08/99 Exhibit 99.8
Page 1
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: $ 2,930,005,220.60
Beginning of the Month Finance Charge Receivables: $ 126,388,522.60
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 3,056,393,743.20
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: $ 2,927,221,831.62
End of the Month Finance Charge Receivables: $ 123,281,208.34
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 3,050,503,039.96
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 $ 627,221,831.62
End of the Month Transferor Percentage 21.43%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies:
RECEIVABLES
30-59 Days Delinquent $ 68,868,987.28
60-89 Days Delinquent $ 50,212,847.69
90+ Days Delinquent $ 98,469,682.87
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Total 30+ Days Delinquent $ 217,551,517.84
Delinquent Percentage 7.13%
Defaulted Accounts During the Month $ 19,884,369.56
Annualized Default Percentage 8.14%
Principal Collections 465,776,441.07
Principal Payment Rate 15.90%
Total Payment Rate 16.80%
INVESTED AMOUNTS
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 10.24%
PRINCIPAL ALLOCATION PERCENTAGE 10.24%
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 47,690,384.00
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COLLECTIONS OF FINANCE CHARGE RECEIVABLES
DURING THE MONTHLY PERIOD
ALLOCATED TO SERIES 1996-C 4,885,568.15
MONTHLY SERVICING FEE $ 375,000.00
INVESTOR DEFAULT AMOUNT $ 2,035,940.71
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING ALLOCATION PERCENTAGE 82.00%
Class A Finance Charge Collections $ 4,313,665.91
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 4,313,665.91
Class A Monthly Interest $ 1,108,793.75
Class A Servicing Fee $ 307,500.00
Class A Investor Default Amount $ 1,669,471.38
TOTAL CLASS A EXCESS SPREAD $ 1,227,900.78
CLASS A REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING ALLOCATION PERCENTAGE 8.50%
Class B Finance Charge Collections $ 447,148.28
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 447,148.28
Class B Monthly Interest $ 119,929.69
Class B Servicing Fee $ 31,875.00
TOTAL CLASS B EXCESS SPREAD $ 295,343.59
CLASS B INVESTOR DEFAULT AMOUNT 173,054.96
CLASS B REQUIRED AMOUNT 173,054.96
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CLASS C FLOATING ALLOCATION PERCENTAGE 9.50%
CLASS C MONTHLY SERVICING FEE 35,625.00
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 1,987,373.33
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 $ 173,054.96
Excess Spread Applied to Reductions of $ 0.00
Class B Invested Amount
Excess Spread Applied to Class C Required Amount $ 341,109.68
Excess Spread Applied to Reductions of
Class C Invested Amount $ 0.00
Excess Spread Applied to Monthly Cash $ 62,500.00
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to Spread Account $ 1,410,708.69
Excess Spread Applied to Reserve Account $ 0.00
Excess Spread Applied to other amounts owed to $ 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)
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EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 5,809,171.11
SERIES 1996-C EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $ 0.00
SERIES 1996-C
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
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YIELD AND BASE RATE --
Base Rate (Current Month) 7.51%
Base Rate (Prior Month) 7.42%
Base Rate (Two Months Ago) 7.22%
THREE MONTH AVERAGE BASE RATE 7.38%
Portfolio Yield (Current Month) 12.90%
Portfolio Yield (Prior Month) 9.95%
Portfolio Yield (Two Months Ago) 13.92%
THREE MONTH AVERAGE PORTFOLIO YIELD 12.26%
PRINCIPAL COLLECTIONS --
TOTAL PRINCIPAL COLLECTIONS $ 47,690,384.00
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 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 $ 47,690,384.00
SHARING
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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 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, NA
as Servicer
By: /s/Tracie Klein
----------------------------
Tracie H. Klein
First Vice President