EXHIBIT 99.7
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1996-C
CC MASTER CREDIT CARD TRUST II
(Formerly Chevy Chase Master Credit Card Trust II)
RECEIVABLES
- -----------
Beginning of the Month Principal Receivables: $2,770,988,318.32
Beginning of the Month Finance Charge Receivables: $148,890,576.71
Beginning of the Month Discounted Receivables: $0.00
Beginning of the Month Total Receivables: $2,919,878,895.03
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: $2,713,239,181.93
End of the Month Finance Charge Receivables: $146,779,029.04
End of the Month Discounted Receivables: $0.00
End of the Month Total Receivables: $2,860,018,210.97
Special Funding Account Balance $0.00
Aggregate Invested Amount (all Master Trust II Series) $1,850,000,000.00
End of the Month Transferor Amount $863,239,181.93
End of the Month Transferor Percentage 31.82%
DELINQUENCIES AND LOSSES
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End of the Month Delinquencies:
30-59 Days Delinquent $64,856,478.76
60-89 Days Delinquent $52,293,062.01
90+ Days Delinquent $95,806,017.67
Total 30+ Days Delinquent $212,955,558.44
Delinquent Percentage 7.45%
Defaulted Accounts During the Month $18,329,963.19
Annualized Default Percentage 7.94%
Jan-2002 1996-C Page 2
Principal Collections $336,310,135.51
Principal Payment Rate 12.14%
Total Payment Rate 13.04%
INVESTED AMOUNTS
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Class A Initial Invested Amount $184,500,000.00
Class B Initial Invested Amount $19,125,000.00
Class C Initial Invested Amount $21,375,000.00
---------------
INITIAL INVESTED AMOUNT $225,000,000.00
Class A Invested Amount $246,000,000.00
Class B Invested Amount $25,500,000.00
Class C Invested Amount $28,500,000.00
---------------
INVESTED AMOUNT $300,000,000.00
Class A Adjusted Invested Amount $246,000,000.00
Class B Adjusted Invested Amount $25,500,000.00
Class C Adjusted Invested Amount $28,500,000.00
---------------
ADJUSTED INVESTED AMOUNT $300,000,000.00
PREFUNDED AMOUNT $0.00
FLOATING ALLOCATION PERCENTAGE 10.83%
PRINCIPAL ALLOCATION PERCENTAGE 10.83%
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-C $36,410,489.33
COLLECTIONS OF FINANCE CHARGE RECEIVABLES
DURING THE MONTHLY PERIOD ALLOCATED TO
SERIES 1996-C $4,810,826.49
MONTHLY SERVICING FEE $375,000.00
INVESTOR DEFAULT AMOUNT $1,984,486.51
Jan-2002 1996-C Page 3
CLASS A AVAILABLE FUNDS
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CLASS A FLOATING ALLOCATION PERCENTAGE 82.00%
Class A Finance Charge Collections $4,252,377.70
Other Amounts $0.00
TOTAL CLASS A AVAILABLE FUNDS $4,252,377.70
Class A Monthly Interest $415,193.33
Class A Servicing Fee $307,500.00
Class A Investor Default Amount $1,627,278.94
TOTAL CLASS A EXCESS SPREAD $1,902,405.43
CLASS A REQUIRED AMOUNT $0.00
CLASS B AVAILABLE FUNDS
- -----------------------
CLASS B FLOATING ALLOCATION PERCENTAGE 8.50%
Class B Finance Charge Collections $440,795.26
Other Amounts $0.00
TOTAL CLASS B AVAILABLE FUNDS $440,795.26
Class B Monthly Interest $48,198.54
Class B Servicing Fee $31,875.00
TOTAL CLASS B EXCESS SPREAD $360,721.72
CLASS B INVESTOR DEFAULT AMOUNT $168,681.35
CLASS B REQUIRED AMOUNT $168,681.35
CLASS C FLOATING ALLOCATION PERCENTAGE 9.50%
CLASS C MONTHLY SERVICING FEE $35,625.00
Jan-2002 1996-C Page 4
EXCESS SPREAD
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TOTAL EXCESS SPREAD $2,720,155.68
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 $168,681.35
Excess Spread Applied to Reductions of Class B
Invested Amount $0.00
Excess Spread Applied to Class C Required Amount $256,506.64
Excess Spread Applied to Reductions of Class C
Invested Amount $0.00
Excess Spread Applied to Monthly Cash Collateral Fee $62,500.00
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 $2,232,467.69
Jan-2002 1996-C Page 5
EXCESS FINANCE CHARGE COLLECTIONS -- GROUP I
- --------------------------------------------
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL SERIES
IN GROUP I $13,859,546.57
SERIES 1996-C EXCESS FINANCE CHARGE COLLECTIONS
- -----------------------------------------------
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO
SERIES 1996-C $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) 4.06%
Base Rate (Prior Month) 4.13%
Base Rate (Two Months Ago) 4.32%
----
THREE MONTH AVERAGE BASE RATE 4.17%
Portfolio Yield (Current Month) 12.81%
Portfolio Yield (Prior Month) 11.99%
Portfolio Yield (Two Months Ago) 12.87%
-----
THREE MONTH AVERAGE PORTFOLIO YIELD 12.55%
Jan-2002 1996-C Page 6
PRINCIPAL COLLECTIONS
- ---------------------
TOTAL PRINCIPAL COLLECTIONS $36,410,489.33
INVESTOR DEFAULT AMOUNT $1,984,486.51
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 $38,394,975.84
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 REDUCTIONS REIMBURSED $0.00
PREVIOUS CLASS C REDUCTIONS REIMBURSED $0.00
CASH COLLATERAL ACCOUNT
Required Cash Collateral Amount $9,000,000.00
Available Cash Collateral Amount $9,000,000.00
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