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CITIBANK CREDIT CARD ISSUANCE TRUST (CCCIT)
FINANCIALS |
3 MONTH
MOVING
AVERAGE |
APR 08 |
MAR 08 |
FEB 08 |
| | |
| GROSS YIELD (A/A) |
16.14% |
15.69% |
16.49% |
16.24% |
| | |
| WEIGHTED AVERAGE NOTE RATE (A/360) |
3.84% |
3.70% |
3.80% |
4.01% |
| NET PRINCIPAL LOSSES (A/A) |
5.41% |
5.74% |
5.37% |
5.11% |
| WEIGHTED AVG. SERVICING (A/360) & OTHER FEES |
0.37% |
0.37% |
0.37% |
0.38% |
| TOTAL EXPENSES |
9.62% |
9.81% |
9.54% |
9.50% |
| | |
| EXCESS CASH |
6.52% |
5.88% |
6.95% |
6.74% |
| REQUIRED EXCESS CASH |
0.00% |
0.00% |
0.00% |
0.00% |
| EXCESS CASH PROTECTION LEVELS |
6.52% |
5.88% |
6.95% |
6.74% |
|
CITIBANK CREDIT CARD MASTER TRUST (CCIMT)
FINANCIALS |
3 MONTH
MOVING
AVERAGE |
APR 08 |
MAR 08 |
FEB 08 |
| | |
| REVENUE YIELD (A/A) |
16.11% |
15.66% |
16.46% |
16.21% |
| | |
| WEIGHTED AVERAGE CERTIFICATE RATE (A/360) |
6.25% |
6.25% |
6.25% |
6.25% |
| NET PRINCIPAL LOSSES (A/A) |
5.41% |
5.74% |
5.37% |
5.11% |
| WEIGHTED AVG. SERVICING (A/360) & OTHER FEES |
0.63% |
0.74% |
0.74% |
0.43% |
| TOTAL EXPENSES |
12.29% |
12.73% |
12.36% |
11.79% |
| | |
| EXCESS CASH |
3.82% |
2.93% |
4.10% |
4.42% |
| REQUIRED EXCESS CASH |
0.00% |
0.00% |
0.00% |
0.00% |
| EXCESS CASH PROTECTION LEVELS |
3.82% |
2.93% |
4.10% |
4.42% |
|
| COMMON TERMS |
3 MONTH
MOVING
AVERAGE |
APR 08 |
MAR 08 |
FEB 08 |
| | |
| PRINCIPAL PAYMENT RATE |
19.56% |
19.80% |
19.71% |
19.17% |
| | |
| DELINQUENCIES 35+ DAYS |
3.89% |
3.88% |
3.91% |
3.89% |
| DELINQUENCIES 95+ DAYS |
1.91% |
1.92% |
1.91% |
1.89% |
| | |
AGGREGATE ENDING PRINCIPAL RECEIVABLES
AS OF APRIL 25, 2008: |
$77,288,227,622 |
|
|
|
|
 Excess Cash
The Excess Cash percentage for CCCIT is calculated by subtracting the Net Loss percentage, Weighted Average Note Rate percentage, and Fixed Servicing and Other Fees percentage from the Gross Yield percentage. The Excess Cash percentage for CCIMT is calculated by subtracting the Net Loss percentage, Weighted Average Certificate Rate percentage, and Servicing and Other Fees percentage from the Revenue Yield percentage.
If the 3-month average excess cash falls below zero, the CCIMT or CCCIT securities will begin to repay early. In addition, for the Dakota CP program, no new securities can be issued if the 3-month average excess cash falls below 100 bp.
Yield
Gross Yield (CCCIT) is defined as the sum of finance charges, fees paid by cardholders, and interchange, less 150 bp servicing fee payable only from interchange. Re-investment income from funds in the Interest Funding Account and the Principal Funding Account is included in Gross Yield. Revenue Yield (CCIMT) is equal to Gross Yield less re-investment income from funds in the Interest Funding Account and the Principal Funding Account.
The yield percentage is computed by dividing yield by the principal receivables balance as of the beginning of the due period*. If there is a lump sum addition or lump sum removal during the due period, then the denominator is the weighted average principal receivables balance over the due period. Revenue will be affected by future changes in the types of charges and fees assessed on the accounts, and in the types of accounts added to the Trust from time to time.
Net Losses
Receivables delinquent more than 184 days are charged off in accordance with FFIEC guidelines. Balances that are associated with bankruptcy filings are charged off within 10 days of notification of bankruptcy.
Net charge-offs include recoveries. The net losses percentage shown 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 sum addition or lump sum removal during the due period, then the denominator is the weighted average principal receivables balance over the due period.
Delinquencies
Delinquencies include both principal and finance charge receivables. The delinquency percentage shown in the table is calculated by dividing total receivables that are 35 days and more past due or 95 days and more past due by principal and finance charge receivables as of the last full weekend in the month.
Principal Payment Rate
The principal payment rate percentage is calculated by taking principal received over the due period* and dividing it by the principal receivables balance as of the beginning of the due period. If there is a lump sum addition or lump sum removal during the due period, then the denominator is the weighted average principal receivables balance over the due period.
Monthly payment rates on the credit card receivables may vary because a cardholder may fail to make a required payment, may only make the minimum required payment or may pay the entire outstanding balance. 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.
* Due Period: 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. For example, the August 2007 due period began on July 27, 2007 and ended on August 28, 2007, a total of 33 days. By contrast, the September 2007 due period is only 28 days long. The annualization factor for the percentages noted in the tables is 365 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.
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