RECEIVABLES PURCHASE AGREEMENT

   This Receivables Purchase Agreement is executed by and between 
Nordstrom, Inc., a Washington corporation ("Nordstrom") and Nordstrom 
Credit, Inc., a Colorado corporation and a wholly owned subsidiary of 
Nordstrom ("Credit").

   WHEREAS Credit is the owner and holder of certain amounts owing, from 
time to time, by a person or persons, including any guarantor thereof, 
under certain VISA accounts (I) owned by Nordstrom National Credit Bank 
as of July 31, 1996, other than VISA accounts which are 30 days or more 
delinquent on a contractual basis as of July 31, 1996, or (ii) 
originated y Nordstrom National Credit Bank during the period from the 
close of business on July 31, 1996 to the close of business on August 
14, 1996, including in each case without limitation, amounts owing for 
the purchase of merchandise and services, periodic finance charges, cash 
advances and cash advance fees, access checks, annual cardholder fees, 
credit insurance premiums, late fees, overlimit fees, return check fees 
and all other fees and charges, and all monies due or to become due with 
respect to any of the foregoing and all proceeds (including "proceeds" 
as defined in the Uniform Commercial Code (the "UCC") of the State of 
Colorado) thereof, the aggregate amount of which as of July 31, 1996 was 
$208,462,983 (the "Receivables"); and 

   WHEREAS Nordstrom desire to purchase from Credit, and Credit desires 
to sell to Nordstrom, the Receivables;

   NOW, THEREFORE, the parties hereto hereby agree as follows:

   1.   Credit hereby sells, transfers, assigns and conveys to Nordstrom 
all of Credit's right, title and interest in and to the Receivables, and 
Nordstrom hereby purchases all of such right, title and interest in and 
to the Receivables for a purchase price of $208,462,983; and

   2.   Credit agrees to do and perform, from time to time, any and all 
acts and to execute any and all further instruments required or 
reasonably requested by Nordstrom more fully to effect the purposes of 
this Agreement, including, without limitation, a financing statement 
relating to the transfer of the Receivables pursuant to this Agreement 
under the provisions of the UCC of the State of Colorado and any other 
applicable state and any financing statements or continuation statements 
relating to the Receivables requested by Nordstrom for filing under the 
provisions of the UCC of the State of Colorado or any other applicable 
state.

   This Agreement shall be construed in accordance with the laws of the 
State of Colorado, without reference to its conflict of law provisions, 
and the obligations, rights and remedies of the parties hereunder shall 
be determined in accordance with such laws.





DATED this 14th day of August, 1996.

NORDSTROM, INC.,
a Washington corporation



By /s/ John A. Goesling
   ------------------------------
   John A. Goesling, Executive
   Vice President

NORDSTROM CREDIT, INC.
a Colorado corporation


By /s/ John A. Goesling
   ------------------------------
   John A. Goesling, Executive
   Vice President