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): January 25, 1999
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
5.95% Class A Credit Card Participation Certificates, Series 1993-2
6.15% Class B Credit Card Participation Certificates, Series 1993-2
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
6.55% 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
Zero Coupon Class A Credit Card Participation Certificates, Series 1996-1
Zero Coupon Class B Credit Card Participation Certificates, Series 1996-1
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
[Cover page 1 of 2 pages]
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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
5.30% Class A Credit Card Participation Certificates, Series 1998-9
5.55% Class B Credit Card Participation Certificates, Series 1998-9
(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]
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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 for the
Accounts with respect to cardholder payments for each of the periods shown. For
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 that 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. Neither the Banks
nor the Trust can provide any assurance that the loss and delinquency experience
for the Receivables in the future will be similar to the historical experience
set forth below.
Loss Experience for the Accounts(1)
(Dollars in Thousands)
Year Ended December 31,
----------------------------------------
1998 1997 1996
---- ---- ----
Average Principal
Receivables Outstanding(2).......... $36,082,462 $33,529,923 $31,225,337
Net Losses(3)......................... $2,137,557 $2,099,096 $1,678,991
Net Losses as a Percentage of
Average Principal Receivables
Outstanding......................... 5.89% 6.26% 5.38%
- ---------------
(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 each of the years
ended December 31, 1998, 1997 and 1996 were 91.56%, 92.49% and 92.46%,
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.
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Delinquencies as a Percentage of the Accounts(1)(2)
(Dollars in Thousands)
As of December 31,
------------------------------
1998 1997 1996
---------- ---------- ----------
Number of Days Delinquent Percent- Delinquent Percent- Delinquent Percent-
Delinquent Amount(1) age(2) Amount(1) age(2) Amount(1) age(2)
- -------------- ---------- -------- ---------- -------- ---------- --------
35-64 days.. $669,655 1.83% $683,773 2.01% $714,532 2.25%
65-94 days.. 391,200 1.07 389,897 1.15 394,432 1.25
95 days or more. 701,872 1.92 699,696 2.06 687,988 2.17
-------- ----- -------- ----- -------- -----
Total...... $1,762,727 4.82% $1,773,366 5.22% $1,796,952 5.67%
- -----------
(1) The Delinquent Amount includes both 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 each year of the three-year period ended
December 31, 1998 are set forth in the following table.
The revenue experience in this 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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Revenue Experience for the Accounts
(Dollars in Thousands)
Year Ended December 31,
------------------------------------
1998 1997 1996
---------- ---------- ----------
Finance Charges and Fees Paid.... $6,768,295 $6,189,383 $5,732,865
Average Revenue Yield(1)......... 18.66% 18.46% 18.36%
(1) Average Revenue Yield is the result of dividing Finance Charges and Fees
Paid by Average Principal Receivables Outstanding during the periods
indicated.
The revenues from 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 cardholders pay off their entire balance each month, thereby avoiding
periodic finance charges on their purchases)--and upon other card-related
services for which the cardholder pays a fee. 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
may specify that they will treat these fees as Finance Charge Receivables.
Revenues from 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. These
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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Cardholder Monthly Payment Rates
Monthly payment rates on the Receivables may vary because, among other
things, a cardholder may fail to make a required payment, may only make the
minimum required payment or may pay 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 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 CBSD may change).
Cardholder Monthly Payment Rates for the Accounts
Year Ended December 31,
------------------------------------
1998 1997 1996
-------- -------- --------
Lowest Month................. 19.15% 18.00% 17.65%
Highest Month................ 22.31% 21.98% 21.05%
Average of the Months
in the Period ............... 21.06% 19.92% 19.39%
The Receivables
The Receivables in the Accounts as of December 26, 1998 included
$591,445,627 of Finance Charge Receivables and $39,178,848,088 of Principal
Receivables (which amounts include overdue Finance Charge Receivables and
overdue Principal Receivables). As of December 26, 1998, there were 31,305,607
Accounts. Included within the Accounts are inactive Accounts that have no
balance. The
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Accounts had an average Principal Receivable balance of $1,251 and an average
credit limit of $5,524. The average total Receivable balance in the Accounts as
a percentage of the average credit limit with respect to the Accounts was 23%.
Approximately 93% of the Accounts were opened prior to December 1996. Of the
Accounts, approximately 13.23% related to cardholders with billing addresses in
California, 10.89% in New York, 6.68% in Texas and 5.70% in Florida. 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 12.9%. As of the most
recent quarterly reset date, the periodic finance charge on balances in most
accounts ranged from 13.15% to 20.65%. CBSD may change the periodic finance
charge on accounts at any time by written notice to the cardholders. Any
increase in such finance charge 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, 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
December 26, 1998. References to "Receivables Outstanding" in these 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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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)............... 245,120 0.78% $(56,510,485) (0.14)%
No Balance(2)................... 15,917,538 50.85 0 0.00
Less than or equal to $500.00... 3,437,690 10.98 691,144,577 1.74
$500.01 to $1,000.00............ 1,956,638 6.25 1,451,191,761 3.65
$1,000.01 to $2,000.00.......... 2,967,366 9.48 4,372,209,826 10.99
$2,000.01 to $3,000.00.......... 1,959,064 6.26 4,839,582,595 12.17
$3,000.01 to $4,000.00.......... 1,330,745 4.25 4,623,122,446 11.62
$4,000.01 to $5,000.00.......... 1,077,328 3.44 4,859,957,873 12.22
$5,000.01 to $6,000.00.......... 744,994 2.38 4,078,599,850 10.26
$6,000.01 to $7,000.00.......... 499,737 1.60 3,234,881,802 8.13
$7,000.01 to $8,000.00.......... 350,754 1.12 2,622,798,970 6.59
$8,000.01 to $9,000.00.......... 244,505 0.78 2,072,143,537 5.21
$9,000.01 to $10,000.00......... 180,228 0.58 1,709,660,871 4.30
Over $10,000.00................. 393,900 1.25 5,271,510,092 13.26
---------- ------- --------------- -----------
Total........................ 31,305,607 100.00% $39,770,293,715 100.00%
- ----------------
(1) Credit balances are a result of cardholder payments and credit adjustments
applied in excess of an Account's unpaid balance. Accounts which have a
credit balance are included because Receivables may be generated in these
Accounts in the future.
(2) Accounts which have no balance are included because Receivables may be
generated in these Accounts 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. 1,950,391 6.23% $70,337,100 0.18%
$500.01 to $1,000.00.......... 1,739,162 5.56 387,090,331 0.97
$1,000.01 to $2,000.00........ 4,279,693 13.67 2,144,034,444 5.39
$2,000.01 to $3,000.00........ 3,416,040 10.91 2,543,740,625 6.40
$3,000.01 to $4,000.00........ 2,486,096 7.94 2,392,583,124 6.02
$4,000.01 to $5,000.00........ 3,525,637 11.26 3,914,507,350 9.84
Over $5,000.00................ 13,908,588 44.43 28,318,000,741 71.20
---------- --------- --------------- ---------
Total...................... 31,305,607 100.00% $39,770,293,715 100.00%
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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).................. 29,938,882 95.63% $35,781,145,362 89.97%
Up to 34 days delinquent.... 792,505 2.53 2,226,421,176 5.60
35 to 64 days delinquent.... 246,975 0.79 669,655,196 1.68
65 to 94 days delinquent.... 122,475 0.39 391,200,184 0.98
95 to 124 days delinquent... 87,932 0.28 292,619,101 0.74
125 to 154 days delinquent.. 66,201 0.21 228,632,983 0.57
155 to 184 days delinquent.. 50,637 0.17 180,619,713 0.46
---------- --------- --------------- -----------
Total.................... 31,305,607 100.00% $39,770,293,715 100.00%
- -------------------
(1) Includes Accounts on which the minimum payment has not been received
before the next billing date following the issuance of the related bill.
Composition of Accounts by Age
Percentage Percentage
of Total of Total
Number of Number of Receivables Receivables
Age Accounts Accounts Outstanding Outstanding
------- --------- ---------- ------------- -----------
Less than or equal to 6 months. 0 0.00%$ 0 0.00%
Over 6 months to 12 months..... 0 0.00 0 0.00
Over 12 months to 24 months.... 2,269,289 7.25 2,949,524,429 7.42
Over 24 months to 36 months.... 2,739,313 8.75 3,250,376,438 8.17
Over 36 months to 48 months.... 4,398,811 14.05 5,270,685,012 13.25
Over 48 months................. 21,898,194 69.95 28,299,707,836 71.16
---------- ------- --------------- -----------
Total....................... 31,305,607 100.00% $39,770,293,715 100.00%
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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 Certificates" means the 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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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: January 25, 1999
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