<PAGE>
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 26, 1996
-------------
FIRST USA BANK
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
(AS SERVICER ON BEHALF OF FIRST USA CREDIT CARD MASTER TRUST)
DELAWARE 33-99362 76-0039224
---------------- ----------------- ----------------
(State or other jurisdiction (Commission File (IRS Employer
of incorporation or Number) Identification Number)
organization)
201 NORTH WALNUT STREET, WILMINGTON, DELAWARE 19801
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
302/594-4117
- --------------------------------------------------
Registrant's telephone number, including area code
N/A
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
Items 1-4. Not Applicable
Item 5. Other Events
On July 29, 1996, the registrant made available to prospective investors a
series term sheet setting forth a description of the collateral pool and the
proposed structure of $500,000,000 aggregate principal amount of Class A
Floating Rate Asset Backed Certificates, Series 1996-4 and $45,180,000 aggregate
principal amount of Class B Floating Rate Asset Backed Certificates, Series
1996-4 of the First USA Credit Card Master Trust. The series term sheet is
attached hereto as Exhibit 99.01.
Item 6. Not Applicable.
Item 7. Financial Statements and Exhibits
The following exhibits are filed as a part of this report:
Exhibit 99.01 Series Term Sheet dated July 26, 1996, with respect to the
proposed issuance of the Class A Floating Rate Asset Backed
Certificates and the Class B Floating Rate Asset Backed
Certificates of the First USA Credit Card Master Trust, Series
1996-4.
<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 hereunto duly authorized.
FIRST USA BANK
As Servicer
By: /s/ W. Todd Peterson
----------------------------
W. Todd Peterson
Vice President
Date: July 30, 1996
-------------
<PAGE>
EXHIBIT INDEX
Exhibit Description Page Number
- ------- ----------- -----------
99.01 Series 1996-4 Term Sheet dated July 26, 1996 5
<PAGE>
EXHIBIT 99.01
SERIES 1996-4 TERM SHEET
[Exhibit Begins on Next Page]
<PAGE>
SUBJECT TO REVISION
SERIES TERM SHEET DATED JULY 26, 1996
$545,180,000
First USA Credit Card Master Trust
$500,000,000 Class A Floating Rate Asset Backed Certificates, Series 1996-4
$45,180,000 Class B Floating Rate Asset Backed Certificates, Series 1996-4
First USA Bank
Transferor and Servicer
THE OFFERED CERTIFICATES WILL REPRESENT INTERESTS IN THE TRUST ONLY AND WILL
NOT REPRESENT INTERESTS IN OR RECOURSE OBLIGATIONS OF FIRST USA BANK OR ANY
AFFILIATE THEREOF. AN OFFERED CERTIFICATE IS NOT A DEPOSIT AND NEITHER THE
OFFERED CERTIFICATES NOR THE UNDERLYING ACCOUNTS OR RECEIVABLES ARE INSURED
OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY.
THIS SERIES TERM SHEET CONTAINS STRUCTURAL AND COLLATERAL INFORMATION ABOUT
THE OFFERED CERTIFICATES; HOWEVER, THIS SERIES TERM SHEET DOES NOT CONTAIN
COMPLETE INFORMATION ABOUT THE OFFERED CERTIFICATES. THE INFORMATION
PROVIDED HEREIN IS PRELIMINARY AND WILL BE SUPERSEDED BY THE
INFORMATION CONTAINED IN THE PROSPECTUS SUPPLEMENT AND THE
PROSPECTUS. ADDITIONAL INFORMATION WILL BE CONTAINED IN THE
PROSPECTUS SUPPLEMENT AND THE PROSPECTUS. PURCHASERS ARE URGED
TO READ BOTH THE PROSPECTUS SUPPLEMENT AND THE PROSPECTUS.
THIS SERIES TERM SHEET SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITA-
TION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN
ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL
PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY
SUCH STATE. SALES OF THE OFFERED CERTIFICATES MAY NOT BE CONSUMMATED
UNLESS THE PURCHASER HAS RECEIVED BOTH THE PROSPECTUS SUPPLEMENT AND
THE PROSPECTUS.
CS First Boston
J.P. Morgan & Co.
NationsBanc Capital Markets, Inc.
<PAGE>
SUMMARY OF TERMS
This Series Term Sheet will be superseded in its entirety by the information
appearing in the Prospectus Supplement, the Prospectus and the Series 1996-4
Supplement to the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") between First USA Bank (the "Bank"), as transferor (in such
capacity, the "Transferor") and Servicer (in such capacity, the "Servicer"),
and The Bank of New York (Delaware), as trustee (the "Trustee").
Type of Securities.......... Class A Floating Rate Asset Backed
Certificates, Series 1996-4 (the "Class A
Certificates") and Class B Floating Rate
Asset Backed Certificates, Series 1996-4
(the "Class B Certificates" and, together
with the Class A Certificates, the "Offered
Certificates").
Trust Assets................ The property of the First USA Credit Card
Master Trust (the "Trust") includes and will
include receivables (the "Receivables")
arising under certain VISA (R) and
MasterCard (R)* revolving credit card
accounts (the "Accounts") selected by the
Transferor from a portfolio of VISA and
MasterCard accounts owned by the Transferor,
all monies due or to become due in payment
of the Receivables, all proceeds of the
Receivables and all monies on deposit in
certain bank accounts of the Trust (other
than certain investment earnings on such
amounts), and any enhancement issued with
respect to any series issued from time to
time by the Trust (each, a "Series") which
will consist of one or more classes of
certificates.
Trustee..................... The Bank of New York (Delaware).
Certificateholders'
Interest................... Each of the Offered Certificates represents
an undivided interest in the Trust. The
Trust's assets will be allocated among the
Class A Certificateholders (the "Class A
Certificateholders' Interest"), the Class B
Certificateholders (the "Class B
Certificateholders' Interest", and together
with the Class A Certificateholders'
Interest, the "Investor Interest"), the CIA
Certificateholders (the "CIA
Certificateholders' Interest"), the holders
of other Series previously issued or issued
at some future time pursuant to the Pooling
and Servicing Agreement and the applicable
series supplements to the Pooling and
Servicing Agreement (each, a "Supplement")
and the Transferor (the "Transferor
Interest"), as described below.
The aggregate principal amount of the Class A
Certificateholders' Interest and the Class B
Certificateholders' Interest will, except as
otherwise provided herein, remain fixed at
$500,000,000 (the "Class A Invested Amount")
and $45,180,000 (the "Class B Invested
Amount"), respectively. The principal amount
of the Transferor Interest will fluctuate as
the amount of Receivables in the Trust
changes from time to time.
The "CIA Invested Amount" in the initial
amount of $57,230,000 (which amount
represents 9.5% of the sum of the initial
Class A
- --------
* VISA (R) and MasterCard (R) are registered trademarks of Visa USA
Incorporated and MasterCard International Incorporated, respectively.
2
<PAGE>
Invested Amount, the initial Class B
Invested Amount and the initial CIA Invested
Amount) constitutes enhancement for the
Offered Certificates. The CIA Certificates,
Series 1996-4 (the "CIA Certificates") will
be issued in two Classes. Allocations will
be made to the CIA Invested Amount and the
holders of each Class of the CIA
Certificates will have voting and certain
other rights of a subordinated class of
certificates. The CIA Certificates together
with the Offered Certificates are referred
to herein as the "Certificates."
The Class A Certificates will represent the
right to receive from the assets of the
Trust allocated to the Class A
Certificateholders' Interest funds up to
(but not in excess of) the amounts required
to make payments of interest on the Class A
Certificates at the Class A Certificate
Rate, and the payment of principal during
the amortization period to the extent of the
Class A Invested Amount (which may be less
than the aggregate unpaid principal amount
of the Class A Certificates, in certain
circumstances).
The Class B Certificates will represent the
right to receive from the assets of the
Trust allocated to the Class B
Certificateholders' Interest funds up to
(but not in excess of) the amounts required
to make payments of interest on the Class B
Certificates at the Class B Certificate
Rate, and the payment of principal with
respect to the Class B Certificates
following the final principal payment of the
Class A Invested Amount to the holders of
the Class A Certificates.
Receivables................. The aggregate amount of Receivables in the
Accounts as of the close of business on June
30, 1996, including the amount of
Receivables in the additional Accounts added
to the Trust on July 2, 1996 and certain
additional Accounts designated to be added
to the Trust on August 6, 1996 (the "Closing
Date"), was $18,093,913,003, comprised of
$17,604,704,061 of principal Receivables and
$489,208,942 of finance charge Receivables.
Interest.................... Class A Certificate Rate: One-month LIBOR
plus %.
Class B Certificate Rate: One-month LIBOR
plus %.
Interest Payment Dates...... Interest on the Certificates will be
distributed on the 10th day of each calendar
month or, if such day is not a business day,
on the next succeeding business day (each, a
"Distribution Date"), commencing September
10, 1996, in an amount equal to the product
of (a) the actual number of days in the
period from the preceding Distribution Date
(or in the case of the September 1996
Distribution Date, the Closing Date) through
the day preceding such Distribution Date
divided by 360, (b) the Class A Certificate
Rate or the Class B Certificate Rate, as
applicable, and (c) the outstanding
principal amount of the Class A Certificates
or the outstanding principal amount of the
Class B Certificates, as applicable, as of
the last day of the preceding calendar month
(or, in the case of the September 1996
Distribution Date, as of the Closing Date).
"LIBOR" means the London interbank offered
3
<PAGE>
quotations for one-month United States
dollar deposits prevailing on the date that
LIBOR is determined. The Trustee will
determine LIBOR on the second business day
prior to the Closing Date for the period
from the Closing Date through September 9,
1996, and on the second business day prior
to each Distribution Date for the period
from and including such Distribution Date
through the day preceding the next
succeeding Distribution Date.
Principal................... The principal of the Class A Certificates and
the Class B Certificates is scheduled to be
paid on the Class A Expected Final Payment
Date and the Class B Expected Final Payment
Date, respectively, but may be paid earlier
or later under certain circumstances.
Class A Expected Final
Payment Date............... The August 2006 Distribution Date.
Class B Expected Final
Payment Date............... The August 2006 Distribution Date.
Stated Series Termination
Date....................... The final distribution of principal and
interest on the Certificates will be made no
later than the April 2009 Distribution Date
(the "Stated Series Termination Date").
After the Stated Series Termination Date,
the Trust will have no further obligation to
pay principal or interest on the
Certificates.
Subordination of the Class
B Certificates and the CIA
Certificates............... The Class B Certificateholders' Interest will
be subordinated to the extent necessary to
fund certain payments with respect to the
Class A Certificates. In addition, the CIA
Certificateholders' Interest will be
subordinated to the extent necessary to fund
certain payments with respect to the Class A
Certificates and the Class B Certificates.
If the CIA Invested Amount is reduced to
zero, the Class B Certificateholders will
bear directly the credit and other risks
associated with their undivided interest in
the Trust. To the extent the Class B
Invested Amount is reduced, the percentage
of collections of finance charge receivables
allocated to the Class B Certificateholders
in subsequent Monthly Periods will be
reduced. Moreover, to the extent the amount
of such reduction in the Class B Invested
Amount is not reimbursed, the amount of
principal distributable to the Class B
Certificateholders will be reduced.
ERISA Considerations........ If certain conditions are satisfied,
including that upon completion of the public
offering thereof interests in the Class A
Certificates are held by 100 or more persons
independent of the Transferor and each
other, the Class A Certificates should
qualify as "publicly offered securities" for
purposes of the "plan assets regulation"
issued by the Department of Labor. In such
event, the purchase and holding of Class A
Certificates by an employee benefit plan (or
other entity deemed to hold assets of such
plan) would not cause the assets of the
Trust to be deemed "plan assets" of any such
plan subject to the prohibited transaction
rules of the Employee Retirement Income
Security Act of 1974, as amended
4
<PAGE>
and the Internal Revenue Code of 1986, as
amended. Further information regarding the
status of the Class A Certificates as
publicly offered securities will be provided
in the Prospectus Supplement. Accordingly,
plan investors contemplating the purchase of
Class A Certificates should consult their
counsel and review "ERISA Considerations" in
the Prospectus and "Summary of Terms--ERISA
Considerations" in the Prospectus Supplement
prior to making any purchase of Class A
Certificates.
The Underwriters currently do not expect the
Class B Certificates to qualify as publicly
offered securities and, accordingly, the
Class B Certificates may not be purchased by
employee benefit plans (or entities deemed
to hold assets of such plans, including
without limitation any insurance company
general account deemed to hold plan assets
by reason of a plan's investment in the
general account).
Certificate Ratings......... It is a condition to the issuance of the
Class A Certificates that they be rated in
the highest rating category by at least one
nationally recognized statistical rating
organization (each such rating organization,
a "Rating Agency").
It is a condition to the issuance of the
Class B Certificates that they receive a
rating of at least "A" or its equivalent by
at least one Rating Agency.
5
<PAGE>
THE BANK'S CREDIT CARD PORTFOLIO
DELINQUENCY AND LOSS EXPERIENCE
The following tables set forth the delinquency and loss experience for each
of the periods shown for the portfolio of VISA and MasterCard credit card
accounts serviced by the Bank (the "Bank Portfolio"). The Bank believes that
the historical performance of the Accounts as of June 30, 1996 has been
comparable to that of the Bank Portfolio as a whole. As of the close of
business on June 30, 1996, the Receivables in the Trust Portfolio and the
Receivables in the additional Accounts added to the Trust on July 2, 1996 and
in the additional Accounts to be added to the Trust on the Closing Date
represented approximately 96.7% of the Bank Portfolio. There can be no
assurance that the delinquency and loss experience for the Trust Portfolio
will be similar to the historical experience set forth below because, among
other things, economic and financial conditions affecting the ability of
cardholders to make payments may be different from those that have prevailed
during the periods reflected below.
DELINQUENCY EXPERIENCE
BANK PORTFOLIO
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
AS OF JUNE 30,
-----------------------------------------------------------------------
1996 1995 1994
----------------------- ----------------------- -----------------------
PERCENTAGE PERCENTAGE PERCENTAGE
OF TOTAL OF TOTAL OF TOTAL
RECEIVABLES RECEIVABLES RECEIVABLES RECEIVABLES RECEIVABLES RECEIVABLES
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Receivables
Outstanding(1)......... $18,721,130 100.00% $13,287,452 100.00% $7,520,458 100.00%
=========== ====== =========== ====== ========== ======
Receivables Delinquent:
35-64 days............. $ 272,380 1.45% $ 141,181 1.06% $ 60,024 0.80%
65-94 days............. 159,791 0.85 76,416 0.57 32,255 0.43
95 or more days........ 378,179 2.03 176,250 1.33 74,458 0.99
----------- ------ ----------- ------ ---------- ------
Total................. $ 810,350 4.33% $ 393,847 2.96% $ 166,737 2.22%
=========== ====== =========== ====== ========== ======
</TABLE>
- --------
(1) The Receivables Outstanding on the accounts consist of all amounts due
from cardholders as posted to the accounts.
LOSS EXPERIENCE
BANK PORTFOLIO
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
FISCAL YEAR ENDED JUNE 30,
------------------------------------
1996 1995 1994
----------- ----------- ----------
<S> <C> <C> <C>
Average Receivables Outstanding(1)....... $16,667,917 $10,446,438 $5,339,689
Gross Charge-Offs(2)..................... 603,249 245,572 132,279
Gross Charge-Offs as a percentage of
Average Receivables Outstanding......... 3.62% 2.35% 2.48%
Recoveries(3)............................ 40,098 15,099 13,889
Net Losses(3)............................ 563,151 230,473 118,390
Net Losses as a percentage of Average
Receivables Outstanding................. 3.38% 2.21% 2.22%
</TABLE>
- --------
(1) Average Receivables Outstanding is the average daily receivables during
the periods indicated.
(2) Gross Charge-Offs are principal charge-offs before recoveries and do not
include the amount of any reductions in average receivables outstanding
due to fraud, returned goods or customer disputes.
(3) Recoveries are included in the Trust as of July 1, 1996.
6
<PAGE>
SUMMARY OF MONTHLY PAYMENT RATES
The following table sets forth the highest and lowest cardholder monthly
payment rates for the Bank Portfolio during any month in the period shown and
the average cardholder monthly payment rates for all months during the periods
shown, in each case calculated as a percentage of total opening monthly
account balances during the periods shown. Payment rates shown in the table
are based on amounts which would be deemed payments of principal Receivables
and finance charge Receivables with respect to the Accounts.
CARDHOLDER MONTHLY PAYMENT RATES
BANK PORTFOLIO
<TABLE>
<CAPTION>
FISCAL YEAR ENDED JUNE 30,
----------------------------
1996 1995 1994
-------- -------- --------
<S> <C> <C> <C>
Lowest Month...................................... 9.86% 10.46% 10.74%
Highest Month..................................... 11.79 11.63 13.23
Monthly Average................................... 10.98 10.96 11.86
</TABLE>
RECEIVABLE YIELD CONSIDERATIONS
The portfolio yield on the Bank Portfolio for each of the three fiscal years
contained in the period ended June 30, 1996 is set forth in the following
table. The portfolio yields in the table are calculated on an accrual basis.
The portfolio yield on Receivables included in the Trust is calculated on a
cash basis. Portfolio yields calculated on an accrual basis may differ from
portfolio yields calculated on a cash basis due to (a) a lag between when
finance charges and fees are charged to cardholder accounts and when such
finance charges and fees are collected and (b) finance charges and fees that
are not ultimately collected from the cardholder. However, during the three
fiscal years contained in the period ended June 30, 1996, portfolio yield on
an accrual basis approximated portfolio yield on a cash basis. Portfolio yield
on both an accrual and a cash basis will also be affected by numerous factors,
including changes in the monthly periodic rates, variations in the rate of
payments and new borrowings on the Accounts, the amount of the annual
membership fees and other charges, changes in the delinquency and loss rates
on the Receivables and the percentage of cardholders who pay their balances in
full each month and do not incur periodic finance charges. Interchange
allocated to the Trust with respect to the Receivables may vary from the
amounts included in the table below because interchange will be included in
the Trust on an estimated basis by initially treating 1.3% of collections on
the Receivables, other than collections with respect to periodic finance
charges, annual membership fees and other charges, as discount Receivables.
PORTFOLIO YIELD
BANK PORTFOLIO
<TABLE>
<CAPTION>
FISCAL YEAR ENDED JUNE 30,
----------------------------
1996 1995 1994
-------- -------- --------
<S> <C> <C> <C>
Average account monthly accrued fees and charges
(1)(2).......................................... $ 34.43 $29.90 $ 25.73
Average account balance(3)....................... 2,711 2,415 1,976
Yield from fees and charges (1).................. 15.24% 14.85% 15.62%
</TABLE>
- --------
(1) Fees and charges are comprised of periodic finance charges, interchange,
annual membership fees and other charges.
(2) Average account monthly accrued fees and charges are presented net of
adjustments made pursuant to the Bank's normal servicing procedures,
including removal of incorrect or disputed periodic finance charges, and
include interchange.
(3) Average account balance includes purchases, cash advances and accrued and
unpaid periodic finance charges, annual membership fees and other charges
and is calculated based on the average of the month end balances for
accounts with balances.
The increase in portfolio yield for the fiscal year ended June 30, 1996
reflects changes in the overall pricing distribution of the Bank Portfolio.
The decline in portfolio yield for fiscal year 1995 is primarily the result of
the Bank's focus on the direct solicitation of low-rate, no annual fee credit
cards which have a lower introductory
7
<PAGE>
rate and which had the effect of lowering finance charge income and annual fee
income. The Trust Portfolio contains a proportion of Receivables arising under
Accounts generated under this type of solicitation similar to that of the Bank
Portfolio.
THE RECEIVABLES
The Receivables in the Accounts selected from the Bank Portfolio included
and to be included in the Trust on the basis of criteria set forth in the
Pooling and Servicing Agreement (the "Trust Portfolio"), as of the close of
business on June 30, 1996, including the additional Accounts added to the
Trust on July 2, 1996 and certain additional Accounts designated to be added
to the Trust on the Closing Date, consisted of $17,604,704,061 of principal
Receivables and $489,208,942 of finance charge Receivables. On May 22, 1996
and June 24, 1996 (the "Relevant Cut Off Dates"), the Transferor designated
additional Accounts, which included approximately $708,955,080 of principal
Receivables as of the close of business on June 30, 1996, and will transfer
the Receivables arising therein to the Trust on the Closing Date. The
additional Accounts to be added to the Trust on the Closing Date were, as of
the Relevant Cut Off Date, Eligible Accounts. The Accounts had an average
principal Receivable balance of $1,867 (including accounts with a zero
balance) and an average credit limit of $6,537. The percentage of the
aggregate total Receivable balance to the aggregate total credit limit was
29.4%.
As of June 30, 1996, cardholders whose Accounts are included in the Trust
Portfolio, including such additional Accounts, had billing addresses in 50
states, the District of Columbia and other United States territories and
possessions. As of June 30, 1996, 66% of the Accounts, including such
additional Accounts, were premium accounts and 34% were standard accounts, and
the aggregate principal Receivable balances of premium accounts and standard
accounts, as a percentage of the aggregate total principal receivables, were
75% and 25%, respectively.
The following tables summarize the Trust Portfolio by various criteria as of
the close of business on June 30, 1996, but include the additional Accounts
added to the Trust on July 2, 1996 and certain additional Accounts designated
to be added to the Trust on the Closing Date. Because the future composition
of the Trust Portfolio may change over time, these tables are not necessarily
indicative of the composition of the Trust Portfolio at any subsequent time.
COMPOSITION BY ACCOUNT BALANCE
TRUST PORTFOLIO
<TABLE>
<CAPTION>
PERCENTAGE
OF TOTAL PERCENTAGE OF
ACCOUNT NUMBER OF NUMBER OF AMOUNT OF TOTAL AMOUNT OF
BALANCE RANGE ACCOUNTS ACCOUNTS RECEIVABLES RECEIVABLES
------------- --------- ---------- --------------- ---------------
<S> <C> <C> <C> <C>
Credit Balance........... 148,897 1.6% $ (23,716,801) (0.1)%
No Balance............... 2,998,107 31.8 -- --
$0.01 to $2,000.00....... 3,083,468 32.7 2,143,886,338 11.8
$2,000.01 to $5,000.00... 1,963,289 20.8 7,056,608,817 39.0
$5,000.01 to $10,000.00.. 1,139,609 12.1 7,719,165,581 42.7
$10,000.01 or More....... 95,867 1.0 1,197,969,068 6.6
--------- ----- --------------- -----
TOTAL................ 9,429,237 100.0% $18,093,913,003 100.0 %
========= ===== =============== =====
</TABLE>
8
<PAGE>
COMPOSITION BY CREDIT LIMIT
TRUST PORTFOLIO
<TABLE>
<CAPTION>
PERCENTAGE
OF TOTAL PERCENTAGE OF
CREDIT NUMBER OF NUMBER OF AMOUNT OF TOTAL AMOUNT OF
LIMIT RANGE ACCOUNTS ACCOUNTS RECEIVABLES RECEIVABLES
----------- --------- ---------- --------------- ---------------
<S> <C> <C> <C> <C>
$0.00 to $2,000.00........ 860,524 9.1% $ 549,200,936 3.0%
$2,000.01 to $5,000.00.... 3,273,068 34.7 5,385,861,783 29.8
$5,000.01 to $10,000.00... 4,375,222 46.4 9,500,516,531 52.5
$10,000.01 or More........ 920,423 9.8 2,658,333,753 14.7
--------- ----- --------------- -----
TOTAL................. 9,429,237 100.0% $18,093,913,003 100.0%
========= ===== =============== =====
</TABLE>
COMPOSITION BY PERIOD OF DELINQUENCY
TRUST PORTFOLIO
<TABLE>
<CAPTION>
PERCENTAGE
PERIOD OF DELINQUENCY OF TOTAL PERCENTAGE OF
(DAYS CONTRACTUALLY NUMBER OF NUMBER OF AMOUNT OF TOTAL AMOUNT OF
DELINQUENT) ACCOUNTS ACCOUNTS RECEIVABLES RECEIVABLES
--------------------- --------- ---------- --------------- ---------------
<S> <C> <C> <C> <C>
Not Delinquent............ 8,973,942 95.2% $16,278,513,852 90.0%
Up to 34 Days............. 277,588 2.9 1,025,434,344 5.7
35 to 64 Days............. 64,549 0.7 265,631,410 1.5
65 to 94 Days............. 35,146 0.4 155,966,623 0.9
95 or More Days........... 78,012 0.8 368,366,774 2.9
--------- ----- --------------- -----
TOTAL................. 9,429,237 100.0% $18,093,913,003 100.0%
========= ===== =============== =====
</TABLE>
COMPOSITION BY GEOGRAPHIC DISTRIBUTION
TRUST PORTFOLIO
<TABLE>
<CAPTION>
PERCENTAGE
OF TOTAL PERCENTAGE OF
NUMBER OF NUMBER OF AMOUNT OF TOTAL AMOUNT OF
STATE ACCOUNTS ACCOUNTS RECEIVABLES RECEIVABLES
----- --------- ---------- -------------- ---------------
<S> <C> <C> <C> <C>
Alabama..................... 89,586 1.0% $ 179,724,284 1.0%
Alaska...................... 24,465 0.3 61,100,600 0.3
Arizona..................... 152,143 1.6 301,023,655 1.7
Arkansas.................... 79,483 0.8 139,513,660 0.8
California.................. 1,140,656 12.1 2,608,921,687 14.4
Colorado.................... 137,541 1.5 279,248,125 1.5
Connecticut................. 141,893 1.5 272,367,053 1.5
Delaware.................... 18,288 0.2 40,354,366 0.2
District of Columbia........ 20,651 0.2 44,560,876 0.2
Florida..................... 633,418 6.7 1,258,282,496 7.0
Georgia..................... 216,959 2.3 457,993,739 2.5
Hawaii...................... 44,574 0.5 96,920,864 0.5
Idaho....................... 36,295 0.4 69,056,046 0.4
Illinois.................... 464,502 4.9 784,834,135 4.3
Indiana..................... 55,496 0.6 85,679,319 0.5
Iowa........................ 7,632 0.1 12,650,347 0.1
Kansas...................... 85,403 0.9 160,369,687 0.9
Kentucky.................... 95,100 1.0 161,796,164 0.9
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
PERCENTAGE
OF TOTAL PERCENTAGE OF
NUMBER OF NUMBER OF AMOUNT OF TOTAL AMOUNT OF
STATE ACCOUNTS ACCOUNTS RECEIVABLES RECEIVABLES
----- --------- ---------- --------------- ---------------
<S> <C> <C> <C> <C>
Louisiana................. 242,818 2.6 389,375,308 2.2
Maine..................... 29,978 0.3 59,891,235 0.3
Maryland.................. 246,579 2.6 509,962,101 2.8
Massachusetts............. 293,821 3.1 521,065,058 2.9
Michigan.................. 320,405 3.4 613,514,200 3.4
Minnesota................. 61,065 0.6 80,179,828 0.4
Mississippi............... 60,605 0.6 113,566,744 0.6
Missouri.................. 157,184 1.7 283,406,154 1.6
Montana................... 36,038 0.4 65,019,510 0.4
Nebraska.................. 60,011 0.6 95,179,269 0.5
Nevada.................... 73,011 0.8 155,919,828 0.9
New Hampshire............. 49,878 0.5 87,743,615 0.5
New Jersey................ 415,826 4.4 723,082,662 4.0
New Mexico................ 60,170 0.6 106,988,846 0.6
New York.................. 742,165 7.9 1,456,993,928 8.1
North Carolina............ 170,659 1.8 347,693,519 1.9
North Dakota.............. 20,692 0.2 29,628,067 0.2
Ohio...................... 356,933 3.8 640,974,867 3.5
Oklahoma.................. 173,247 1.8 289,939,073 1.6
Oregon.................... 127,138 1.3 244,024,056 1.3
Pennsylvania.............. 396,324 4.2 624,171,270 3.4
Rhode Island.............. 39,306 0.4 69,592,118 0.4
South Carolina............ 88,210 0.9 163,939,660 0.9
South Dakota.............. 21,777 0.2 35,669,362 0.2
Tennessee................. 55,998 0.6 94,247,575 0.5
Texas..................... 1,020,775 10.8 1,936,987,487 10.7
Utah...................... 58,909 0.6 98,410,934 0.5
Vermont................... 21,050 0.3 35,139,865 0.2
Virginia.................. 256,136 2.7 535,432,966 3.0
Washington................ 224,631 2.5 488,671,475 2.7
West Virginia............. 46,864 0.5 86,962,048 0.5
Wisconsin................. 14,425 0.2 23,458,355 0.1
Wyoming................... 16,827 0.2 30,494,746 0.2
Other U.S. territories and
possessions.............. 25,697 0.3 42,190,171 0.3
--------- ----- --------------- -----
TOTAL................. 9,429,237 100.0% $18,093,913,003 100.0%
========= ===== =============== =====
</TABLE>
Since the largest number of cardholders (based on billing addresses) whose
accounts were included in the Trust as of June 30, 1996 were in California,
Texas, New York, Florida and Illinois, adverse changes in the economic
conditions in these areas could have a direct impact on the timing and amount
of payments on the Certificates.
10
<PAGE>
COMPOSITION OF ACCOUNTS BY AGE
TRUST PORTFOLIO
<TABLE>
<CAPTION>
PERCENTAGE
OF TOTAL PERCENTAGE OF
NUMBER OF NUMBER OF AMOUNT OF TOTAL AMOUNT OF
AGE ACCOUNTS ACCOUNTS RECEIVABLES RECEIVABLES
--- --------- ---------- --------------- ---------------
<S> <C> <C> <C> <C>
Less than or equal to 6
Months................... 1,075,496 11.4% $ 2,979,830,340 16.5%
Over 6 Months to 12
Months................... 1,644,742 17.4 3,800,044,943 21.0
Over 12 Months to 24
Months................... 2,927,720 31.0 5,464,067,158 30.2
Over 24 Months to 36
Months................... 1,663,110 17.6 2,675,954,335 14.8
Over 36 Months to 48
Months................... 853,987 9.1 1,160,701,949 6.4
Over 48 Months to 60
Months................... 320,648 3.4 382,146,434 2.1
Over 60 Months............ 943,534 10.1 1,631,167,844 9.0
--------- ----- --------------- -----
TOTAL................. 9,429,237 100.0% $18,093,913,003 100.0%
========= ===== =============== =====
</TABLE>
11
