.35 4,959,868,478 12.78
$3,000.01 to $4,000.00..........1,337,737 4.23 4,644,695,230 11.97
$4,000.01 to $5,000.00..........1,097,896 3.47 4,954,901,814 12.77
$5,000.01 to $6,000.00.......... 732,176 2.31 4,005,723,210 10.33
$6,000.01 to $7,000.00.......... 475,124 1.50 3,074,499,582 7.92
$7,000.01 to $8,000.00.......... 328,035 1.04 2,452,142,551 6.32
$8,000.01 to $9,000.00.......... 222,860 0.70 1,888,309,261 4.87
$9,000.01 to $10,000.00......... 162,644 0.51 1,542,597,315 3.98
Over $10,000.00................. 329,774 1.05 4,367,025,996 11.26
--------- ------- --------------- -----------
Total.......................31,653,177 100.00% $38,794,948,884 100.00%
- ----------------
(1) Credit balances are a result of cardholder payments and credit adjustments
applied in excess of an Account's unpaid balance. Accounts which currently
have a credit balance are included because Receivables may be generated
with respect thereto in the future.
(2) Accounts which currently have no balance are included because Receivables
may be generated with respect thereto in the future.
Composition of Accounts by Credit Limit
Percentage Percentage
of Total of Total
Number of Number of Receivables Receivables
Credit Limit Accounts Accounts Outstanding Outstanding
----------------------------- -------- ---------- ----------- -----------
Less than or equal to $500.00...1,917,043 6.06% $ 84,830,991 0.22%
$500.01 to $1,000.00............1,883,134 5.95 449,924,615 1.16
$1,000.01 to $2,000.00..........4,500,942 14.22 2,385,913,283 6.15
$2,000.01 to $3,000.00..........3,489,043 11.02 2,702,439,029 6.97
$3,000.01 to $4,000.00..........2,512,680 7.94 2,501,595,616 6.45
$4,000.01 to $5,000.00..........3,623,988 11.45 4,261,195,580 10.98
Over $5,000.00.................13,726,347 43.36 26,409,049,770 68.07
---------- -------- -------------- -----------
Total.......................31,653,177 100.00% $38,794,948,884 100.00%
8
<PAGE>
Composition of Accounts by Payment Status
Percentage Percentage
of Total of Total
Number of Number of Receivables Receivables
Payment Status Accounts Accounts Outstanding Outstanding
------------------------- --------- ------- --------------- --------- -
Current(1)...................30,177,820 95.34% $34,672,980,746 89.37%
Up to 34 days delinquent..... 893,582 2.82 2,402,413,840 6.19
35 to 64 days delinquent.... 261,176 0.83 662,449,035 1.71
65 to 94 days delinquent..... 121,163 0.38 369,304,385 0.95
95 to 124 days delinquent... 80,237 0.25 268,531,069 0.69
125 to 154 days delinquent... 65,636 0.21 227,155,067 0.59
155 to 184 days delinquent... 53,563 0.17 192,114,742 0.50
--------- ------- --------------- -----------
Total.....................31,653,177 100.00% $38,794,948,884 100.00%
- ----------------
(1) Includes Accounts on which the minimum payment has not been received prior
to the next billing date following the issuance of the related bill.
Composition of Accounts by Age
Percentage Percentage
of Total of Total
Number of Number of Receivables Receivables
Age Accounts Accounts Outstanding Outstanding
------- --------- --------- -------------- -----------
Less than or equal to 6 months.. 0 0.00% $ 0 0.00%
Over 6 months to 12 months......1,022,864 3.23 1,728,888,738 4.46
Over 12 months to 24 months.....2,573,066 8.13 2,936,970,845 7.57
Over 24 months to 36 months.....3,302,854 10.43 3,945,424,305 10.17
Over 36 months to 48 months.....4,816,368 15.22 5,050,771,264 13.02
Over 48 months.................19,938,025 62.99 25,132,893,732 64.78
---------- ------- --------------- -----------
Total.......................31,653,177 100.00% $38,794,948,884 100.00%
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<PAGE>
GLOSSARY OF TERMS
"Accounts" means the portfolio of revolving credit card accounts established
and supplemented in accordance with the Pooling Agreement.
"Additional Accounts" consist of newly originated Eligible Accounts to be
included as Accounts and Accounts relating to any Lump Sum Additions.
"Banks" means Citibank (South Dakota), N.A., a national banking association,
and Citibank (Nevada), National Association, a national banking association.
"CBSD" means Citibank (South Dakota), N.A.
"Eligible Accounts" An "Eligible Account" is defined to mean a credit card
account owned by CBSD which, as of the Trust Cut-Off Date with respect to an
Initial Account or as of the additional cut-off date with respect to an
Additional Account: (a) is in existence and maintained by CBSD; (b) is
payable in United States dollars; (c) in the case of the Initial Accounts,
has a cardholder who has provided, as his most recent billing address, an
address located in the United States or its territories or possessions or a
military address; (d) has a cardholder who has not been identified by CBSD in
its computer files as being involved in a voluntary or involuntary bankruptcy
proceeding; (e) has not been identified as an Account with respect to which
the related card has been lost or stolen; (f) has not been sold or pledged to
any other party; (g) does not have receivables which have been sold or
pledged to any other party; and (h) in the case of the Initial Accounts, is a
VISA or MasterCard revolving credit card account.
"Finance Charge Receivables" consist of all periodic finance charges, annual
membership fees, cash advance fees and late charges on amounts charged for
merchandise and services and certain other fees designated by the Banks. In
addition, certain Interchange attributed to cardholder charges for
merchandise and services in the Accounts will be treated as Finance Charge
Receivables.
"Interchange" means interchange fees payable to Citibank (South Dakota) or
any additional seller, in its capacity as credit card issuer, through VISA,
Mastercard or any other similar entity or organization with respect to any
other type of revolving credit card accounts included as Accounts (except as
otherwise provided in the initial Assignment with respect to any such other
type of Accounts), in connection with cardholder charges for goods and
services.
"Investor Certificateholders" means holders of interests in the Class A
Credit Card Participation Certificates and Class B Credit Card Participation
Certificates issued by the Trust.
"Lump Sum Addition" means the designation of additional Eligible Accounts to
be included as Accounts pursuant to Section 2.09(a) or (b) of the Pooling
Agreement.
"Pooling Agreement" means the Pooling and Servicing Agreement dated as of May
29, 1991 among the Banks and the Trustee, including all amendments thereto.
"Principal Receivables" consist of all amounts charged by cardholders for
merchandise and services, amounts advanced to cardholders as cash advances
and certain fees billed to cardholders on the Accounts.
"Receivables" means all amounts shown on the Servicer's records as amounts
payable by the Person or Persons obligated to make payments with respect to
the Accounts.
"Receivables Outstanding" as defined on page 7.
"Series Supplement" means any series supplement to the Pooling Agreement
executed in connection with the original issuance of a series of Investor
Certificates pursuant to Section 6.03 of the Pooling Agreement.
"Trust" means Citibank Credit Card Master Trust I (formerly known as Standard
Credit Card Master Trust I).
"Trustee" means Bankers Trust Company, as successor to Yasuda Bank and Trust
Company (U.S.A.).
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<PAGE>
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 thereunto duly authorized.
CITIBANK (SOUTH DAKOTA), N.A.,
as Servicer
(Registrant)
By: /s/ Eugene D. Rowenhorst
-----------------------------
Eugene D. Rowenhorst
Senior Vice President
Dated: July 16, 1998
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