UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 15, 2005
CHASE CREDIT CARD OWNER TRUST, SERIES 2002-5
(Issuer of Securities)
CHASE BANK USA, NATIONAL ASSOCIATION
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(Exact name of registrant as specified in its charter)
United States 333-84400 22-2382028
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(State or other (Commission (IRS Employer
jurisdiction File Number) Identification No.)
of incorporation)
White Clay Center, Building 200, Newark, DE 19711
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 575-5000
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Section 8 - Other Events
Item 8.01 Other Events.
Chase Bank USA, National Association (f/k/a Chase Manhattan Bank USA, National
Association) is the registrant of the Chase Credit Card Owner Trust, Series
2002-5 ("Series 2002-5"), which issued multiple classes of Asset Backed Notes.
On or about March 15, 2005, JPMorgan Chase Bank, as Paying Agent, made the
distributions to holders of its Notes of Series 2002-5 contemplated by the
related indenture.
A copy of the Monthly Noteholders Statement with respect to such distribution,
delivered pursuant to Section 7.3 of the related indenture, is being filed as an
exhibit to this Current Report on Form 8-K.
The Office of the Comptroller of the Currency ("OCC") has recently provided new
interpretive guidance to Chase USA and other OCC regulated banks that will
result in an increase in the minimum payments due on a portion of the accounts
in Chase USA's servicing portfolio when fully implemented by Chase USA. The OCC
guidance is intended to be responsive to concerns raised by the Federal
Financial Institutions Examination Council that minimum payment requirements
currently used by credit card lenders increase credit risk and mask portfolio
quality and that credit card lenders ought to require minimum payments that
amortize outstanding account balances over a reasonable period of time.
Chase USA expects to implement the increased minimum payment requirement in
stages commencing in the third quarter of 2005 with full implementation expected
by the end of the first quarter of 2006. Chase USA expects that such change in
the minimum payment requirement is likely to result in an increase in
delinquencies and charge-offs in the accounts in each of the First USA Master
Trust, the Chase Master Trust and the master owner trust, although Chase USA
cannot predict with any degree of certainty the effect of any such increase.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Description
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99.1 Monthly Reports with respect to the March 15, 2005 distribution.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CHASE BANK USA,
NATIONAL ASSOCIATION, as Administrator
By: /s/ Patricia M. Garvey
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Name: Patricia M. Garvey
Title: Vice President
Date: March 18, 2005
INDEX TO EXHIBITS
Exhibit No. Description
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99.1 Monthly Reports with respect to the distribution to
Noteholders on March 15, 2005.