UNITED STATES

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): November 26, 2012

 

 

CITIBANK CREDIT CARD ISSUANCE TRUST

(Issuing Entity in respect of the Notes)

(Exact name of issuing entity as specified in its charter)

 

 

 

DELAWARE   333-171055-01   NOT APPLICABLE

(State or other jurisdiction of

incorporation or organization)

 

(Commission

file number)

 

(I.R.S. Employer

Identification No.)

 

 

CITIBANK CREDIT CARD MASTER TRUST I

(Issuing Entity in respect of the Collateral Certificate)

(Exact name of issuing entity as specified in its charter)

 

 

 

NEW YORK   333-171055-02   NOT APPLICABLE

(State or other jurisdiction of

incorporation or organization)

 

(Commission

file number)

 

(I.R.S. Employer

Identification No.)

 

 

CITIBANK, N.A.

(Exact name of depositor and sponsor as specified in its charter)

 

 

 

UNITED STATES OF AMERICA   333-171055-03   13-5266470

(State or other jurisdiction of

incorporation or organization)

 

(Commission

file number)

 

(I.R.S. Employer

Identification No.)

399 Park Avenue

New York, New York

  10043
(Address of principal executive offices of depositor and sponsor)   (Zip Code)

Registrant’s telephone number, including area code: (212) 559-1000

(Former name or former address, if changed since last report): Not Applicable

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 8.01 Other Events.

The following information relates to the credit card receivables owned by Citibank Credit Card Master Trust I and the related credit card accounts. Some of the terms used herein are used as defined in the Glossary of Terms at the end of this Report.

Loss and Delinquency Experience

The following table sets forth the loss experience for cardholder payments on the credit card accounts for each of the periods shown on a cash basis. The Net Loss percentage calculated for each period below is obtained by dividing Net Losses by the Average Principal Receivables Outstanding multiplied by a fraction, the numerator of which is the total number of days in the applicable calendar year and the denominator of which is the total number of days in the trust monthly reporting periods for the applicable period (366/273 for the nine months ended September 25, 2012, 365/364 for the year ended December 27, 2011, 365/365 for the year ended December 28, 2010 and 365/367 for the year ended December 28, 2009).

If accrued finance charge receivables that have been written off were included in losses, 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. Average Principal Receivables Outstanding is the average of principal receivables outstanding during the periods indicated. There can be no assurance that the loss experience for the receivables in the future will be similar to the historical experience set forth below.

Loss Experience for the Accounts

(Dollars in Thousands)

 

     Nine Months
Ended
September 25,
2012
    Year Ended
December 27,
2011
    Year Ended
December 28,
2010
    Year Ended
December 28,
2009
 

Average Principal Receivables Outstanding

   $ 54,563,673      $ 60,924,613      $ 69,707,899      $ 75,724,189   

Gross Charge-Offs

   $ 2,529,319      $ 4,886,666      $ 7,852,393      $ 7,895,559   

Recoveries

   $ 597,263      $ 698,723      $ 558,737      $ 382,517   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Losses

   $ 1,932,056      $ 4,187,943      $ 7,293,656      $ 7,513,042   

Net Losses as a Percentage of Average Principal Receivables Outstanding

     4.75     6.89     10.46     9.87

 

2


Net losses as a percentage of gross charge-offs for the nine months ended September 25, 2012 were 76.39% and for each of the years ended December 27, 2011, December 28, 2010 and December 28, 2009 were 85.70%, 92.88% and 95.16%, 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 various other miscellaneous write-offs. During the 45 trust monthly reporting periods from January 2009 through September 2012, such reductions ranged from 0.67% to 1.46% of the outstanding principal receivables as of the end of the related trust monthly reporting period. The reduction of receivables in this manner reduces only the seller’s interest in the master trust. Recoveries are collections received in respect of principal receivables previously charged off as uncollectible. Net losses are gross charge-offs minus recoveries.

The following table sets forth the delinquency experience for cardholder payments on the credit card accounts as of each of the dates shown. The Delinquent Amount includes both principal receivables and finance charge receivables. Each percentage is the result of dividing the corresponding delinquent amount as of the end of the period indicated by the sum of the average principal receivables and average finance receivables outstanding during the nine months ended September 25, 2012, and during the year ended December 25, 2011, December 26, 2010 and December 27, 2009. There can be no assurance that the delinquency experience for the receivables in the future will be similar to the historical experience set forth below.

Delinquency Experience for the Accounts

(Dollars in Thousands)

 

     As of
September 30, 2012
    As of
December 31, 2011
    As of
December 31, 2010
    As of
December 31, 2009
 

Number of Days Delinquent

   Delinquent
Amount
     Percentage     Delinquent
Amount
     Percentage     Delinquent
Amount
     Percentage     Delinquent
Amount
     Percentage  

Up to 34 days

   $ 1,014,989         1.85   $ 1,281,238         2.08   $ 1,728,464         2.43   $ 2,501,832         3.24

35 to 64 days

     324,321         0.59        525,245         0.85        833,600         1.17        1,175,684         1.52   

65 to 94 days

     265,469         0.48        423,006         0.69        644,787         0.91        972,112         1.26   

95 to 124 days

     233,135         0.43        351,324         0.57        572,395         0.81        869,279         1.13   

125 to 154 days

     192,544         0.35        289,044         0.47        503,778         0.71        791,797         1.03   

155 to 184 days

     185,821         0.34        268,674         0.44        460,592         0.65        715,581         0.93   
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 2,216,279         4.04   $ 3,138,531         5.10   $ 4,743,616         6.68   $ 7,026,285         9.11

The global financial and economic crisis that began in 2007 had an adverse effect on the assets of the master trust. The ensuing economic recession and rising unemployment resulted in significant increases in net losses and delinquencies. While net losses and delinquencies have declined in recent quarters, net losses remain higher than they were before the financial crisis and economic recession began. There can be no assurance the downward trend will continue. There could be future increases in net losses and delinquencies, and such increases could be significant.

Citibank, as servicer, may enter into arrangements to extend or otherwise change payment schedules for cardholders who are experiencing financial hardship. This includes reducing interest rates, ceasing the accrual of interest entirely or making other accommodations to a cardholder. As of September 30, 2012, 364,738 accounts, which represent 1.70% of the total number of accounts designated to the master trust, were subject to a loan modification arrangement. As of September 30, 2012, these accounts had an aggregate receivables balance of $2,108,054,019, which represents 4.02% of the total outstanding receivables in the master trust.

 

3


Revenue Experience

The revenues for the credit card accounts from finance charges, fees paid by cardholders and interchange for the nine months ended September 25, 2012 and for each of the years ended December 27, 2011, December 28, 2010 and December 28, 2009 are set forth in the following table. The revenue experience in this table is presented on a cash basis before deduction for charge-offs. Average Revenue Yield calculated for each period below is obtained by dividing Finance Charges and Fees Paid by Average Principal Receivables Outstanding multiplied by a fraction, the numerator of which is the total number of days in the applicable calendar year and the denominator of which is the total number of days in the trust monthly reporting periods for the applicable period (366/273 for the nine months ended September 25, 2012, 365/364 for the year ended December 27, 2011, 365/365 for the year ended December 28, 2010 and 365/367 for the year ended December 28, 2009).

Revenues from finance charges, fees and interchange will be affected by numerous factors, including the periodic finance charge on the credit card receivables, the amount of any annual membership fee, other fees paid by cardholders, the amount, if any, of principal receivables that is discounted and treated as finance charge receivables, 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 credit card accounts bearing finance charges at promotional rates and changes in the level of delinquencies on the receivables.

Revenue Experience for the Accounts

(Dollars in Thousands)

 

     Nine Months
Ended
September 25,
2012
    Year Ended
December 27,
2011
    Year Ended
December 28,
2010
    Year Ended
December 28,
2009
 

Finance Charges and Fees Paid

   $ 6,705,012      $ 10,335,132      $ 13,414,392      $ 13,692,050   

Average Revenue Yield

     16.47     17.01     19.24     17.98

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 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. Revenues from periodic finance charges and fees also depend on the types of charges and fees assessed on the credit card 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 on the accounts and other factors.

From March 2009 to March 2011, a 1% discount percentage was applied to the principal receivables in the credit card accounts designated to the master trust. The impact of this discounting — by recharacterizing 1% of principal collections as finance charge collections — was to increase the reported revenue yield on the accounts by an amount ranging from 1.97% to 2.39%, with an average increase of 2.17%, during the 25 trust monthly reporting periods that discounting was in effect. This discounting was discontinued in accordance with the operative documents in April 2011 because the 3-month average excess spread was above 7% for each of the three preceding trust monthly reporting periods.

 

4


Cardholder Monthly Payment Rates

The following table sets forth the highest and lowest cardholder monthly payment rates for the credit card 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 that month.

Monthly payment rates on the credit card 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. Monthly payment rates include amounts that are treated as payments of principal receivables and finance charge receivables with respect to the accounts under the pooling and servicing agreement. 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 may change. Cardholder monthly payment rates are calculated on the balances of those cardholder accounts that have an amount due. Cardholder accounts with a zero balance or a credit balance are excluded from these calculations.

As of the most recent related billing date prior to September 30, 2012, 42.59% of the accounts had a credit balance or otherwise had no payment due, 25.65% of the cardholders paid their entire outstanding balance, 4.70% of the cardholders made only the minimum payment due, 3.22% of the cardholders paid an amount less than the minimum due (including no payment) and the remaining 23.84% of the cardholders paid an amount greater than the minimum due, but less than the entire outstanding balance.

Cardholder Monthly Payment Rates for the Accounts

 

     Nine Months
Ended
September 25, 2012
    Year Ended
December 27, 2011
    Year Ended
December 28, 2010
    Year Ended
December 28, 2009
 

Lowest Month

     19.74     18.44     17.99     16.75

Highest Month

     22.63     22.11     20.69     19.87

Average of the Months in the Period

     21.45     20.48     19.15     18.32

Interchange

Credit card-issuing banks participating in the MasterCard International, VISA and American Express systems receive interchange or similar fee income — referred to herein as interchange — as compensation for performing issuer functions, including taking credit risk, absorbing certain fraud losses and funding receivables for a limited period before initial billing. Under the MasterCard International, VISA and American Express systems, interchange in connection with cardholder charges for merchandise and services is passed from banks or other entities which clear the transactions for merchants to credit card-issuing banks. Interchange generally ranges from approximately 1% to 2% of the transaction amount, but may be higher for some card products or transactions. Citibank is required to transfer to the master trust interchange attributed to cardholder charges for merchandise and services in the accounts. In general, interchange is allocated to the master trust on the basis of the ratio that the amount of cardholder charges for merchandise and services in the accounts bears to the total amount of cardholder charges for merchandise and services in the portfolio of credit card accounts maintained by Citibank. MasterCard International, VISA and American Express may change the amount of interchange reimbursed to banks issuing their credit cards.

 

5


The Credit Card Receivables

The receivables in the credit card accounts designated to the master trust as of September 30, 2012 included $602,286,689 of finance charge receivables and $51,815,245,553 of principal receivables — which amounts include overdue finance charge receivables and overdue principal receivables. As of September 30, 2012, there were 21,512,696 accounts. Included within the accounts are inactive accounts that have no balance. The accounts had an average principal receivable balance of $2,409 and an average credit limit of $13,750. The average principal receivable balance in the accounts as a percentage of the average credit limit with respect to the accounts was approximately 17.52%. 100% of the accounts were opened before June 2010.

As of September 30, 2012, 99.83% of the credit card receivables in the master trust represented obligations of cardholders with billing addresses in the United States. Of the accounts, as of September 30, 2012, the following percentages related to cardholders with billing addresses in the following states:

 

     Percentage of  Total
Number of Accounts
    Percentage of  Total
Outstanding Receivables
 

California

     13.72     13.99

New York

     11.83     10.20

Texas

     7.21     9.02

Florida

     6.28     5.82

Illinois

     5.37     6.04

Since the largest number of cardholders’ billing addresses were in California, New York, Texas, Florida and Illinois, adverse changes in the business or economic conditions in these states could have an adverse effect on the performance of the receivables. No other state represents more than 5% of the number of accounts or outstanding receivables.

As of September 30, 2012, 2.34% of the credit card receivables in the master trust related to small business revolving credit card accounts originated by Citibank. The receivables in the 220,070 small business credit card accounts designated to the master trust as of September 30, 2012 included $10,874,175 of finance charge receivables and $1,217,954,111 of principal receivables — which amounts include overdue finance charge receivables and overdue principal receivables.

Citibank issues its small business credit cards to business owners who agree to use the cards for business purposes. With respect to substantially all accounts, both the individual business owner and the business are jointly and severally liable for all charges and balances on the account. For the remainder of the accounts, only the individual business owner is liable. The small business credit card accounts generally have higher receivables balances, credit limits and monthly payment rates than the other accounts designated to the master trust, taken as a whole. In addition, interchange generated on the receivables in these accounts is generally higher than the interchange generated on the receivables in the other accounts designated to the master trust.

 

6


As of September 30, 2012, the small business credit card accounts designated to the master trust had an average principal receivable balance of $5,534 and an average credit limit of $31,933. The average principal receivable balance in the accounts as a percentage of the average credit limit with respect to the accounts was approximately 17.33%. 100% of the accounts were opened before June 2010. Of the accounts, as of September 30, 2012, 25.01% of the receivables related to obligors with billing addresses in California and 17.35% in Texas. No other state represents more than 10% of the outstanding receivables. As of September 30, 2012, 91.47% of the receivables in the accounts related to obligors whose FICO score is greater than 660, and 96.96% of the receivables had a “current” payment status as of the most recent related billing date.

As of the most recent related billing date prior to September 30, 2012, 28.84% of the small business credit card accounts had a credit balance or otherwise had no payment due, 49.31% of the obligors paid their entire outstanding balance, 1.65% of the obligors made only the minimum payment due, 3.75% of the obligors paid an amount less than the minimum due (including no payment) and the remaining 16.45% of the obligors paid an amount greater than the minimum due, but less than the entire outstanding balance.

As of September 30, 2012, approximately 23% of the credit card receivables in the master trust related to credit cards issued under the Citibank/American Airlines AAdvantage co-brand program. Cardholders in the AAdvantage program receive benefits for the amounts charged on their AAdvantage cards, including frequent flyer miles in American Airlines’ frequent flyer program. Conditions that adversely affect the airline industry or American Airlines could adversely affect the usage and payment patterns of the AAdvantage cards. In addition, termination of the AAdvantage program could have an adverse effect on the payment rates and excess spread reported by the master trust.

As previously disclosed, on November 29, 2011, AMR Corporation and certain of its subsidiaries, including American Airlines, Inc., filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code, in the United States Bankruptcy Court for the Southern District of New York. In a press release issued November 29, 2011, AMR Corporation stated that American Airlines expects to maintain the AAdvantage frequent flyer program throughout the Chapter 11 process. However, it is not certain what the outcome of the bankruptcy process will be, and there can be no assurance that such program will continue to be maintained or that developments with respect to American Airlines will not have a material adverse effect on the Citibank/American Airlines AAdvantage co-brand program, including performance of the AAdvantage cards.

The credit card accounts include receivables which, in accordance with the servicer’s normal servicing policies, were charged-off as uncollectible. However, for purposes of calculation of the amount of principal receivables and finance charge receivables in the master trust for any date, the balance of the charged-off receivables is zero and the master trust owns only the right to receive recoveries on these receivables.

The following tables summarize the credit card accounts designated to the master trust as of September 30, 2012 by various criteria. 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.

Credit balances presented in the following table are a result of cardholder payments and credit adjustments applied in excess of a credit card account’s unpaid balance. Accounts which have a credit balance are included because receivables may be generated in these accounts in the future. Credit card accounts which have no balance are included because receivables may be generated in these accounts in the future.

 

7


Composition of Accounts by Account Balance

 

Account Balance

   Number of
Accounts
     Percentage
of Total
Number of
Accounts
    Receivables
Outstanding
    Percentage
of Total
Receivables
Outstanding
 

Credit Balance

     212,563         0.99   $ (46,823,685     -0.09

No Balance

     9,272,867         43.10        0        0.00   

Less than or equal to $500.00

     3,213,025         14.93        602,468,919        1.15   

$500.01 to $1,000.00

     1,352,112         6.29        992,566,556        1.89   

$1,000.01 to $2,000.00

     1,668,734         7.76        2,445,437,240        4.67   

$2,000.01 to $3,000.00

     1,088,924         5.06        2,694,553,266        5.14   

$3,000.01 to $4,000.00

     792,274         3.68        2,758,254,225        5.26   

$4,000.01 to $5,000.00

     612,855         2.85        2,748,880,635        5.24   

$5,000.01 to $6,000.00

     478,758         2.22        2,626,538,572        5.01   

$6,000.01 to $7,000.00

     391,329         1.82        2,539,272,725        4.84   

$7,000.01 to $8,000.00

     326,056         1.52        2,441,815,770        4.66   

$8,000.01 to $9,000.00

     279,142         1.30        2,370,254,893        4.52   

$9,000.01 to $10,000.00

     239,813         1.11        2,276,852,910        4.35   

$10,000.01 to $15,000.00

     750,305         3.49        9,164,861,048        17.49   

$15,000.01 to $20,000.00

     403,886         1.88        7,978,135,930        13.31   

Over $20,000.00

     430,053         2.00        11,824,463,238        22.56   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total

     21,512,696         100.00   $ 52,417,532,242        100.00

Composition of Accounts by Credit Limit

 

Credit Limit

   Number of
Accounts
     Percentage
of Total
Number of
Accounts
    Receivables
Outstanding
     Percentage
of Total
Receivables
Outstanding
 

Less than or equal to $500.00

     683,177         3.18   $ 46,865,279         0.09

$500.01 to $1,000.00

     529,592         2.46        112,922,269         0.22   

$1,000.01 to $2,000.00

     1,069,860         4.97        478,372,598         0.91   

$2,000.01 to $3,000.00

     924,082         4.30        698,138,131         1.33   

$3,000.01 to $4,000.00

     846,578         3.93        829,818,215         1.58   

$4,000.01 to $5,000.00

     1,026,187         4.77        1,106,299,472         2.11   

$5,000.01 to $6,000.00

     880,236         4.09        1,048,803,244         2.00   

$6,000.01 to $7,000.00

     884,953         4.11        1,163,792,698         2.22   

$7,000.01 to $8,000.00

     961,191         4.47        1,248,828,113         2.38   

$8,000.01 to $9,000.00

     969,156         4.50        1,376,216,165         2.63   

$9,000.01 to $10,000.00

     1,072,620         4.99        1,596,735,217         3.05   

$10,000.01 to $15,000.00

     4,222,248         19.63        7,642,367,151         14.58   

$15,000.01 to $20,000.00

     2,372,864         11.03        6,803,585,194         12.98   

Over $20,000.00

     5,069,952         23.57        28,264,788,496         53.92   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

     21,512,696         100.00   $ 52,417,532,242         100.00

 

8


Accounts presented in the table below as “Current” include 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 Payment Status

 

Payment Status

   Number of
Accounts
     Percentage
of Total
Number of
Accounts
    Receivables
Outstanding
     Percentage
of Total
Receivables
Outstanding
 

Current

     21,161,331         98.37   $ 50,201,253,452         95.77

Up to 34 days delinquent

     198,483         0.92        1,014,989,090         1.94   

35 to 64 days delinquent

     48,171         0.23        324,321,089         0.62   

65 to 94 days delinquent

     34,821         0.16        265,468,703         0.51   

95 to 124 days delinquent

     27,988         0.13        233,135,367         0.44   

125 to 154 days delinquent

     21,580         0.10        192,543,706         0.37   

155 to 184 days delinquent

     20,322         0.09        185,820,835         0.35   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

     21,512,696         100.00   $ 52,417,532,242         100.00

Composition of Accounts by Age

 

Age

   Number of
Accounts
     Percentage
of Total
Number of
Accounts
    Receivables
Outstanding
     Percentage
of Total
Receivables
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

     0         0.00        0         0.00   

Over 24 months to 36 months

     168,419         0.78        253,897,071         0.48   

Over 36 months to 48 months

     900,198         4.19        1,635,594,960         3.12   

Over 48 months to 60 months

     1,642,684         7.64        2,971,710,213         5.67   

Over 60 months

     18,801,395         87.39        47,556,329,998         90.73   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

     21,512,696         100.00   $ 52,417,532,242         100.00

 

9


The following table sets forth the composition of accounts by FICO®* score as of September 30, 2012. A FICO score is a measurement determined by Fair, Isaac & Company using information collected by major credit bureaus to assess credit risk. A credit report is generally obtained from one or more credit bureaus for each application for a new account. Once a customer has been issued a card, Citibank refreshes the FICO score on most accounts on a monthly basis. Citibank generally does not refresh the FICO scores of closed accounts that have no balance and certain other categories of accounts. A FICO score of zero indicates that the FICO score of an account has not been refreshed for one of these reasons or that the customer did not have enough credit history for a FICO score to be calculated.

As of September 30, 2012, 85.96% of the receivables in the master trust related to obligors whose FICO score is greater than 660.

Composition of Accounts by FICO Score

 

FICO Score

   Number of
Accounts
     Percentage
of Total
Number of
Accounts
    Receivables
Outstanding
     Percentage
of Total
Receivables
Outstanding
 

0

     3,949,894         18.36   $ 356,989,886         0.68

001 to 599

     443,726         2.06        2,068,044,522         3.94   

600 to 639

     512,688         2.38        2,384,282,764         4.55   

640 to 660

     494,598         2.30        2,549,830,361         4.86   

661 to 679

     665,372         3.09        3,788,790,881         7.23   

680 to 699

     931,617         4.33        5,708,818,904         10.89   

700 to 719

     1,133,523         5.27        6,742,741,327         12.86   

720 to 739

     1,215,360         5.65        6,288,519,616         12.00   

740 to 759

     1,335,815         6.21        5,649,321,126         10.78   

760 to 800

     3,308,024         15.38        8,484,324,114         16.19   

801 and above

     7,522,079         34.97        8,395,868,741         16.02   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

     21,512,696         100.00   $ 52,417,532,242         100.00

 

*

FICO® is a registered trademark of Fair, Isaac & Company.

Billing and Payments

The credit card accounts have different billing and payment structures, including different periodic finance charges and fees. The following information reflects the current billing and payment characteristics of the accounts.

In general, each month billing statements are sent to cardholders. To the extent a cardholder has a balance due, the cardholder must make a minimum payment equal to the sum of any amount which is past due plus any amount which is in excess of the credit limit and, for most accounts, the greatest of the following:

 

   

the new balance on the billing statement if it is less than $20, or $20, if the new balance is at least $20;

 

   

1% of the new balance plus the amount of any billed finance charges and any billed late fee; and

 

   

1.5% of the new balance.

 

10


A periodic finance charge is imposed on the credit card accounts. The periodic finance charge imposed on balances for purchases and cash advances for a majority of the accounts is calculated by multiplying (1) the daily balances for each day during the billing cycle by (2) the applicable daily periodic finance charge rate, and summing the results for each day in the billing period. The daily balance is calculated by taking the previous day’s balance, adding any new purchases or cash advances and fees, adding the daily finance charge on the previous day’s balance, and subtracting any payments or credits. Cash advances are included in the daily balance from the date the advances are made. Purchases are included in the daily balance generally from the date of purchase. Periodic finance charges are not imposed in most circumstances on purchase amounts if all balances shown in the previous billing statement are paid in full by the due date indicated on the statement.

As of the date of this Form 8-K:

 

   

the periodic finance charge imposed on balances in most credit card accounts for purchases is the Prime Rate, as published in The Wall Street Journal, plus a percentage ranging from 10.74% to 21.74%. A small portion of the credit card accounts have a non-variable periodic finance charge imposed on purchase balances ranging from 13.99% to 24.99%;

 

   

the periodic finance charge imposed on balances in most credit card accounts for cash advances is the sum of the Prime Rate and 21.99%; and

 

   

if a cardholder fails to make a payment by the due date under their credit card agreement, the periodic finance charge assessed on new transactions can be increased up to the sum of the Prime Rate and 26.74%, with 45 days advance notice. If a cardholder fails to make a payment for more than 60 days after the due date under their credit card agreement, the periodic finance charge assessed on existing balances in their account can be increased up to the sum of the Prime Rate and 26.74%, with 45 days advance notice.

Promotional rates are offered from time to time to attract new cardholders and to promote balance transfers from other credit card issuers and the periodic finance charge on a limited number of accounts may be greater or less than those generally assessed on the accounts.

Most of the accounts are subject to additional fees, including:

 

   

a late fee if the cardholder does not make the required minimum payment by the payment date shown on the monthly billing statement. The late fee is up to $25 (or up to $35 if a late fee was assessed on the account during the previous six billing cycles); provided that the late fee will not be greater than the associated required minimum payment;

 

   

a cash advance fee which is generally equal to 5.0% of the amount of the cash advance, subject to a minimum fee of $10;

 

   

a balance transfer fee of 5.0% of the amount transferred to the account, subject to a minimum fee of $10, unless otherwise disclosed in a particular offer;

 

   

a fee on purchases made outside the United States, whether in U.S. dollars or a foreign currency, which is generally equal to 3.0% of the amount of the purchase, after its conversion into U.S. dollars;

 

   

a returned payment fee of $25 (or up to $35 if a returned payment fee was assessed on the account during the previous six billing cycles); provided that the returned payment fee will not be greater than the required minimum payment associated with the returned payment; and

 

11


   

a stop payment fee of $39, assessed if the cardholder requests that payment be stopped on a bank-issued convenience check.

There can be no assurance that periodic finance charges, fees and other charges will remain at current levels in the future.

Payments by cardholders on the accounts are processed and applied first to all minimum amounts due. Payments in excess of the minimum amount due generally are applied to balances associated with higher periodic rates before balances associated with lower periodic rates.

Recent Lump Additions and Removals

Citibank may from time to time transfer credit card receivables to the master trust in lump additions by designating additional accounts to the master trust. The table below presents the date, amount and percentage of the master trust portfolio of those lump additions made since January 2007 (calculated based on the principal amount of the lump addition and the balance of principal receivables in the master trust as of the end of its monthly reporting period immediately preceding the specified lump addition date).

Lump Additions of Receivables Since January 2007

 

Lump Addition Date

   Amount of
Finance Charge
Receivables
     Amount of
Principal
Receivables
     Total
Receivables
     Percentage
of Outstanding
Principal
Receivables
 

January 27, 2007

   $ 10,085,067       $ 771,145,898       $ 781,230,965         1.06

March 24, 2007

   $ 18,095,653       $ 1,330,256,568       $ 1,348,352,221         1.83

June 23, 2007

   $ 18,279,572       $ 1,453,294,765       $ 1,471,574,337         2.01

August 25, 2007

   $ 10,179,745       $ 958,015,899       $ 968,195,644         1.31

September 29, 2007

   $ 7,872,578       $ 1,714,749,869       $ 1,722,622,447         2.31

November 24, 2007

   $ 6,893,425       $ 940,661,454       $ 947,554,879         1.25

March 29, 2008

   $ 17,911,489       $ 1,234,692,881       $ 1,252,604,370         1.63

May 24, 2008

   $ 6,784,413       $ 562,509,400       $ 569,293,813         0.73

June 28, 2008

   $ 8,369,659       $ 924,879,210       $ 933,248,869         1.19

July 26, 2008

   $ 4,797,729       $ 314,459,115       $ 319,256,844         0.41

September 27, 2008

   $ 9,666,066       $ 682,465,956       $ 692,132,022         0.89

December 27, 2008

   $ 15,951,494       $ 959,774,428       $ 975,725,922         1.24

March 28, 2009

   $ 30,094,590       $ 1,443,311,222       $ 1,473,405,812         1.97

May 30, 2009

   $ 4,817,064       $ 227,239,927       $ 232,056,991         0.30

June 13, 2009

   $ 31,644,334       $ 1,448,182,055       $ 1,479,826,389         1.93

September 26, 2009

   $ 48,789,788       $ 1,441,935,893       $ 1,490,725,681         1.90

December 26, 2009

   $ 27,034,270       $ 1,389,298,732       $ 1,416,333,002         1.83

Citibank may from time to time remove credit card receivables from the master trust in lump removals. The table below presents the date, amount and percentage of the master trust portfolio of those lump removals made since January 2007 (calculated based on the principal amount of the lump removal and the balance of principal receivables in the master trust as of the end of its monthly reporting period immediately preceding the specified lump removal date).

 

12


Lump Removals of Receivables Since January 2007

 

Lump Removal Date

   Amount of
Finance Charge
Receivables
     Amount of
Principal
Receivables
     Total
Receivables
     Percentage
of Outstanding
Principal
Receivables
 

December 15, 2007

   $ 2,100,834       $ 403,237,237       $ 405,338,071         0.52

June 28, 2008

   $ 12,048,065       $ 1,050,947,089       $ 1,062,995,154         1.36

November 29, 2008

   $ 2,585,026       $ 160,923,947       $ 163,508,973         0.21

August 29, 2009

   $ 3,920,046       $ 214,410,219       $ 218,330,265         0.28

In addition, Citibank from time to time removes inactive, zero balance accounts from the master trust in lump removals.

Static Pool Information

Static pool information is information relating to the master trust receivables, organized by year of origination of each related credit card account. Static pool information concerning losses, delinquencies, revenue yield and payment rate for the master trust receivables since January 2007 is set forth in the following tables. This information is organized by year of origination of the applicable account for each of the five most recent years, and for accounts originated more than five years ago. As of September 30, 2012, less than 13% of the accounts were originated within the last five years. There can be no assurance that the loss, delinquency, revenue yield and payment rate experience for the receivables in the future will be similar to the historical experience set forth below.

For purposes of the following tables, a “due period” for a particular month is the period beginning on the third to last business day of the prior month through and including the fourth to last business day of that month. The annualization factor for the percentages noted in the tables is 365 (or 366 in the case of a leap year) divided by the number of days in the due period. Thus, variation in the number of days in due periods can have a pronounced effect on the annualized percentages shown in the tables. In addition, static pool information is reported for new accounts only when those accounts are added to the master trust so no performance statistics are available for any period prior to the addition of the accounts to the master trust.

Net Losses

Net Losses reflect principal receivables balances that (1) have become 185 days delinquent or (2) are associated with bankruptcy filings, which are charged off within 30 days of notification. (Prior to a change in Citibank’s bankruptcy loss recognition practice in September 2009, balances were charged off within 10 days of notification of bankruptcy.) Net losses include principal recoveries. The net losses percentage shown in the tables below is calculated by dividing net principal charged off during the due period by the principal receivables balance as of the beginning of the due period. If there is a lump addition or lump removal of receivables during the due period, then the denominator is the weighted average principal receivables balance over the due period. The principal receivables balance shown in the table below does not include finance charges and is as of the beginning of the due period. If there is a lump addition or lump removal of receivables during the due period, then the balance shown is the weighted average principal receivables balance over the due period.

 

13


Net Losses by Year of Account Origination

(by Monthly Due Period)

 

Year of Account Origination

   Principal
Receivables
Sep 2012
     Sep
2012
    Aug
2012
    Jul
2012
    Jun
2012
    May
2012
    Apr
2012
    Mar
2012
    Feb
2012
    Jan
2012
 

2007 and earlier

   $ 49,260,426,836         3.99     3.82     4.26     3.73     5.23     5.95     4.85     5.37     5.26

2008

     2,632,532,049         3.79        3.28        4.52        3.83        4.97        5.86        3.81        5.17        5.54   

2009

     1,344,851,088         3.73        3.07        4.83        3.94        4.64        5.33        4.27        5.29        5.11   

2010

     N/A         N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   

2011

     N/A         N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   

2012

     N/A         N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 53,237,809,973         3.98     3.78     4.28     3.74     5.20     5.93     4.79     5.36     5.27

 

Year of Account Origination

   Dec
2011
    Nov
2011
    Oct
2011
    Sep
2011
    Aug
2011
    Jul
2011
    Jun
2011
    May
2011
    Apr
2011
    Mar
2011
    Feb
2011
    Jan
2011
 

2006 and earlier

     5.11     6.45     5.68     5.99     6.98     6.69     6.59     7.88     7.87     7.92     7.92     7.38

2007

     5.19        6.08        5.67        5.38        6.94        6.37        5.96        7.66        8.31        8.19        8.92        8.95   

2008

     5.17        5.55        5.63        4.84        6.39        6.60        5.63        7.65        7.77        7.89        8.09        8.32   

2009

     4.88        5.41        4.98        4.63        5.77        5.48        4.94        6.14        6.21        6.31        6.52        6.61   

2010

     N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   

2011

     N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     5.11     6.36     5.66     5.87     6.92     6.64     6.47     7.81     7.85     7.89     7.95     7.49

Year of Account Origination

   Dec
2010
    Nov
2010
    Oct
2010
    Sep
2010
    Aug
2010
    Jul
2010
    Jun
2010
    May
2010
    Apr
2010
    Mar
2010
    Feb
2010
    Jan
2010
 

2005 and earlier

     8.43     9.49     10.45     9.07     11.26     9.66     11.38     10.95     11.13     11.32     10.83     9.36

2006

     7.70        8.63        9.03        8.62        10.61        10.31        12.01        12.55        12.50        12.94        13.37        11.54   

2007

     8.34        9.52        10.15        9.15        12.50        11.34        13.42        13.53        13.41        14.06        14.64        13.58   

2008

     8.34        9.60        9.85        9.01        10.86        10.17        12.13        12.81        12.28        14.47        15.40        13.53   

2009

     6.86        7.49        8.00        6.72        7.78        7.14        7.33        6.96        4.85        4.97        6.15        4.79   

2010

     N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     8.34     9.40     10.27     8.99     11.18     9.75     11.46     11.16     11.23     11.55     11.29     9.80

Year of Account Origination

   Dec
2009
    Nov
2009
    Oct
2009
    Sep
2009
    Aug
2009
    Jul
2009
    Jun
2009
    May
2009
    Apr
2009
    Mar
2009
    Feb
2009
    Jan
2009
 

2004 and earlier

     9.06     9.72     8.26     9.66     11.36     9.29     9.61     9.72     9.39     8.87     8.35     6.25

2005

     9.97        9.95        9.02        10.45        12.87        9.83        10.77        10.58        10.86        10.17        10.10        7.25   

2006

     11.49        11.74        10.06        11.89        13.91        12.05        12.85        12.71        12.74        12.49        12.04        9.12   

2007

     13.15        13.72        11.89        13.63        16.35        13.95        15.73        15.56        15.22        15.12        15.68        12.11   

2008

     13.64        15.23        13.18        13.77        18.90        17.33        17.87        16.35        15.53        13.11        18.06        11.72   

2009

     3.66        6.58        4.16        1.90        1.73        0.77        0.70        0.06        0.19        N/A        N/A        N/A   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     9.56     10.29     8.79     10.15     12.14     10.03     10.51     10.50     10.21     9.66     9.33     6.95

 

14


Year of Account Origination

   Dec
2008
    Nov
2008
    Oct
2008
    Sep
2008
    Aug
2008
    Jul
2008
    Jun
2008
    May
2008
    Apr
2008
    Mar
2008
    Feb
2008
    Jan
2008
 

2003 and earlier

     6.94     6.03     5.78     5.44     5.94     5.04     5.24     5.12     5.24     4.92     4.68     4.28

2004

     8.02        7.08        6.41        6.29        6.68        5.89        6.41        5.57        6.22        5.91        5.43        4.93   

2005

     8.59        7.92        6.79        6.66        7.01        6.32        6.76        6.04        6.73        6.23        6.19        5.37   

2006

     10.60        9.43        8.39        8.30        8.80        7.91        8.45        7.64        8.71        8.74        7.98        7.60   

2007

     13.68        14.01        11.87        11.95        12.98        10.95        10.78        8.66        8.73        7.05        7.14        5.61   

2008

     11.10        11.73        7.39        4.00        1.58        0.66        0.44        0.27        0.13        N/A        N/A        N/A   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     7.81     6.94     6.39     6.06     6.53     5.59     5.83     5.49     5.74     5.37     5.11     4.64

Year of Account Origination

   Dec
2007
    Nov
2007
    Oct
2007
    Sep
2007
    Aug
2007
    Jul
2007
    Jun
2007
    May
2007
    Apr
2007
    Mar
2007
    Feb
2007
    Jan
2007
 

2002 and earlier

     3.65     3.86     4.09     3.56     3.70     3.56     3.35     3.45     3.85     3.55     3.69     3.31

2003

     4.99        4.62        4.74        4.78        4.50        4.46        4.39        4.75        4.74        4.72        4.36        4.59   

2004

     4.92        4.39        4.47        4.33        4.20        4.17        4.00        4.19        4.54        4.45        4.21        4.12   

2005

     5.30        5.14        4.99        4.59        4.43        4.83        4.37        4.82        5.08        4.89        5.20        5.50   

2006

     7.58        6.91        7.17        6.87        6.79        7.52        5.77        7.39        6.22        5.04        6.30        4.60   

2007

     4.52        3.63        3.32        1.89        0.71        0.41        0.16        0.25        0.10        0.00        N/A        N/A   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     4.16     4.17     4.34     3.86     3.93     3.87     3.59     3.78     4.09     3.80     3.92     3.58

Delinquent Receivables that are 35 Days or More Past Due

Delinquencies include both principal and finance charge receivables. The monthly delinquencies 35+ days percentage shown in the tables below is calculated by dividing total receivables 35 days and more past due by the principal and finance charge receivables as of the last full weekend of the month. The receivables outstanding balance shown in the table below includes principal and finance charges and is as of the last full weekend of the month.

Delinquencies 35+ Days by Year of Account Origination

(by Monthly Period)

 

Year of Account Origination

   Receivables
Outstanding
Sep 2012
     Sep
2012
    Aug
2012
    Jul
2012
    Jun
2012
    May
2012
    Apr
2012
    Mar
2012
    Feb
2012
    Jan
2012
 
     

 

    

 

   

 

   

 

   

 

   

 

   

 

   

 

   

 

   

 

 

2007 and earlier

   $ 48,505,362,550         2.27     2.30     2.36     2.43     2.53     2.70     2.92     3.06     3.12

2008

     2,589,769,667         2.60        2.64        2.66        2.70        2.76        2.93        3.23        3.43        3.51   

2009

     1,322,400,025         2.35        2.41        2.42        2.48        2.55        2.64        2.87        3.05        3.10   

2010

     N/A         N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   

2011

     N/A         N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   

2012

     N/A         N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 52,417,532,242         2.29     2.32     2.38     2.44     2.54     2.71     2.94     3.08     3.14

 

15


Year of Account Origination

   Dec
2011
    Nov
2011
    Oct
2011
    Sep
2011
    Aug
2011
    Jul
2011
    Jun
2011
    May
2011
    Apr
2011
    Mar
2011
    Feb
2011
    Jan
2011
 

2006 and earlier

     3.05     3.21     3.19     3.23     3.28     3.30     3.52     3.61     3.81     4.15     4.28     4.28

2007

     3.85        4.03        4.02        4.09        4.10        4.14        4.34        4.40        4.67        5.13        5.32        5.45   

2008

     3.58        3.72        3.68        3.75        3.75        3.74        3.89        3.96        4.25        4.66        4.86        4.91   

2009

     3.10        3.20        3.18        3.19        3.17        3.15        3.22        3.20        3.37        3.62        3.70        3.70   

2010

     N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   

2011

     N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     3.11     3.28     3.26     3.30     3.35     3.39     3.57     3.66     3.87     4.22     4.35     4.35

Year of Account Origination

   Dec
2010
    Nov
2010
    Oct
2010
    Sep
2010
    Aug
2010
    Jul
2010
    Jun
2010
    May
2010
    Apr
2010
    Mar
2010
    Feb
2010
    Jan
2010
 

2005 and earlier

     4.30     4.58     4.62     4.81     4.83     5.17     5.32     5.45     5.68     5.88     5.73     5.51

2006

     5.01        5.27        5.28        5.43        5.44        5.85        6.09        6.38        6.86        7.21        7.28        7.12   

2007

     5.61        5.86        5.89        6.08        6.06        6.50        6.79        7.07        7.58        8.01        8.01        7.86   

2008

     5.10        5.33        5.42        5.62        5.62        5.93        6.10        6.31        6.77        7.14        7.33        7.44   

2009

     3.78        3.97        3.98        4.04        3.95        4.07        4.03        3.91        3.81        3.61        3.22        2.90   

2010

     N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     4.44     4.71     4.74     4.93     4.95     5.29     5.44     5.59     5.85     6.07     5.95     5.75

Year of Account Origination

   Dec
2009
    Nov
2009
    Oct
2009
    Sep
2009
    Aug
2009
    Jul
2009
    Jun
2009
    May
2009
    Apr
2009
    Mar
2009
    Feb
2009
    Jan
2009
 

2004 and earlier

     5.33     5.40     5.21     5.05     4.94     5.06     5.03     5.12     5.31     5.39     5.01     4.81

2005

     5.85        6.02        5.91        5.78        5.64        5.88        5.85        5.93        6.17        6.38        5.95        5.73   

2006

     6.95        7.02        6.87        6.67        6.53        6.70        6.74        6.86        7.25        7.51        7.26        7.02   

2007

     7.80        8.05        8.01        7.90        7.72        7.90        7.91        8.10        8.62        8.93        9.04        8.85   

2008

     7.56        8.49        8.60        8.41        8.53        8.87        9.04        9.23        9.75        9.48        12.40        11.48   

2009

     2.66        5.07        4.74        4.20        4.78        3.75        2.89        1.78        1.22        0.25        N/A        N/A   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     5.63     5.81     5.66     5.49     5.37     5.50     5.49     5.58     5.82     5.92     5.61     5.39

Year of Account Origination

   Dec
2008
    Nov
2008
    Oct
2008
    Sep
2008
    Aug
2008
    Jul
2008
    Jun
2008
    May
2008
    Apr
2008
    Mar
2008
    Feb
2008
    Jan
2008
 

2003 and earlier

     4.49     4.32     4.02     3.85     3.64     3.52     3.55     3.50     3.52     3.59     3.57     3.50

2004

     5.09        4.92        4.56        4.36        4.04        3.91        3.86        3.83        3.84        3.93        3.94        3.88   

2005

     5.46        5.35        5.04        4.80        4.53        4.39        4.35        4.26        4.32        4.44        4.50        4.45   

2006

     6.77        6.65        6.26        5.98        5.65        5.45        5.41        5.34        5.42        5.63        5.87        5.82   

2007

     8.58        8.98        8.53        8.02        7.79        7.29        7.16        7.08        7.03        6.48        6.13        5.63   

2008

     10.02        10.65        8.94        7.40        7.20        5.01        3.83        2.88        2.05        0.30        N/A        N/A   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     5.10     4.93     4.59     4.36     4.11     3.94     3.92     3.85     3.86     3.91     3.89     3.80

 

16


Year of Account Origination

   Dec
2007
    Nov
2007
    Oct
2007
    Sep
2007
    Aug
2007
    Jul
2007
    Jun
2007
    May
2007
    Apr
2007
    Mar
2007
    Feb
2007
    Jan
2007
 

2002 and earlier

     3.25     3.24     3.16     3.03     2.90     2.86     2.82     2.85     2.90     3.00     3.06     3.04

2003

     3.89        3.87        3.79        3.55        3.50        3.46        3.33        3.39        3.45        3.60        3.65        3.67   

2004

     3.65        3.71        3.66        3.45        3.34        3.27        3.12        3.17        3.23        3.37        3.44        3.47   

2005

     4.17        4.29        4.25        4.05        3.87        3.78        3.63        3.69        3.73        3.93        4.20        4.28   

2006

     5.50        5.57        5.63        5.21        5.36        5.73        5.13        5.78        5.62        5.27        5.35        5.09   

2007

     4.72        4.19        4.50        3.75        5.14        5.21        3.14        3.23        1.58        0.19        N/A        N/A   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     3.55     3.53     3.47     3.28     3.18     3.14     3.03     3.06     3.10     3.19     3.25     3.23

Delinquent Receivables that are 95 Days or More Past Due

Delinquencies include both principal and finance charge receivables. The monthly delinquencies 95+ days percentage shown in the tables below is calculated by dividing total receivables 95 days and more past due by the principal and finance charge receivables as of the last full weekend of the month. The receivables outstanding balance shown in the table below includes principal and finance charges and is as of the last full weekend of the month.

Delinquencies 95+ Days by Year of Account Origination

(by Monthly Period)

 

Year of Account Origination

   Receivables
Outstanding Sep
2012
     Sep
2012
    Aug
2012
    Jul
2012
    Jun
2012
    May
2012
    Apr
2012
    Mar
2012
    Feb
2012
    Jan
2012
 

2007 and earlier

   $ 48,505,362,550         1.16     1.18     1.23     1.30     1.35     1.43     1.54     1.61     1.61

2008

     2,589,769,667         1.33        1.34        1.36        1.42        1.47        1.60        1.73        1.83        1.84   

2009

     1,322,400,025         1.25        1.23        1.24        1.30        1.34        1.45        1.54        1.60        1.62   

2010

     N/A         N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   

2011

     N/A         N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   

2012

     N/A         N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 52,417,532,242         1.17     1.19     1.24     1.30     1.35     1.44     1.55     1.62     1.62

 

Year of Account Origination

   Dec
2011
    Nov
2011
    Oct
2011
    Sep
2011
    Aug
2011
    Jul
2011
    Jun
2011
    May
2011
    Apr
2011
    Mar
2011
    Feb
2011
    Jan
2011
 

2006 and earlier

     1.48     1.54     1.57     1.59     1.64     1.69     1.82     1.90     1.98     2.15     2.26     2.24

2007

     1.96        2.02        2.02        2.01        2.05        2.14        2.25        2.35        2.50        2.78        2.91        2.94   

2008

     1.81        1.86        1.87        1.84        1.85        1.89        2.03        2.14        2.31        2.50        2.66        2.65   

2009

     1.57        1.62        1.60        1.57        1.56        1.58        1.67        1.72        1.78        1.90        1.99        1.97   

2010

     N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   

2011

     N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     1.52     1.58     1.61     1.62     1.67     1.72     1.85     1.93     2.02     2.19     2.31     2.29

 

17


Year of Account Origination

   Dec
2010
    Nov
2010
    Oct
2010
    Sep
2010
    Aug
2010
    Jul
2010
    Jun
2010
    May
2010
    Apr
2010
    Mar
2010
    Feb
2010
    Jan
2010
 

2005 and earlier

     2.18     2.29     2.32     2.49     2.53     2.77     2.86     2.94     2.90     2.99     3.03     2.95

2006

     2.59        2.67        2.66        2.80        2.84        3.14        3.33        3.55        3.72        3.90        3.98        3.87   

2007

     2.91        3.02        3.02        3.13        3.15        3.53        3.74        4.00        4.08        4.25        4.35        4.34   

2008

     2.66        2.76        2.80        2.92        2.94        3.16        3.30        3.50        3.66        3.85        4.09        4.22   

2009

     1.94        2.04        2.04        2.10        2.04        2.14        2.10        2.08        1.94        1.69        1.48        1.39   

2010

     N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     2.26     2.36     2.39     2.55     2.59     2.83     2.93     3.03     3.02     3.12     3.17     3.10

Year of Account Origination

   Dec
2009
    Nov
2009
    Oct
2009
    Sep
2009
    Aug
2009
    Jul
2009
    Jun
2009
    May
2009
    Apr
2009
    Mar
2009
    Feb
2009
    Jan
2009
 

2004 and earlier

     2.76     2.72     2.57     2.50     2.52     2.71     2.71     2.68     2.60     2.63     2.49     2.33

2005

     3.11        3.16        2.99        2.92        2.92        3.20        3.20        3.20        3.11        3.21        3.06        2.90   

2006

     3.68        3.64        3.48        3.38        3.38        3.62        3.69        3.74        3.78        3.86        3.75        3.57   

2007

     4.27        4.34        4.18        4.04        4.02        4.31        4.35        4.46        4.58        4.72        4.79        4.61   

2008

     4.29        4.71        4.51        4.34        4.66        4.98        5.14        5.13        5.13        4.81        6.46        5.43   

2009

     1.42        2.84        2.16        1.60        2.46        1.44        0.69        0.12        0.00        0.00        N/A        N/A   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     2.96     2.98     2.82     2.73     2.76     2.97     2.97     2.96     2.90     2.94     2.83     2.64

Year of Account Origination

   Dec
2008
    Nov
2008
    Oct
2008
    Sep
2008
    Aug
2008
    Jul
2008
    Jun
2008
    May
2008
    Apr
2008
    Mar
2008
    Feb
2008
    Jan
2008
 

2003 and earlier

     2.12     2.05     1.88     1.81     1.75     1.73     1.75     1.75     1.72     1.73     1.71     1.66

2004

     2.48        2.42        2.18        2.07        1.93        1.93        1.95        1.97        1.94        1.97        1.93        1.89   

2005

     2.67        2.66        2.48        2.35        2.22        2.17        2.20        2.21        2.22        2.25        2.24        2.20   

2006

     3.37        3.35        3.11        2.94        2.81        2.76        2.80        2.83        2.83        2.91        3.04        2.97   

2007

     4.41        4.68        4.29        3.99        3.93        3.74        3.75        3.72        3.56        3.08        3.04        2.61   

2008

     4.54        5.23        3.87        2.99        2.73        1.37        0.67        0.09        0.00        0.00        N/A        N/A   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     2.44     2.39     2.18     2.06     1.98     1.93     1.94     1.94     1.91     1.91     1.89     1.82

Year of Account Origination

   Dec
2007
    Nov
2007
    Oct
2007
    Sep
2007
    Aug
2007
    Jul
2007
    Jun
2007
    May
2007
    Apr
2007
    Mar
2007
    Feb
2007
    Jan
2007
 

2002 and earlier

     1.53     1.47     1.42     1.34     1.31     1.32     1.32     1.33     1.35     1.41     1.45     1.46

2003

     1.85        1.78        1.73        1.62        1.58        1.60        1.58        1.63        1.65        1.74        1.77        1.77   

2004

     1.77        1.75        1.70        1.56        1.48        1.48        1.48        1.52        1.57        1.64        1.67        1.69   

2005

     2.03        2.06        2.00        1.85        1.73        1.72        1.71        1.79        1.87        1.94        2.10        2.14   

2006

     2.80        2.72        2.75        2.50        2.50        2.73        2.51        2.97        2.76        2.42        2.55        2.40   

2007

     2.14        1.82        1.92        1.47        1.76        1.49        0.49        0.14        0.00        0.00        N/A        N/A   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     1.69     1.63     1.58     1.47     1.43     1.44     1.42     1.45     1.46     1.51     1.55     1.55

 

18


Monthly Total Payment Rate

The monthly total payment rate is calculated by taking the sum of all principal and finance charge payments received from cardholders over the due period and dividing it by the principal and finance charge receivables balance as of the beginning of the due period. If there is a lump addition or lump removal of receivables during the due period, then the denominator is the weighted average principal and finance charge receivables balance over the due period. The principal and finance charge receivables balance shown in the table below is as of the beginning of the due period. If there is a lump addition or lump removal of receivables during the due period, then the balance shown is the weighted average principal and finance charge receivables balance over the due period.

Monthly Total Payment Rate by Year of Account Origination

(by Monthly Due Period)

 

Year of Account

Origination

   Principal and
Finance Charge
Receivables Sep
2012
     Sep
2012
    Aug
2012
    Jul
2012
    Jun
2012
    May
2012
    Apr
2012
    Mar
2012
    Feb
2012
    Jan
2012
 

2007 and earlier

   $ 49,539,123,684         20.61     22.63     21.92     21.98     21.50     20.65     21.95     19.69     21.80

2008

     2,648,435,108         17.90        20.10        19.22        19.55        19.27        18.64        20.11        18.05        18.83   

2009

     1,352,464,355         24.18        27.36        26.14        26.62        26.30        25.64        27.62        24.58        25.97   

2010

     N/A         N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   

2011

     N/A         N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   

2012

     N/A         N/A        NA/        N/A        N/A        N/A        N/A        N/A        N/A        N/A   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 53,540,023,147         20.57     22.63     21.89     21.98     21.51     20.67     22.00     19.74     21.76

 

Year of Account

Origination

   Dec
2011
    Nov
2011
    Oct
2011
    Sep
2011
    Aug
2011
    Jul
2011
    Jun
2011
    May
2011
    Apr
2011
    Mar
2011
    Feb
2011
    Jan
2011
 

2006 and earlier

     20.81     20.10     20.05     20.54     21.64     19.87     21.69     20.59     18.20     21.84     18.85     19.27

2007

     21.73        21.00        20.91        21.84        22.87        21.01        22.93        21.72        19.90        23.81        20.01        19.93   

2008

     18.87        18.13        18.09        19.01        19.80        18.34        20.19        19.03        17.86        21.21        17.59        17.49   

2009

     25.99        24.97        25.09        26.27        27.27        25.77        28.48        26.89        25.28        30.02        25.32        25.58   

2010

     N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   

2011

     N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     20.89     20.17     20.13     20.67     21.75     20.00     21.85     20.73     18.44     22.11     19.01     19.37

Year of Account

Origination

   Dec
2010
    Nov
2010
    Oct
2010
    Sep
2010
    Aug
2010
    Jul
2010
    Jun
2010
    May
2010
    Apr
2010
    Mar
2010
    Feb
2010
    Jan
2010
 

2005 and earlier

     20.30     18.38     18.00     19.53     18.74     19.04     19.67     17.62     18.42     18.40     17.65     17.53

2006

     23.17        21.16        21.10        22.53        21.85        22.38        23.28        21.01        22.07        22.01        20.85        20.27   

2007

     21.78        19.60        19.42        20.90        20.19        20.49        21.34        19.25        20.40        20.47        19.23        18.35   

2008

     19.46        17.42        17.33        18.82        18.27        18.69        19.52        17.75        19.20        19.52        18.20        17.53   

2009

     28.21        25.74        26.33        28.74        28.33        29.55        31.14        28.62        31.09        31.38        29.43        28.06   

2010

     N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A