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SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street, N.W.
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): June 8, 1998
DISCOVER CARD MASTER TRUST I
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(Exact name of Registrant as specified in its charter)
Delaware 0-23108 Not Applicable
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(State of (Commission (IRS Employer
organization) File Number) Identification No.)
c/o Greenwood Trust Company
12 Read's Way
New Castle, Delaware 19720
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 323-7184
Not Applicable
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(Former address, if changed since last report)
Page 1 of 7
Index to Exhibits is on page 5
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Item 5. Other Events
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On June 8, 1998 the information contained in Exhibit 1 regarding the
Receivables originated by Greenwood in the Discover Card Master Trust I (the
"Trust") was released to the public.
2
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Item 7. Financial Statements and Exhibits
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(c) Exhibits
<TABLE>
<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
1 Select Trust information as of June 1, 1998
</TABLE>
3
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
Discover Card Master Trust I
(Registrant)
By: Greenwood Trust Company
(Originator of the Trust)
By:
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John J. Coane
Vice President, Director of Accounting and
Treasurer
Date: June 8, 1998
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
1 Select Trust information as of June 1, 1998
</TABLE>
5
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Exhibit 1
Geographic Distribution. As of June 1, 1998, the five states with the
largest Receivables balances were as follows:
<TABLE>
<CAPTION>
PERCENTAGE OF TOTAL RECEIVABLES
STATE BALANCE IN THE ACCOUNTS
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<S> <C>
California......................................... 11.8%
Texas.............................................. 9.2%
New York........................................... 6.8%
Florida............................................ 5.8%
Illinois........................................... 4.9%
</TABLE>
Credit Limit Information. Credit limit information as of June 1, 1998 with
respect to the Accounts is summarized as follows:
<TABLE>
<CAPTION>
PERCENTAGE
RECEIVABLES OF TOTAL
OUTSTANDING RECEIVABLES
CREDIT LIMIT (000'S) OUTSTANDING
------------ ----------- -----------
<S> <C> <C>
Less than or equal to $1,000.00............................. $ 444,046 2.2%
$1,000.01 to $2,000.00...................................... $ 2,730,216 13.4%
$2,000.01 to $3,000.00...................................... $ 2,930,504 14.4%
Over $3,000.00.............................................. $14,311,656 70.0%
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Total.................................................. $20,416,422 100.0%
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</TABLE>
Seasoning. As of June 1, 1998, 85.1% of the Accounts were at least 24
months old. The distribution of the age of Accounts as of June 1, 1998 was as
follows:
<TABLE>
<CAPTION>
PERCENTAGE PERCENTAGE
AGE OF ACCOUNTS OF ACCOUNTS OF BALANCES
--------------- ----------- -----------
<S> <C> <C>
Less than 12 Months.................. 4.7% 3.0%
12 to 23 Months...................... 10.2% 10.6%
24 to 35 Months...................... 16.5% 17.2%
36 Months and Greater................ 68.6% 69.2%
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100.0% 100.0%
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</TABLE>
Summary Current Delinquency Information. Current delinquency information as
of June 1, 1998 with respect to the Accounts is summarized as follows:
<TABLE>
<CAPTION>
AGGREGATE
BALANCES PERCENTAGE
PAYMENT STATUS (000'S) OF BALANCES
-------------- ----------- -----------
<S> <C> <C>
Current...................................... $17,328,794 84.8%
1 to 29 Days................................. $ 1,601,009 7.8%
30 to 59 Days................................ $ 554,513 2.7%
60 to 89 Days................................ $ 361,323 1.8%
90 to 119 Days............................... $ 198,779 1.0%
120 to 149 Days.............................. $ 197,558 1.0%
150 to 179 Days.............................. $ 174,446 0.9%
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$20,416,422 100.0%
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</TABLE>
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The total amount of Receivables in the Trust is $20,416,422,482.04. The average
credit limit is $4,718 and the average account balance if $879. The three-month
rolling average Group Excess Spread percentage for Group One is 4.01% for the
Distribution Date in June 1998. "Group Excess Spread Percentage" for any
Distribution Date is the product of (a) the Group Excess Spread for such
Distribution Date divided by the sum of the Series Investor Interests for each
Series in Group One and (b) twelve. "Group Excess Spread" for any Distribution
Date is the Sum of the following for each Series in Group One: (a) the sum of
Series Finance Charge collections, Series Yield Collections, Series Additional
Investor Funds and any Class Investment Income for any Class of the Series
minus (b) the sum of (i) the amount of Certificate Interest for each Class of
such Series, (ii) the Investor Servicing Fee, (iii) the product of the Series
Percentage with respect to the Charged-Off Amount and the Charge-Off Amount and
(iv) the Credit Enhancement Fee, in each case for the Distribution Date.
