EXHIBIT 99.7
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1996-A
CC MASTER CREDIT CARD TRUST II
(Formerly Chevy Chase Master Credit Card Trust II)
RECEIVABLES
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Beginning of the Month Principal Receivables: $3,208,790,692.40
Beginning of the Month Finance Charge Receivables: $ 163,530,104.34
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $3,372,320,796.74
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: $3,147,935,537.87
End of the Month Finance Charge Receivables: $ 159,056,585.18
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $3,306,992,123.05
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust II Series) $2,300,000,000.00
End of the Month Transferor Amount $ 847,935,537.87
End of the Month Transferor Percentage 26.94%
DELINQUENCIES AND LOSSES
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End of the Month Delinquencies:
30-59 Days Delinquent $ 71,394,092.52
60-89 Days Delinquent $ 51,307,483.88
90+ Days Delinquent $ 102,818,374.25
Total 30+ Days Delinquent $ 225,519,950.65
Delinquent Percentage 6.82%
Defaulted Accounts During the Month $ 25,049,801.51
Annualized Default Percentage 9.37%
May-2001 1996-A Page 2
Principal Collections $411,386,451.79
Principal Payment Rate 12.82%
Total Payment Rate 13.70%
INVESTED AMOUNTS
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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
Class A Adjusted Invested Amount $369,000,000.00
Class B Adjusted Invested Amount $ 38,250,000.00
Class C Adjusted Invested Amount $ 42,750,000.00
---------------
ADJUSTED INVESTED AMOUNT $450,000,000.00
PREFUNDED AMOUNT $ 0.00
FLOATING ALLOCATION PERCENTAGE 14.02%
PRINCIPAL ALLOCATION PERCENTAGE 14.02%
Class A Principal Allocation Percentage 82.00%
Class B Principal Allocation Percentage 8.50%
Class C Principal Allocation Percentage 9.50%
COLLECTIONS OF PRINCIPAL RECEIVABLES
DURING THE MONTHLY PERIOD ALLOCATED
TO SERIES 1996-A $ 57,692,732.54
COLLECTIONS OF FINANCE CHARGE RECEIVABLES
DURING THE MONTHLY PERIOD ALLOCATED TO
SERIES 1996-A $ 7,100,662.63
MONTHLY SERVICING FEE $ 562,500.00
INVESTOR DEFAULT AMOUNT $ 3,512,977.87
May-2001 1996-A Page 3
CLASS A AVAILABLE FUNDS
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CLASS A FLOATING ALLOCATION PERCENTAGE 82.00%
Class A Finance Charge Collections $6,283,793.38
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $6,283,793.38
Class A Monthly Interest $1,357,586.88
Class A Servicing Fee $ 461,250.00
Class A Investor Default Amount $2,880,641.85
TOTAL CLASS A EXCESS SPREAD $1,584,314.65
REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
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CLASS B FLOATING ALLOCATION PERCENTAGE 8.50%
Class B Finance Charge Collections $ 651,368.81
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 651,368.81
Class B Monthly Interest $ 148,136.41
Class B Servicing Fee $ 47,812.50
TOTAL CLASS B EXCESS SPREAD $ 455,419.90
CLASS B INVESTOR DEFAULT AMOUNT $ 298,603.12
CLASS B REQUIRED AMOUNT $ 298,603.12
CLASS C FLOATING ALLOCATION PERCENTAGE 9.50%
May-2001 1996-A Page 4
EXCESS SPREAD
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TOTAL EXCESS SPREAD $2,714,297.49
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 $ 298,603.12
Excess Spread Applied to Reductions of Class B
Invested Amount $ 0.00
Excess Spread Applied to Class C Required Amount $ 522,304.93
Excess Spread Applied to Reductions of Class C
Invested Amount $ 0.00
Excess Spread Applied to Monthly Cash Collateral Fee $ 93,750.00
Excess Spread Applied to Cash Collateral Account $ 0.00
Excess Spread Applied to Spread Account $ 0.00
Excess Spread Applied to Reserve Account $ 0.00
Excess Spread Applied to other amounts owed to
Cash Collateral Depositor $ 0.00
Excess Spread Applied to other amounts owed to
Spread Account Residual Interest Holders $ 0.00
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR
GROUP I $1,799,639.44
May-2001 1996-A Page 5
EXCESS FINANCE CHARGE COLLECTIONS -- GROUP I
- --------------------------------------------
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL SERIES
IN GROUP I $8,695,919.94
SERIES 1996-A EXCESS FINANCE CHARGE COLLECTIONS
- -----------------------------------------------
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO
SERIES 1996-A $ 0.00
Excess Finance Charge Collections applied to
Class A Required Amount $ 0.00
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
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Base Rate (Current Month) 6.37%
Base Rate (Prior Month) 7.27%
Base Rate (Two Months Ago) 7.41%
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THREE MONTH AVERAGE BASE RATE 7.02%
Portfolio Yield (Current Month) 11.07%
Portfolio Yield (Prior Month) 11.84%
Portfolio Yield (Two Months Ago) 13.09%
------
THREE MONTH AVERAGE PORTFOLIO YIELD 12.00%
May-2001 1996-A Page 6
PRINCIPAL COLLECTIONS
- ---------------------
TOTAL PRINCIPAL COLLECTIONS $57,692,732.54
INVESTOR DEFAULT AMOUNT $ 3,512,977.87
REALLOCATED PRINCIPAL COLLECTIONS
Allocable to Class C Interests $ 0.00
Allocable to Class B Certficates $ 0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE
FROM OTHER SERIES $ 0.00
CLASS A SCHEDULED ACCUMULATION --
Controlled Accumulation Amount $ 0.00
Deficit Controlled Accumulation Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
CLASS B SCHEDULED ACCUMULATION --
Controlled Accumulation Amount $ 0.00
Deficit Controlled Accumulation Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR
PRINCIPAL SHARING $61,205,710.41
INVESTOR CHARGE OFFS
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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
TOTAL DRAW AMOUNT $ 0.00
CASH COLLATERAL ACCOUNT SURPLUS $ 0.00
First USA Bank, National Association
as Servicer
By: /s/ TRACIE KLEIN
--------------------------------
Tracie H. Klein
First Vice President