Exhibit 99.8
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: $ 2,586,368,062.66
Beginning of the Month Finance Charge Receivables: $ 122,607,153.01
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,708,975,215.67
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 174,177,556.64
Additional Finance Charge Receivables: $ 7,160,266.36
Additional Total Receivables: $ 181,337,823.00
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,705,997,179.62
End of the Month Finance Charge Receivables: $ 126,088,094.43
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,832,085,274.05
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 $ 405,997,179.62
End of the Month Transferor Percentage 15.00%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies:
RECEIVABLES
30-59 Days Delinquent $ 55,970,862.34
60-89 Days Delinquent $ 43,741,927.17
90+ Days Delinquent $ 94,369,854.97
Total 30+ Days Delinquent $ 194,082,644.48
Delinquent Percentage 6.85%
Defaulted Accounts During the Month $ 17,493,851.39
Annualized Default Percentage 8.12%
Principal Collections 361,809,270.20
Principal Payment Rate 13.99%
Total Payment Rate 15.03%
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 11.57%
PRINCIPAL ALLOCATION PERCENTAGE 11.57%
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 41,791,845.47
COLLECTIONS OF FINANCE CHARGE RECEIVABLES
DURING THE MONTHLY PERIOD
ALLOCATED TO SERIES 1996-C 5,247,543.30
MONTHLY SERVICING FEE $ 375,000.00
INVESTOR DEFAULT AMOUNT $ 2,023,233.89
CLASS A AVAILABLE FUNDS --
CLASS A FLOATING ALLOCATION PERCENTAGE 82.00%
Class A Finance Charge Collections $ 4,610,485.50
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 4,610,485.50
Class A Monthly Interest $ 1,385,415.63
Class A Servicing Fee $ 307,500.00
Class A Investor Default Amount $ 1,659,051.79
TOTAL CLASS A EXCESS SPREAD $ 1,258,518.08
CLASS A REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING ALLOCATION PERCENTAGE 8.50%
Class B Finance Charge Collections $ 477,916.20
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 477,916.20
Class B Monthly Interest $ 149,103.28
Class B Servicing Fee $ 31,875.00
TOTAL CLASS B EXCESS SPREAD $ 296,937.92
CLASS B INVESTOR DEFAULT AMOUNT 171,974.88
CLASS B REQUIRED AMOUNT 171,974.88
CLASS C FLOATING ALLOCATION PERCENTAGE 9.50%
CLASS C MONTHLY SERVICING FEE 35,625.00
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 2,053,972.60
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 $ 171,974.88
Excess Spread Applied to Reductions of $ 0.00
Class B Invested Amount
Excess Spread Applied to Class C Required Amount $ 373,873.94
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 $ 0.00
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 $ 1,445,623.78
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 11,166,258.96
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
YIELD AND BASE RATE --
Base Rate (Current Month) 8.24%
Base Rate (Prior Month) 8.12%
Base Rate (Two Months Ago) 8.03%
THREE MONTH AVERAGE BASE RATE 8.13%
Portfolio Yield (Current Month) 14.40%
Portfolio Yield (Prior Month) 12.33%
Portfolio Yield (Two Months Ago) 11.84%
THREE MONTH AVERAGE PORTFOLIO YIELD 12.86%
PRINCIPAL COLLECTIONS --
TOTAL PRINCIPAL COLLECTIONS $ 41,791,845.47
INVESTOR DEFAULT AMOUNT $ 2,023,233.89
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 $ 43,815,079.36
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 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 H. Klein
---------------------------------
Tracie H. Klein
First Vice President