3/98 Page 1
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1996-A
CHEVY CHASE MASTER CREDIT CARD TRUST II
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,025,676,913.10
Beginning of the Month Finance Charge Receivables: $ 76,786,914.89
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,102,463,827.99
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 0.00
Additional Finance Charge Receivables: $ 0.00
Additional Total Receivables: $ 0.00
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 1,976,537,252.73
End of the Month Finance Charge Receivables: $ 71,531,661.77
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,048,068,914.50
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust Series) $ 1,820,000,000.00
End of the Month Transferor Amount $ 156,537,252.73
End of the Month Transferor Percentage 7.92%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies: RECEIVABLES
30-59 Days Delinquent $ 43,751,632.31
60-89 Days Delinquent $ 30,066,055.23
90+ Days Delinquent $ 59,536,923.40
Total 30+ Days Delinquent $ 133,354,610.94
Delinquent Percentage 6.51%
Defaulted Accounts During the Month $ 17,855,175.01
Annualized Default Percentage 10.58%
Principal Collections 223,808,127.55
Principal Payment Rate 11.05%
Total Payment Rate 12.45%
3/98 Page 2
INVESTED AMOUNTS
Class A Initial Invested Amount $ 369,000,000.00
Class B Initial Invested Amount $ 38,250,000.00
Class C Initial Invested Amount $ 42,750,000.00
INITIAL INVESTED AMOUNT $ 450,000,000.00
Class A Invested Amount $ 369,000,000.00
Class B Invested Amount $ 38,250,000.00
Class C Invested Amount $ 42,750,000.00
INVESTED AMOUNT $ 450,000,000.00
FLOATING ALLOCATION PERCENTAGE 22.21%
PRINCIPAL ALLOCATION PERCENTAGE 22.21%
MONTHLY SERVICING FEE $ 750,000.00
INVESTOR DEFAULT AMOUNT $ 3,965,634.37
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING PERCENTAGE 82.00%
Class A Finance Charge Collections $ 7,363,484.63
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 7,363,484.63
Class A Monthly Interest $ 1,795,031.25
Class A Servicing Fee $ 615,000.00
Class A Investor Default Amount $ 3,251,820.18
TOTAL CLASS A EXCESS SPREAD $ 1,701,633.20
REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING PERCENTAGE 8.50%
Class B Finance Charge Collections $ 763,288.03
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 763,288.03
Class B Monthly Interest $ 193,242.19
Class B Servicing Fee $ 63,750.00
TOTAL CLASS B EXCESS SPREAD $ 506,295.84
CLASS B INVESTOR DEFAULT AMOUNT 337,078.92
CLASS B REQUIRED AMOUNT 337,078.92
3/98 Page 3
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 2,989,765.67
Excess Spread Applied to Class A Required Amount $ 0.00
Excess Spread Applied to Class A Investor
Charge Offs $ 0.00
Excess Spread Applied to Class B
Required Amount $ 337,078.92
Excess Spread Applied to Reductions of $ 0.00
Class B Invested Amount
Excess Spread Applied to Class C Required Amount $ 614,977.46
Excess Spread Applied to Reductions of
Class C Invested Amount $ 0.00
Excess Spread Applied to Monthly Cash $ 93,750.00
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to Spread Account $ 1,943,959.29
Excess Spread Applied to Reserve Account $ 0.00
Excess Spread Applied to other amounts owed $ 0.00
Cash Collateral Depositor
Excess Spread Applied to other amounts owed to
Spread Account Residual Interest Holders $ 0.00
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR
GROUP I $ 0.00
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 4,509,323.49
SERIES 1996-A EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $ 0.00
SERIES 1996-A
Excess Finance Charge Collections Applied to
Class A Required Amount $ 0.00
3/98 Page 4
Excess Finance Charge Collections Applied to
Class A Investor Charge Offs $ 0.00
Excess Finance Charge Collections Applied to
Class B Required Amount $ 0.00
Excess Finance Charge Collections Applied to
Reductions of Class B Invested Amount $ 0.00
Excess Finance Charge Collections Applied to
Class C Required Amount $ 0.00
Excess Finance Charge Collections Applied to
Reductions of Class C Invested Amount $ 0.00
Excess Finance Charge Collections Applied to
Monthly Cash Collateral Fee $ 0.00
Excess Finance Charge Collections Applied to
other amounts owed Cash Collateral Depositor $ 0.00
Excess Finance Charge Collections Applied to
other amounts owed to Spread Account Residual Interest
Holders $ 0.00
YIELD AND BASE RATE --
Base Rate (Current Month) 7.94%
Base Rate (Prior Month) 7.87%
Base Rate (Two Months Ago) 7.84%
THREE MONTH AVERAGE BASE RATE 7.88%
Portfolio Yield (Current Month) 13.37%
Portfolio Yield (Prior Month) 11.06%
Portfolio Yield (Two Months Ago) 12.37%
THREE MONTH AVERAGE PORTFOLIO YIELD 12.27%
3/98 Page 5
PRINCIPAL COLLECTIONS --
TOTAL PRINCIPAL COLLECTIONS $ 49,707,785.13
REALLOCATED PRINCIPAL COLLECTIONS
Allocable to Class C Interests $ 0.00
Allocable to Class B Certificates $ 0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $ 0.00
SERIES
CLASS A SCHEDULED AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
CLASS B SCHEDULED AMORTIZATION --
Controlled Accumulation Amount $ 0.00
Deficit Controlled Accumulation Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL $ 49,707,785.13
SHARING
INVESTOR CHARGE OFFS --
CLASS A INVESTOR CHARGE OFFS $ 0.00
CLASS B INVESTOR CHARGE OFFS $ 0.00
CLASS C INVESTOR CHARGE OFFS $ 0.00
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS B CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS C CHARGE OFFS REIMBURSED $ 0.00
CASH COLLATERAL ACCOUNT --
Required Cash Collateral Amount $ 13,500,000.00
Available Cash Collateral Amount $ 13,500,000.00
3/98 Page 6
TOTAL DRAW AMOUNT $ 0.00
CASH COLLATERAL ACCOUNT SURPLUS $ 0.00
CHEVY CHASE BANK, F.S.B.,
as Servicer
By: ________________________
Mark A. Holles
Vice President