<PAGE> 1
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):
October 15, 1998
FLEET CREDIT CARD MASTER TRUST
(Formerly ADVANTA CREDIT CARD MASTER TRUST)
(Exact name or Registrant as specified in its charter)
New York Reg. No. 33-49602-01 Not Required
(State or other (Commission File (I.R.S. Employer
jurisdiction Number) Identification
of incorporation) Number)
Fleet Bank (RI), National Association
Attention: Linda Morris, Secretary
101 Gibraltar Road
Horsham, Pennsylvania 19044-2303
(Address of Owner/Servicer)
50 Kennedy Plaza
18th Floor
Providence, RI 02903
(Address of principal executive offices)
(215) 444-6800 (Telephone Number of Owner/Servicer)
(Registrant's Telephone Number)
<PAGE> 2
Items 1-4. Inapplicable.
Item 5. Other Events.
Information relating to the distributions to Certificateholders for the
September 1998 Monthly Period of the Trust in respect of the Floating
Rate Asset Backed Certificates, Series 1993-2, and Floating Rate Asset
Backed Certificates, Series 1993-4 (the "Certificates") issued by the
registrant and to the performance of the Trust (including collections
of Principal Receivables and Finance Charge Receivables, Principal
Receivables in the Trust, delinquent balances in Accounts, the Investor
Default Amounts, the amount of Investor Charge Offs, and the Investor
Servicing Fees), together with certain other information relating to
the Certificates, is contained in the Monthly Report for the Monthly
period provided to Certificateholders pursuant to the Pooling and Servicing
Agreement dated as of April 1, 1992 (hereinafter as such agreement may have
been or may be from time to time, supplemented, amended or otherwise
modified, the "Agreement") between Fleet Bank (RI), National Association
and The Chase Manhattan Bank, as Trustee. Capitalized terms not otherwise
defined herein have the meanings assigned.
Effective February 20, 1998, Fleet Bank (RI), National Association assumed
all of Advanta National Bank's rights and obligations under the Master
Pooling and Servicing Agreement and the outstanding Series Supplements.
Fleet Bank (RI), National Association became the Seller and Servicer of the
Trust and the Trust's name was changed to Fleet Credit Card Master Trust.
Beginning in October 1998, Fleet Bank (RI) will be making changes to its
charge off policies. These policy changes will effect the Default and Excess
Spread figures for Fleet Credit Card Master Trust. The policy changes will
be as follows:
1. Accounts will be charged off at 180 days delinquent. This is a change from
the current policy of 186 days delinquent for certain accounts. The result
of this policy change will be a one-time increase in Defaults and a
corresponding decrease in Excess Spread for the October 1998 monthly period
(reported in November 1998).
2. Accounts will be charged off 60 days after notification of the filing of a
bankruptcy petition. This is a change from the current policy of 90 days
for certain accounts. This policy change will be phased in over three
months. The result of this policy change will be an increase in Defaults
and a corresponding decrease in Excess Spread for each of the October 1998,
November 1998, and December 1998 monthly periods (reported in
November 1998, December 1998, and January 1999 respectively).
Item 6. Inapplicable.
Item 7. Financial Statements,
Pro Forma Financial Information and Exhibits.
1. Monthly Reports for the September 1998 Monthly Period relating to the
Series 1993-2, and the Series 1993-4 Floating Rate Asset Backed
Certificates issued by the Fleet Credit Card Master Trust.
<PAGE> 3
SIGNATURE
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.
FLEET CREDIT CARD MASTER TRUST
(Registrant)
BY: Fleet Bank (RI), National Association
as Servicer
Date: October 15, 1998 By: /s/ MICHAEL COCO
---------------------
Name: Michael Coco
Title: Vice President
<PAGE> 4
EXHIBIT INDEX
Sequential
Exhibit Page Number
1. Monthly Reports for the September 1998 Monthly Period 5
relating to the Floating Rate Asset Backed Certificates,
Series 1993-2, and the Floating Rate Asset Backed
Certificates, Series 1993-4, issued by the Fleet Credit
Card Master Trust.
<PAGE> 1
September 1998
MONTHLY SERVICER'S CERTIFICATE
FLEET BANK (RI), NATIONAL ASSOCIATION
FLEET CREDIT CARD MASTER TRUST
------------------------------------
The undersigned, a duly authorized representative of Fleet Bank (RI),
National Association (the "Bank") as Servicer pursuant to the Amended and
Restated Pooling and Servicing Agreement dated as of April 1,1992 (the
"Agreement"), by and between the Bank, as Seller and Servicer and The
Chase Manhattan Bank, as Trustee, (the "Trustee") does hereby certify
as follows:
1. Capitalized terms used in this Certificate have their respective
meanings set forth in the Agreement:
provided that the "preceding Monthly Period" shall mean the Monthly
Period immediately preceding the calendar month in which this
certificate is delivered. This certificate is delivered pursuant
to subsection 3.04(b) of the Agreement. References herein to certain
sections and subsections are references to the respective sections
and subsections of the Agreement.
2. The Bank is as of the date hereof the Servicer under the Agreement
3. The undersigned is a Servicing Officer.
4. The date of this Certificate is a Determination Date under the
Agreement.
5. The aggregate amount of Collections processed
for the preceding Monthly Period for this
Payment Date is equal to $109,453,528.75
6. The aggregate amount of such Collections allocated to Principal
Receivables for the preceding Monthly Period for this Payment Date
was equal to:
Series 1993-2 $42,336,802.26
Series 1993-4 $42,336,802.26
7. The aggregate amount of such Collections allocated to Finance
Charges Receivables for the preceding Monthly Period for this Payment
Date was equal to:
Series 1993-2 $1,761,962.64
Series 1993-4 $4,112,566.02
8. The aggregate amount of such Collections allocated to Finance Charge
Receivables that constitute Recoveries on Defaulted Accounts for
this preceding Monthly Period for this Payment Date was equal to:
Series 1993-2 $73,536.03
Series 1993-4 $171,639.15
<PAGE> 2
9. The aggregate amount of such Collections of Finance Charge Receivables
that constitute Interchange Fees for the preceding Monthly Period
for this Payment Date was equal to:
Series 1993-2 $200,000.00
Series 1993-4 $408,333.33
10. The aggregate amount of drawings, if any, under the Enhancement
for each Series required to be made on the next succeeding
Distribution Date is equal to:
Series 1993-2 $0.00
Series 1993-4 $0.00
11. The amount of the Monthly Investor Servicing Fee required to be paid
on the next succeeding Payment Date for each Series is equal to:
Series 1993-2 $200,000.00
Series 1993-4 $466,666.67
12. The aggregate sum of all amounts payable to Investor
Certificateholders of each Series on the succeeding Payment Date
in respect of Monthly Investor Interest is equal to:
Series 1993-2 $579,250.00
Series 1993-4 $1,356,250.00
13. The aggregate sum of all amounts payable to Investor
Certificateholders of each Series on the succeeding Payment Date
in respect of Monthly Investor Principal is equal to:
Series 1993-2 $40,000,000.00
Series 1993-4 $40,000,000.00
14. The Enhancement Amount for each Series as of the close of business
on the following Payment Date, after giving effect to all deposits,
drawings and transfers, will be equal to:
Series 1993-2 $12,000,000.00
Series 1993-4 $36,400,000.00
<PAGE> 3
15. The existing aggregate Deficit Controlled Amortization Amount
for each Series was equal to:
Series 1993-2 $0.00
Series 1993-4 $0.00
16. The average Net Portfolio Yield for the three preceding
Monthly Periods was 13.50%
17. The average Base Rate for each Series for the three preceding
Investor Interest Periods was equal to:
Series 1993-2 7.99%
Series 1993-4 8.01%
18. The Investor Percentage for each Series of Collections allocated to
Finance Charge Receivables for the Preceding Monthly Period was
equal to:
Series 1993-2 13.35%
Series 1993-4 31.16%
19. The Investor Percentage for each Series of Collections allocated to
Principal receivables for the Preceding Monthly Period was equal to:
Series 1993-2 44.52%
Series 1993-4 44.52%
20. Attached hereto is a true and correct copy of the statement required
to be delivered by the Servicer on the date of this Certificate to
the Trustee pursuant to Section 5.02(a) of the Agreement.
21. As of the date hereof, to the best knowledge of the undersigned,
no default in the performance of the Servicer under the Agreement
has occurred or is continuing except as follows: [set forth in
detail the (i) nature of such default, (ii) the action taken by
the Servicer, if any, to remedy such default and (iii) the current
status of each such default: if applicable, insert "None"]....None
22. As of the date hereof no Liquidation Event or Rapid Amortization
Event has been deemed to have occurred for Monthly Period for
this Payment Date.
23. As of the date hereof, to the best knowledge of the undersigned,
no Lien has been placed on any of the Receivables.
In witness whereof, the undersigned has duly executed and delivered
this certificate this October 12, 1998.
Fleet Bank (RI), National Association as Servicer
/s/ MICHAEL COCO
-------------------------
By: Michael Coco
Vice President
<PAGE> 4
DELINQUENT BALANCES
The aggregate outstanding balance of Accounts which are 30, 60, 90, 120, 150
and 180 or more days delinquent as of the end of the prior Monthly Period for
such Payment Date is:
AGGREGATE ACCOUNT BALANCE
(a) 30-59 days: .................... $12,756,559.31
(b) 60-89 days: .................... $8,884,760.78
(c) 90-119 days: ................... $6,737,868.02
(d) 120-149 days: .................. $5,419,693.32
(e) 150-179 days: .................. $4,054,542.62
(f) 180 or more days: .............. $1,471,691.50
----------------
TOTAL $39,325,115.55
Fleet Bank (RI), National Association as Servicer
/s/ MICHAEL COCO
---------------------------
By: Michael Coco
Vice President
<PAGE> 5
September1998
MONTHLY CERTIFICATEHOLDER'S STATEMENT
FLEET BANK (RI), NATIONAL ASSOCIATION
-------------------------------------------------------
FLEET CREDIT CARD MASTER TRUST
Series 1993-2
- ----------------------------------------------------------------------
Under the Amended and Restated Master Pooling and Servicing Agreement,
dated as of April 1, 1992, (hereinafter as such agreement may have been or
may be from time to time, supplemented, amended or otherwise modified,
(the "Agreement") by and between Fleet Bank (RI), National Association
(the "Bank") (successor in interest to Advanta National Bank ("Advanta"))
as Seller and Servicer, and The Chase Manhattan Bank as Trustee.
The Bank, as Servicer, is required to prepare certain information each month
regarding current distributions to all Investor Certificateholders of Series
1993-2 and the performance of the Fleet Credit Card Master Trust
("the Trust") during the previous Monthly Period. The information
which is required to be prepared with respect to the distribution
on the October 15, 1998 Payment Date (the "Payment Date")
and with respect to the performance of the Trust during the Monthly
Period for such Payment Date is set forth in the Certificate prepared in
accordance with Section 5.02(a) of the Agreement and additional information
specific to the Series 1993-2 Certificates is set forth below in accordance
with section 4.2 of the Series 1993-2 Supplement to the Agreement.
Certain of the information is presented on the basis of an original principal
amount of $1,000 per Investor Certificate of Series 1993-2. Certain
other information is presented based on the aggregate amounts for the Trust
as a whole. All capitalized terms used herein shall have their respective
meanings set forth in the Agreement.
1. The total amount of the distribution on the Payment Date
per $1,000 original principal amount of the
Investor Certificates 101.448125
2. The amount of the distribution set forth in paragraph 1 above in
respect of principal, per $1,000 original principal amount
of the Investor Certificates 100.000000
3. The amount of distribution set forth in paragraph 1 above in respect
of interest, per $1,000 original principal amount of the
Investor Certificates 1.448125
4. The aggregate amount of Collections of Receivables processed
for the prior Monthly Period which were allocated in
respect of the Investor Certificates $44,372,300.93
5. The aggregate amount of Collections of Principal
Receivables processed during the prior Monthly Period
and allocated in Investor Certificates $42,336,802.26
6. The aggregate amount of Collections of Finance Charge Receivables
processed during the prior Monthly Period and allocated
in respect of the Investor Certificates $1,761,962.64
7. The Investor Charged-Off Amount for the prior Monthly
Period is $766,544.64
<PAGE> 6
8. The aggregate amount of the Reduction Amounts for
Series 1993-2 for the Monthly Period is $0.00
9 The aggregate amount of the Reduction Amounts for
Series 1993-2 reimbursed on such Payment Date is $0.00
10. The amount of the Monthly Investor Servicing Fee
for the prior Monthly Period is $200,000.00
11. The Pool Factor as of the end of the last day
of the prior Monthly Period is 0.20
12. The amount, if any, by which the outstanding principal
balance of the Investor Certificates exceeds the Investor
Amount as of the end of the day on the Record Date with
respect to such Payment Date (after giving effect
to any activity on such Payment Date) is $0.00
13. The Investor Amount after giving effect to any
payments on such Payment Date is $80,000,000.00
14. The Invested Amount after giving effect to any
payments on such Payment Date is $80,000,000.00
15. The Pre-Funded Amount after giving effect to payments
on such Payment Date is $0.00
16. The Cash Collateral Guaranty Amount as of the close
of business on the Payment Date is $12,000,000.00
17. The amount by which the Net Portfolio Yield for such Monthly
Period exceeds the Base Rate for the related Investor
Interest Period 4.90%
18. The aggregate existing Carryover Controlled Amortization Amount
with Period exceeds respect to Series 1993-2 (after giving
effect to any activity on such Payment Date) is $0.00
19. The Investor Percentage with respect to
Principal Receivables is 44.52%
and with respect to Finance Charge Receivables is 13.35%
20. The aggregate amount of Collections of Receivables
outstanding during the Monthly Period immediately
preceding the Payment Date with respect to the
Investor Certificates of all Series $109,453,528.75
21. The aggregate amount of average Receivables outstanding
during the Monthly Period immediately preceding
the Payment Date with respect to the Investor
Certificates of all Series $901,697,244.78
22. The aggregate amount of Principal Receivables as of the end
of the last day of the preceding Monthly Period (which
reflects the Principal Receivables represented by the
Exchangeable Seller's Certificate and by the Investor
Certificates of all Series). $858,840,315.89
<PAGE> 7
DELINQUENT BALANCES
The aggregate outstanding balance of Accounts which are 30, 60, 90, 120, 150
and 180 or more days delinquent as of the end of the prior Monthly Period for
such Payment Date is:
AGGREGATE ACCOUNT BALANCE
(a) 30-59 days: .................... $12,756,559.31
(b) 60-89 days: .................... $8,884,760.78
(c) 90-119 days: ................... $6,737,868.02
(d) 120-149 days: .................. $5,419,693.32
(e) 150-179 days: .................. $4,054,542.62
(f) 180 or more days: .............. $1,471,691.50
----------------
TOTAL $39,325,115.55
Fleet Bank (RI), National Association as Servicer
/s/ MICHAEL COCO
---------------------------
By: Michael Coco
Vice President
<PAGE> 8
September 1998
MONTHLY CERTIFICATEHOLDER'S STATEMENT
FLEET BANK (RI), NATIONAL ASSOCIATION
------------------------------------------------------
FLEET CREDIT CARD MASTER TRUST
Series 1993-4
---------------------------------------------------------------
Under the Amended and Restated Master Pooling and Servicing Agreement, dated
as of April 1, 1992, (hereinafter as such agreement may have been or may be
from time to time, supplemented, amended or otherwise modified (the "Agree-
ment") by and between Fleet Bank (RI), National Association (the "Bank")
(successor in interest to Advanta National Bank ("Advanta")) as Seller and
Servicer, and The Chase Manhattan Bank as Trustee (the "Trustee"). The Bank
as servicer, is required to prepare certain information each month regarding
current distributions to all Investor Certificateholders of Series 1993-4
and the performance of the Fleet Credit Card Master Trust (the "Trust")
during the previous Monthly Period. The information which is required to be
prepared with respect to the distribution on the October 15, 1998, Payment
Date (the "Payment Date") and with respect to the performance of the Trust
during the Monthly Period for such Payment Date is set forth in the Certificate
prepared in accordance with Section 5.2(a) of the Agreement and additional
information specific to Series 1993-4 Certificates is set forth below in
accordance with section 4.2 of the Series 1993-4 Supplement to the
Agreement. Certain of the information is presented on the basis of an
original principal amount of $1,000 per Investor Certificate of Series 1993-4.
Certain other information is presented based on the aggregate amounts for the
Trust as a whole. All capitalized terms used herein shall have their
respective meanings set forth in the Agreement.
1. The total amount of the distribution on the Payment Date per $1000
original principal amount of the Investor Certificates 103.390625
2. The amount of the distribution set forth in paragraph 1 above in
respect of principal, per $1,000 original principal amount of
the Investor Certificates 100.000000
3. The amount of distribution set forth in paragraph 1 above in
respect of interest, per $1,000 original principal amount of
the Investor Certificates 3.390625
4. The aggregate amount of Collections of Receivables processed
for the prior Monthly Period which were allocated in respect
of the Investor Certificates $47,029,340.76
5. The aggregate amount of Collections of Principal Receivables
processed during the prior Monthly Period and allocated
in respect of the Investor Certificates $42,336,802.26
6. The aggregate amount of Collections of Finance Charge Receivables
processed during the prior Monthly Period and allocated
in respect of the Investor Certificates $4,112,566.02
7. The Investor Charged-Off Amount for the prior
Monthly Period is $1,789,178.36
<PAGE> 9
8. The aggregate amount of the Reduction Amounts for Series 1993-4
for the Monthly Period is $0.00
9 The aggregate amount of the Reduction Amounts for Series 1993-4
reimbursed on such Payment Date is $0.00
10. The amount of the Monthly Investor Servicing Fee for
the prior Monthly Period is $466,666.67
11. The Pool Factor as of the end of the last day of
the prior Monthly Period is 0.60
12. The amount, if any, by which the outstanding principal balance of
the Investor Certificates exceeds the Investor Amount as of
the end of the day on the Record Date with respect to
such Payment Date (after giving effect to any activity
on such Payment Date) is $0.00
13. The Investor Amount after giving effect to any
payments on such Payment Date is $240,000,000.00
14. The Invested Amount after giving effect to
payments on such Payment Date is $240,000,000.00
15. The Pre-Funded Amount after giving effect to payments
on such Payment Date is $0.00
16. The Cash Collateral Guaranty Amount as of the close
of business on the Payment Date is $36,400,000.00
17. The amount by which the Net Portfolio Yield for such
Monthly Period exceeds the Base Rate for the related
Investor Interest Period 4.63%
18. The aggregate existing Carryover Controlled Amortization
Amount with respect to Series 1993-4 (after giving
effect to any activity on such Payment Date) is $0.00
19. The Investor Percentage with respect to
Principal Receivables is 44.52%
and with respect to Finance Charge Receivables is 31.16%
20. The aggregate amount of Collections of Receivables
processed during the Monthly Period immediately
preceding the Payment Date with respect to the
Investor Certificates of all Series $109,453,528.75
21. The aggregate amount of average Receivables outstanding
during the Monthly Period immediately preceding
the Payment Date with respect to the Investor
Certificates of all Series $901,697,244.78
22. The aggregate amount of Principal Receivables as of the
end of the last day of the preceding Monthly Period
(which reflects the Principal Receivables represented
by the Exchangeable Seller's Certificate and by the
Investor Certificates of all Series). $858,840,315.89
<PAGE> 10
DELINQUENT BALANCES
The aggregate outstanding balance of Accounts which are 30, 60, 90, 120, 150
and 180 or more days delinquent as of the end of the prior Monthly Period for
such Payment Date is:
AGGREGATE ACCOUNT BALANCE
(a) 30-59 days: .................... $12,756,559.31
(b) 60-89 days: .................... $8,884,760.78
(c) 90-119 days: ................... $6,737,868.02
(d) 120-149 days: .................. $5,419,693.32
(e) 150-179 days: .................. $4,054,542.62
(f) 180 or more days: .............. $1,471,691.50
----------------
TOTAL $39,325,115.55
Fleet Bank (RI), National Association as Servicer
/s/ MICHAEL COCO
---------------------------
By: Michael Coco
Vice President
