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): April 15, 2005
CHASE CREDIT CARD MASTER TRUST
Series 2000-3, Series 2001-1, Series 2001-2, Series 2001-4, Series 2001-6,
Series 2002-1, Series 2002-2, Series 2002-3, Series 2002-4, Series 2002-5,
Series 2002-6, Series 2002-7, Seres 2002-8, Series 2003-1, Series 2003-2,
Series 2003-3, Series 2003-4, Series 2003-5, Series 2003-6,
Series 2004-1 and Series 2004-2
(Issuer of Securities)
CHASE BANK USA, NATIONAL ASSOCIATION
(Sponsor of the Trust)
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(Exact name of registrant as specified in its charter)
333-74303
333-68236
333-83484
333-84400
United States 333-103210 22-2382028
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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 Credit Card Master Trust, which was formerly known as Chemical Master
Credit Card Trust I, is the issuer of a number of outstanding series of asset
backed certificates. The asset backed certificates are serviced in accordance
with the Third Amended and Restated Pooling and Servicing Agreement, dated as of
December 17, 1999, as amended. The parties to the Pooling and Servicing
Agreement, as amended, are JPMorgan Chase Bank, National Association (f/k/a The
Chase Manhattan Bank), as transferor prior to June 1, 1996, Chase Bank USA,
National Association (f/k/a Chase Manhattan Bank USA, National Association)
("Chase USA"), as transferor after June 1, 1996, and as servicer and The Bank of
New York, as trustee.
On or about April 15, 2005, Chase USA, as servicer, distributed monthly payments
to the holders of the Series 2000-3, Series 2001-1, Series 2001-2, Series
2001-4, Series 2001-6, Series 2002-1, Series 2002-2, Series 2002-3, Series
2002-4, Series 2002-5, Series 2002-6, Series 2002-7, Series 2002-8, Series
2003-1, Series 2003-2, Series 2003-3, Series 2003-4, Series 2003-5, Series
2003-6, Series 2004-1 and Series 2004-2 certificates. Chase USA furnished copies
of monthly certificateholders' reports for each of those series as required by
the Pooling and Servicing Agreement. Copies of those monthly certificateholders'
reports are 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 April 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 Servicer
By: /s/ Patricia M. Garvey
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Name: Patricia M. Garvey
Title: Vice President
Date: April 21, 2005
INDEX TO EXHIBITS
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Exhibit No. Description
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99.1 Monthly Reports with respect to the distribution to
certificateholders on April 15, 2005.