Exhibit 99

SUBJECT TO REVISION
SERIES TERM SHEET DATED September 25, 2002

DILLARD CREDIT CARD MASTER TRUST I, SERIES 2002-2
$200,000,000 % Class A Certificates

DILLARD CREDIT CARD
MASTER TRUST I
Issuer

DILLARD ASSET FUNDING COMPANY
Transferor

DILLARD NATIONAL BANK
Servicer

The certificates represent interests in the Dillard Credit Card
Master Trust I. The certificates are not obligations of Dillard Asset Funding
Company, Dillard National Bank or any of its affiliates, and neither the
certificates nor the underlying credit card receivables are insured or
guaranteed by any governmental agency.

This series term sheet contains structural and collateral information
about the certificates; however, this series term sheet does not contain
complete information about the certificates. The information in this series
term sheet is preliminary and will be superseded by the information contained
in the prospectus supplement and the prospectus. You should read both the
prospectus supplement and the prospectus. The trust and the Dillard's credit
card portfolio may not perform in the future as they have performed in the
past. Price and availability of the certificates may change without notice.

We have prepared this series term sheet solely for informational
purposes. This series term sheet is not an offer to buy or sell any security,
nor is it a request to participate in any particular trading strategy. We may
not offer or sell the certificates in any state where the offer or sale is
prohibited. We will not sell you any of the certificates unless you have
received both the prospectus supplement and the prospectus. The underwriters
may hold or trade securities of the trust and may also perform investment
banking services for us.

MORGAN STANLEY FLEET SECURITIES, INC.

This series term sheet may not be distributed to Private Customers
as defined by the U.K. Securities and Futures Authority.

This series term sheet will be superseded in its entirety by the
information appearing in the prospectus supplement, the prospectus and the
Series 2002-2 Supplement to the Pooling and Servicing Agreement.

Title of Securities.......... Dillard Credit Card Master Trust I, Class A
Fixed Rate Asset Backed Certificates, Series
2002-2, Dillard Credit Card Master Trust I,
Class B Asset Backed Certificates, Series
2002-2* and Dillard Credit Card Master Trust I,
Class C Asset Backed Certificates, Series
2002-2*. Initially, the Class B and Class C
Certificates will be held by an affiliate or
subsidiary of Dillard's.

Interest Rate................ Class A Certificates: % per year.

The trustee will calculate interest on the
certificates on the basis of a 360-day year
consisting of twelve 30-day months.

Interest Payment Dates....... The 15th day of each month, or the next
business day, beginning in December 2002.

Expected Maturity Dates...... Class A Certificates: September 15, 2006, or
the next business day. If Pay Out Event occurs,
the trust will pay principal monthly and the
final principal payment may be made before or
after September 15, 2006. The trust must
generally pay all Class A principal before it
pays any Class B principal or Class C
principal.

A "Pay Out Event" is an event that will cause
the trust to begin repaying principal on a
monthly basis.

Series Termination Date...... The first business day following September 15,
2010, or if September 15, 2010 is not a
business day, the second business day following
September 15, 2010. The Series Termination Date
is the last day on which the trust will pay
principal on the certificates.

- ----------------------
* Not offered hereby.

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Subordination of Class B The Class B Certificates and Class C
Certificates and Class C Certificates are subordinated to the Class A
Certificates and Partial Certificates and the Class C Certificates are
Subordination of the subordinated to the Class B Certificates. In
Transferor Interest (Class A addition, the interest in the trust not
Credit Enhancement).......... represented by investor certificates (the
"Transferor Interest") will be subordinated in
an amount equal to $5,031,447 or 2.0% of the
Class A interest, the Class B interest and the
Class C interest (the "Aggregate Investor
Interest").

Class B Interest and Class C The Class B interest will be $16,352,000 or
Interest..................... 6.5% of the total of the Aggregate Investor
Interest. The Class C interest will be
$35,220,327 or 14.0% of the Aggregate Investor
Interest.

The Receivables.............. The receivables in the Accounts included in the
trust as of June 30, 2002 totaled
$1,292,271,000 which comprise 99.9% of the
Dillard's credit card portfolio. We cannot
assure you, however, as to when or whether
Dillard National Bank will add receivables, or
as to how many receivables it may add.

Group I ..................... The certificates will be included in Group I.
Series 2002-2 is and other series issued in the
future may be included in Group I. Group I is
currently the only group in the trust.

Rating of the Investor The trust will only issue the certificates if
Certificates................. Standard & Poor's has rated the Class A
Certificates "AAA" and Moody's Investors
Service, Inc. has rated the Class A
Certificates "Aaa".

ERISA Considerations......... Generally, no purchaser or subsequent
transferee of a Class A certificate will be
permitted to acquire or hold the Class A
certificate with the assets of any (i) employee
benefit plan that is subject to Title I of the
Employee Retirement Income Security Act of
1974, as amended ("ERISA"), (ii) plan, account
or other arrangement that is subject to Section
4975 of the Internal Revenue Code of 1986, as
amended (the "Code") or provisions under any
federal, state, local, non-U.S. or other laws
or regulations that are similar to such
provisions of ERISA or the Code, or (iii)
entity whose underlying assets are considered
to include "plan assets" of such plans,
accounts and arrangements.

Listing...................... Dillard National Bank expects to list the
certificates on the Luxembourg Stock Exchange
to facilitate trading in non-U.S. markets.

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COMPOSITION OF THE ACCOUNTS

We have set forth information below about the Accounts that are part
of the trust. We provide additional information about all accounts in the
Dillard's Credit Card portfolio under "Dillard's Credit Card Portfolio."

Geographic Distribution. As of June 30, 2002, the following four
states had the largest receivables balances:

Percentage of Total
Receivables
State Balance in the Accounts
----- -------------------------------

Texas.......................... 27.8%
Florida........................ 10.4
Louisiana...................... 6.8
Ohio........................... 5.3

No other state accounted for more than 5% of the total receivables
balance of Accounts in the Trust.

Credit Limit Information. As of June 30, 2002, the Accounts had the
following credit limits:

Receivables Percentage of
Outstanding Total Receivables
Credit Limit (000's) Outstanding
------------ --------------- -----------------

$0.00....................................... $ 145,106 11.2%
$0.01 to $1,000.00.......................... 103,522 8.0
$1,000.01 to $3,000.01...................... 267,818 20.7
$3,000.01 to $5,000.00...................... 684,628 53.0
$5,000.01 to $10,000.00..................... 90,578 7.0
Over $10,000.00............................. 619 0.1
----------- -----
Total..................................... $ 1,292,271 100.0%
============ =====

Some delinquent accounts have a $0 credit limit because the
underlying account is either four payments past due or has been charged-off.

Seasoning. As of June 30, 2002, 83.9% of the Accounts were at least
24 months old. The ages of Accounts as of June 30, 2002 were distributed as
follows:

Percentage Percentage
Age of Accounts of Accounts of Balances
--------------- --------------- -----------------

Not More than 6 Months...................... 4.8% 4.6%
Over 6 Months to 18 Months.................. 9.8 10.5
Over 18 Months to 30 Months................. 7.2 6.3
Over 30 Months to 42 Months................. 7.6 6.1
Over 42 Months to 54 Months................. 10.7 7.0
Over 54 Months to 66 Months................. 6.7 7.0
Over 66 Months to 78 Months................. 5.2 5.7
Over 78 Months to 90 Months................. 3.8 4.7
Over 90 Months to 102 Months................ 2.8 3.6
Over 102 Months............................. 41.4 44.5
----- -----
Total...................................... 100.0% 100.0%
===== =====

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Summary Current Delinquency Information. As of June 30, 2002, the
Accounts had the following delinquency statuses:

Aggregate
Balances Percentage
Payment Status (000's) of Balances
- -------------- --------------- -----------------

Current to 29 days delinquent................ $ 1,189,297 92.1%
30 to 59 days delinquent..................... 54,522 4.2
60 to 89 days delinquent..................... 16,113 1.2
90 days or more delinquent................... 32,339 2.5
------------ -----
Total...................................... $ 1,292,271 100.0%
============ =====

COMPOSITION AND HISTORICAL PERFORMANCE OF THE
DILLARD'S CREDIT CARD PORTFOLIO

Summary Yield Information. In the table below, finance charges and fees billed
include periodic and minimum finance charges, annual membership fees, late
charges and fees for returned checks. Finance charges and fees billed are
presented net of adjustments made pursuant to Dillard National Bank's normal
servicing procedures, including removal of incorrect or disputed finance
charges and reversal of finance charges accrued on charged-off accounts.
Average receivables outstanding means the average of the daily receivable
balance during the period indicated. Yield from finance charges and fees
billed are calculated as a percentage of average receivables outstanding. The
percentage reflected for the six months ended June 30, 2002 is an annualized
figure. The yield from finance charges and fees billed are summarized as
follows:

Six Months Year Ended December 31,
Ended -------------------------------------------------
June 30, 2002 2001 2000 1999
--------------- --------------- --------------- ---------------
(dollars in thousands)

Finance Charges and Fees Billed...... $ 137,890 $ 258,412 $ 260,701 $ 276,023
Average Receivables
Outstanding...................... 1,332,364 1,247,038 1,293,715 1,387,501
Yield from Finance Charges and
Fees Billed..................... 20.7% 20.7% 20.2% 19.9%

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Summary Historical Delinquency Information. The accounts in the
Dillard's Credit Card portfolio had the following historical delinquency
rates:

As of
June 30, 2002 As of December 31,
-------------------------- --------------------------------------------------------------------------------
2001 2000 1999
-------------------------- --------------------------- -----------------------
Delinquent Percentage Delinquent Percentage Delinquent Percentage Delinquent Percentage
Number of Days Amount of Total Amount of Total Amount of Total Amount of Total
Delinquent (000's) Receivables (000's) Receivables (000's) Receivables (000's) Receivables
- ---------------------- ----------- ------------- ----------- ------------- ------------ ------------- ----------- -----------

30-59 days delinquent. $ 54,522 4.2% $ 47,590 3.5% $ 43,902 3.4% $ 42,162 3.0%
60-89 days delinquent. 16,113 1.2 14,350 1.1 14,854 1.1 15,048 1.1
90 days or more
delinquent.......... 32,339 2.5 29,960 2.2 29,458 2.3 31,898 2.3
--------- --- --------- --- --------- --- --------- ---
Total............... $ 102,974 7.9% $ 91,900 6.8% $ 88,214 6.8% $ 89,108 6.4%
========= === ========= === ========= === ========= ===

In the table above, "number of days delinquent" means the number of
days after the first billing date following the original billing date. For
example, 30 days delinquent means that no payment was received within 60 days
after the original billing date. In addition, delinquencies are calculated as
a percentage of outstanding receivables as of the end of the month.

Summary Charge-Off Information. The accounts in the Dillard's Credit
Card portfolio have had the following historical charge-offs:

Average Receivables Outstanding...... $ 1,332,364 $ 1,247,038 $ 1,293,715 $ 1,387,501
Gross Charge-Offs.................... 47,402 88,281 88,465 99,771
Recoveries........................... 10,982 21,256 20,872 20,465
Net Charge-Offs...................... 36,420 67,025 67,593 79,306
Net Charge-Offs as Percentage of
Average Receivables Outstanding.... 5.5% 5.4% 5.2% 5.7%

Average receivables outstanding is the average of the daily
receivable balance during the periods indicated.

Summary Payment Rate Information. In the table below, monthly
averages shown are expressed as an arithmetic average of the payment rate for
each month during the period indicated and each month's payment rate
representing total payments collected during the given month is expressed as a
percentage of total outstanding receivables at the beginning of the month. The
accounts in the Dillard's Credit Card portfolio have had the following
historical monthly payment rates:

Six Months Year Ended December 31,
Ended -------------------------------------------------
June 30, 2002 2001 2000 1999
--------------- --------------- --------------- ---------------

Highest Monthly Payment Rate......... 20.6% 22.5% 21.5% 21.4%
Lowest Monthly Payment Rate.......... 13.8 14.7 16.3 16.5
Average Monthly Payment Rate......... 17.0 18.1 18.3 18.1

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RECENT DEVELOPMENTS

Gross charge-offs increased from $8,021,122 in June 2002 to
$9,277,888 in August 2002 due to the seasonal nature of the credit card
business. Receivable balances generally increase in November and December
during the Christmas shopping season which result in higher gross charge-offs
in the summer months because of Dillard's policy of charging off an account
that is seven payments (210 days from the initial billing date) delinquent.
Net charge-offs as a percentage of average receivables outstanding increased
from 5.5% for the six months ended June 30, 2002 to 5.9% for the eight months
ended August 31, 2002. This increase was due to higher gross charge-offs and a
lower average receivables outstanding balance that normally occurs during the
summer months.

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