Exhibit 20.2
Partners First Credit Card Master Trust
Monthly Trust Activity
A. Trust Level Activity
Number of Days in Monthly Period 30
Beginning Principal Receivables Balance 1,418,844,917.48
Beginning Special Funding Account Balance 0.00
Beginning Principal Receivables + SFA Balance 1,418,844,917.48
Beginning Finance Charge Receivables 40,752,924.65
Beginning Total Receivables 1,459,597,842.13
Special Funding Account Earnings 0.00
Finance Charge Collections 17,144,947.28
Interest/Fee Reversals (Wachovia accounts only) 0.00
Interchange Collections 3,481,232.63
Collection Account Investment Proceeds 0.00
Recoveries treated as Finance Charge Collections 0.00
Total Finance Charge Receivables Collections 20,626,179.91
Principal Receivables Collections 111,543,779.51
Recoveries treated as Principal Collections 859,559.49
Total Principal Receivables Collections 112,403,339.00
Monthly Payment Rate (Principal plus Interest divided by Beg. Total Receivables) 8.82%
Defaulted Amount (Net of Recoveries) 10,450,353.99
Annualized Default Rate 8.84%
Trust Gross Yield 17.44%
Aggregate Account Addition or Removal (Y/N)? N
Date of Addition/Removal N/A
Principal Receivables at the end of the day of Addition/Removal N/A
SFA Balance at the end of the day of Addition/Removal N/A
Principal Receivables + SFA Balance at the end of the day of Addition/Removal N/A
Ending Principal Receivables Balance 1,406,943,421.65
Ending Special Funding Account (SFA) Balance 0.00
Ending Principal Receivables + SFA Balance 1,406,943,421.65
Ending Finance Charge Receivables 41,436,313.95
Ending Total Receivables 1,448,379,735.60
Required Minimum Principal Balance (as of month end) 750,000,000.00
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Partners First Credit Card Master Trust
Monthly Trust Activity
B. Series Allocations
Total 1998-3
Group 1
Class A Initial Invested Amount 528,000,000.00 528,000,000.00
Class B Initial Invested Amount 113,000,000.00 113,000,000.00
Collateral Initial Invested Amount 67,000,000.00 67,000,000.00
Class D Initial Invested Amount 42,000,000.00 42,000,000.00
Total Initial Invested Amount 750,000,000.00 750,000,000.00
Required Transferor Amount (per definition) 52,500,000.00 52,500,000.00
Initial Invested Amount + Req Transf Amount 802,500,000.00 802,500,000.00
Series Allocation Percentage 100.00% 100.00%
Series Allocable Finance Charge Collections 20,626,179.91 20,626,179.91
Series Allocable Principal Collections 112,403,339.00 112,403,339.00
Series Allocable Defaulted Amounts 10,450,353.99 10,450,353.99
Series Allocable Servicing Fee 1,250,000.00 1,250,000.00
In Revolving Period? N
Available for Principal Sharing Series 11,523,672.21 11,523,672.21
Principal Shortfall 0.00 0.00
Allocation of Shared Principal Collections 0.00 0.00
Available for Excess Allocation Series 2,989,428.03 2,989,428.03
Finance Charge Shortfall 0.00 0.00
Allocation of Excess Finance Charge Collections 0.00 0.00
B. Series Allocations
Amounts Due 1998-3
Transferor's Percentage 47.14%
Principal Allocation Percentage 52.86%
Principal Collections 59,416,292.23
Floating Allocation Percentage 52.86%
Class A Certificate Rate 1.97000%
Class B Certificate Rate 2.20000%
CIA Certificate Rate 2.81500%
CIA Secured Loan Spread Rate 2.56500%
Class D Certificate Rate 0.00000%
Class A Interest 809,013.33
Class B Interest 193,355.56
Collateral Monthly Interest 146,692.78
Class D Interest 0.00
Investor Monthly Interest 1,149,061.67
Investor Default Amount (Net of Recoveries) 5,524,046.64
Interchange Collections 1,840,176.07
0.75% of Interchange 468,750.00
Servicer Interchange 468,750.00
Monthly Servicing Fee (Before Adjustments) 1,250,000.00
Interchange Adjustment 0.00
SFA Adjustment 0.00
Previous Period Adjustment 0.00
Total Monthly Servicing Fee (After all adjustments) 1,250,000.00
C. Calculation of Redirected Investor Finance Charge Collections ("Socialism")
Group I 1998-3
Beginning Invested Amount (Month) 750,000,000.00 750,000,000.00
Finance Charge Collections 10,902,978.01 10,902,978.01
Reserve Account Interest 4,243.00 4,243.00
PFA Proceeds 0.00 0.00
Total Finance Charge Collections 10,907,221.01 10,907,221.01
Investor Monthly Interest 1,149,061.67 1,149,061.67
Investor Default Amount 5,524,046.64 5,524,046.64
Monthly Servicing Fee 1,250,000.00 1,250,000.00
Additional Amounts 0.00 0.00
Total Amount Due 7,923,108.31 7,923,108.31
Group Excess? Y
Amount per 4.10(A) 1,149,061.67
Amount per 4.10(B) used in a 5,524,046.64
Amount per 4.10(C) shortfall scenario only 1,250,000.00
Amount per 4.10(D) 0.00
Redirected Finance Charge Collections 10,907,221.01 10,907,221.01
Amount of funds redistributed per 4.10 0.00
Redirected Finance Charge Collections - PFA Proceeds (Class A available funds) 10,907,221.01
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Partners First Credit Card Master Trust
Monthly Trust Activity
D. Trust Performance
30-59 Days Delinquent 23,387,680.59 1.66%
60-89 Days Delinquent 16,267,035.34 1.16%
90+ Days Delinquent 31,741,970.39 2.26%
Total 30+ Days Delinquent 71,396,686.32 5.08%
First USA Bank, N.A.
as Servicer
by: /s/ Michael J. Grubb
------------------------
Name: Michael J. Grubb
Title: First Vice President
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