Material Event Form 8 K

The following information relates to the credit card receivables owned by Citibank Credit Card Master Trust I and the related credit card accounts. Some of the terms used herein are used as defined in the Glossary of Terms at the end of this Report.

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Loss and Delinquency Experience

The following table sets forth the loss experience for cardholder payments on the credit card accounts for each of the periods shown on a cash basis. The Net Loss percentage calculated for each period below is obtained by dividing Net Losses by the Average Principal Receivables Outstanding multiplied by a fraction, the numerator of which is the total number of days in the applicable calendar year and the denominator of which is the total number of days in the trust monthly reporting periods for the applicable period (366/274 for the nine months ended September 25, 2024, 365/364 for the year ended December 26, 2023, 365/364 for the year ended December 27, 2022, and 365/365 for the year ended December 28, 2021).

If accrued finance charge receivables that have been written off were included in losses, Net Losses would be higher as an absolute number and as a percentage of the average of principal and finance charge receivables outstanding during the periods indicated. Average Principal Receivables Outstanding is the average of principal receivables outstanding during the periods indicated. There can be no assurance that the loss experience for the receivables in the future will be similar to the historical experience set forth below. There could be future increases in net losses, and such increases could be significant.

Loss Experience for the Accounts

(Dollars in Thousands)

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Net losses as a percentage of gross charge-offs for the nine months ended September 25, 2024, were 82.68% and for each of the years ended December 26, 2023, December 27, 2022, and December 28, 2021, were 78.68%, 67.90% and 69.58%, respectively. Gross charge-offs are charge-offs before recoveries and do not include the amount of any reductions in Average Principal Receivables Outstanding due to fraud, returned goods, customer disputes or various other miscellaneous write-offs, however, such reductions had no material impact to Average Principal Receivables Outstanding for the reported periods. The reduction of receivables in this manner reduces only the seller's interest in the master trust. Recoveries are collections received in respect of principal receivables previously charged off as uncollectible. Net losses are gross charge-offs minus recoveries.

The following table sets forth the delinquency experience for cardholder payments on the credit card accounts as of each of the dates shown. The Delinquent Amount includes both principal receivables and finance charge receivables. Each percentage is the result of dividing the corresponding delinquent amount as of the end of the period indicated by the sum of the average principal receivables and average finance receivables outstanding during the nine months ended September 29, 2024, and the years ended December 31, 2023, December 25, 2022, and December 26, 2021. There can be no assurance that the delinquency experience for the receivables in the future will be similar to the historical experience set forth below. For example, there is currently an increased overall risk of recession in the U.S., and economic downturns and rising unemployment can result in significant increases in net losses and delinquencies. There could be future increases in delinquencies, and such increases could be significant.

Delinquency Experience for the Accounts

(Dollars in Thousands)

More recently originated, less seasoned accounts have historically experienced higher delinquencies and net losses than well seasoned accounts. From January 2010 to August 2013, no additional accounts were designated to the master trust. Beginning in September 2013, a portion of the accounts designated to the master trust in lump additions has consisted of accounts originated in 2010 and thereafter.

Citibank, as servicer, may enter into loan modifications or other arrangements to extend or otherwise change payment schedules for cardholders who claim to be experiencing financial hardship. This may include waiving fees, waiving the requirement to make the minimum payment due for a period of time, reducing interest rates, ceasing accrual of interest entirely or making other accommodations to a cardholder which can reduce revenue from periodic finance charges and fees and reduce principal balances and principal collections.

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Revenue Experience

The revenues for the credit card accounts from finance charges, fees paid by cardholders and interchange for the nine months ended September 25, 2024, and for each of the years ended December 26, 2023, December 27, 2022, and December 28, 2021, are set forth in the following table. The revenue experience in this table is presented on a cash basis before deduction for charge-offs. Average Revenue Yield calculated for each period below is obtained by dividing Finance Charges and Fees Paid by Average Principal Receivables Outstanding multiplied by a fraction, the numerator of which is the total number of days in the applicable calendar year and the denominator of which is the total number of days in the trust monthly reporting periods for the applicable period (366/274 for the nine months ended September 25, 2024, 365/364 for the year ended December 26, 2023, 365/364 for the year ended December 27, 2022, and 365/365 for the year ended December 28, 2021).

Revenues from finance charges, fees and interchange will be affected by numerous factors, including the periodic finance charge on the credit card receivables, the amount of any annual fee, other fees paid by cardholders, the amount, if any, of principal receivables that is discounted and treated as finance charge receivables, the percentage of cardholders who pay off their balances in full each month and do not incur periodic finance charges on purchases, the percentage of credit card accounts bearing finance charges at promotional rates and changes in the level of delinquencies on the receivables.

Revenue Experience for the Accounts

(Dollars in Thousands)

The revenues from periodic finance charges and fees - other than annual fees - depend in part upon the collective preference of cardholders to use their credit cards as revolving debt instruments for purchases and cash advances and to pay account balances over several months - as opposed to convenience use, where cardholders pay off their entire balance each month, thereby avoiding periodic finance charges on their purchases - and upon other card-related services for which the cardholder pays a fee. Revenues from periodic finance charges and fees also depend on the types of charges and fees assessed on the credit card accounts. Accordingly, revenues will be affected by future changes in the types of charges and fees assessed on the accounts and in the types of additional accounts designated to the master trust from time to time. These revenues could be adversely affected by future changes in fees and charges assessed on the accounts, as well as other factors, including loan modifications.

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Cardholder Monthly Payment Rates

The following table sets forth the highest and lowest cardholder monthly payment rates for the credit card accounts during any month in the periods shown and the average of the cardholder monthly payment rates for all months during the periods shown, in each case calculated as a percentage of the total beginning account balances for that month.

Monthly payment rates on the credit card receivables may vary because, among other things, a cardholder may fail to make a required payment or may only make the minimum required payment or may pay the entire outstanding balance. Monthly payment rates on the receivables may also vary due to seasonal purchasing and payment habits of cardholders. Monthly payment rates include amounts that are treated as payments of principal receivables and finance charge receivables with respect to the accounts under the pooling and servicing agreement. In addition, the amount of outstanding receivables and the rates of payments, delinquencies, charge-offs and new borrowings on the accounts depend on a variety of factors including seasonal variations, the availability of other sources of credit, general economic conditions, unemployment levels, inflationary pressures, the interest rate environment, the behavioral and economic impact of natural disasters and disease pandemics, tax laws, consumer spending and borrowing patterns and the terms of the accounts, which may change. Cardholder monthly payment rates are calculated on the balances of those cardholder accounts that have an amount due. Cardholder accounts with a zero balance or a credit balance are excluded from these calculations.

As of the most recent related billing date prior to September 25, 2024, 39.55% of the accounts had a credit balance or otherwise had no payment due, 31.84% of the cardholders paid their entire outstanding balance, 6.31% of the cardholders made only the minimum payment due, 3.03% of the cardholders paid an amount less than the minimum due (including no payment) and the remaining 19.27% of the cardholders paid an amount greater than the minimum due, but less than the entire outstanding balance.

Cardholder Monthly Payment Rates for the Accounts

Interchange

Credit card issuing banks participating in the MasterCard International, VISA and American Express systems receive interchange or similar fee income - referred to in this Form 8-K as "interchange" - as compensation for performing issuer functions, including taking credit risk, absorbing certain fraud losses and funding receivables for a limited period before initial billing. Acquiring banks and issuing banks are free to reach separately negotiated agreements governing compensation, whether generally or with respect to a particular merchant client of the acquiring bank. To promote efficiency, however, each network sets a schedule establishing default interchange rates, which may change from time to time. Interchange generally ranges from approximately 1% to 2% of the transaction amount, but may be higher for some card products or transactions. Citibank is required to transfer to the master trust interchange attributed to cardholder charges for merchandise and services in the accounts. In general, interchange is allocated to the master trust on the basis of the ratio that the amount of cardholder charges for merchandise and services in the accounts bears to the total amount of cardholder charges for merchandise and services in the portfolio of credit card accounts maintained by Citibank.

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The Credit Card Receivables

The receivables in the credit card accounts designated to the master trust as of September 25, 2024, included $635,703,831 of finance charge receivables and $21,927,134,792 of principal receivables, which amounts include overdue finance charge receivables and overdue principal receivables. As of September 25, 2024, there were 9,251,818 accounts. For financial reporting purposes, included within the accounts are inactive, zero balance accounts other than those categorized as converted or lost or stolen accounts. The accounts had an average principal receivable balance of $2,370 and an average credit limit of $17,066. The average principal receivable balance in the accounts as a percentage of the average credit limit with respect to the accounts was approximately 13.89%. 100% of the accounts were opened before September 2022.

As of September 25, 2024, 99.79% of the credit card receivables in the master trust represented obligations of cardholders with billing addresses in the United States. Of the accounts, as of September 25, 2024, the following percentages related to cardholders with billing addresses in the following states:

Since the largest number of cardholders' billing addresses were in California, New York, Texas, Florida and Illinois, adverse changes in the business or economic conditions, natural disasters or adverse climate events or other adverse developments in these states could have an adverse effect on the performance of the receivables. No other state represents more than 5% of the number of accounts or outstanding receivables.

As of September 25, 2024, 2.25% of the credit card receivables in the master trust related to small business revolving credit card accounts originated by Citibank. The receivables in the 117,863 small business credit card accounts designated to the master trust as of September 25, 2024, included $3,466,436 of finance charge receivables and $504,609,478 of principal receivables, which amounts include overdue finance charge receivables and overdue principal receivables.

Citibank issues its small business credit cards to small businesses who agree to use the cards for business purposes. With respect to substantially all accounts, both the business and the authorized officer are jointly and severally liable for all charges and balances on the account. The small business credit card accounts generally have higher receivables balances, credit limits and monthly payment rates than the other accounts designated to the master trust, taken as a whole. In addition, interchange generated on the receivables in these accounts is generally higher than the interchange generated on the receivables in the other accounts designated to the master trust.

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As of September 25, 2024, the small business credit card accounts designated to the master trust had an average principal receivable balance of $4,281 and an average credit limit of $33,799. The average principal receivable balance in the accounts as a percentage of the average credit limit with respect to the accounts was approximately 12.67%. 100% of the accounts were opened before September 2022. Of the accounts, as of September 25, 2024, 21.87% of the receivables related to obligors with billing addresses in California and 20.04% in Texas. No other state represents more than 10% of the outstanding receivables. As of September 25, 2024, 95.50% of the receivables in the accounts related to obligors with a FICO score greater than 660, and 98.46% of the receivables had a "current" payment status as of the most recent related billing date.

As of the most recent related billing date prior to September 29, 2024, 38.26% of the small business credit card accounts had a credit balance or otherwise had no payment due, 40.22% of the obligors paid their entire outstanding balance, 3.67% of the obligors made only the minimum payment due, 2.38% of the obligors paid an amount less than the minimum due (including no payment) and the remaining 15.47% of the obligors paid an amount greater than the minimum due, but less than the entire outstanding balance.

As of September 25, 2024, approximately 26.64% of the credit card receivables in the master trust were related to credit cards issued under the Citibank/American Airlines AAdvantage co-brand program (the "Citibank AAdvantage co-brand program"). Cardholders in the Citibank AAdvantage co-brand program receive benefits for the amounts charged on their Citibank AAdvantage cards, primarily frequent flyer miles in American Airlines' frequent flyer program. Conditions that adversely affect the airline industry or American Airlines, including, for example, a drop in demand, airline capacity reductions or service suspensions as seen during the COVID-19 pandemic, or other factors, could adversely affect the usage and payment patterns of the Citibank AAdvantage cards.

In addition, any future termination of the Citibank AAdvantage co-brand program and exercise of a purchase option resulting in a removal of the Citibank AAdvantage receivables from the master trust could have an adverse effect on the payment rates and, to a lesser extent, excess spread reported by the master trust. The following tables set forth the lowest and highest cardholder monthly payment rates for the credit card accounts during any month in the periods shown and the average of the cardholder monthly payment rates for all months during the periods shown, in each case calculated as a percentage of the total beginning account balances for that month, for each of the Citibank AAdvantage accounts in the master trust and the non- Citibank AAdvantage accounts in the master trust (i.e., all accounts in the master trust other than the Citibank AAdvantage accounts).

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Cardholder Monthly Payment Rates for the AAdvantage Accounts

Cardholder Monthly Payment Rates for the Non-AAdvantage Accounts

The credit card accounts include receivables which, in accordance with the servicer's normal servicing policies, were charged off as uncollectible. However, for purposes of calculation of the amount of principal receivables and finance charge receivables in the master trust for any date, the balance of the charged off receivables is zero and the master trust owns only the right to receive recoveries on these receivables.

The following tables summarize the credit card accounts designated to the master trust as of September 25, 2024, by various criteria. References to "Receivables Outstanding" in these tables include both finance charge receivables and principal receivables. Because the composition of the accounts will change in the future, these tables are not necessarily indicative of the future composition of the accounts.

Credit balances presented in the following table are a result of cardholder payments and credit adjustments applied in excess of a credit card account's unpaid balance. Accounts which have a credit balance are included because receivables may be generated in these accounts in the future. Credit card accounts which have no balance are included because receivables may be generated in these accounts in the future.

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Composition of Accounts by Account Balance

Composition of Accounts by Credit Limit

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Accounts presented in the table below as "Current" include accounts on which the minimum payment has not been received before the next billing date following the issuance of the related bill.

Composition of Accounts by Payment Status

Composition of Accounts by Age

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The following table sets forth the composition of accounts by FICO^®* score as of September 29, 2024. A FICO score is a measurement determined by Fair, Isaac & Company using information collected by major credit bureaus to assess credit risk. A credit report is generally obtained from one or more credit bureaus for each application for a new account. Once a customer has been issued a card, Citibank refreshes the FICO score on most accounts on a monthly basis. Citibank generally does not refresh the FICO scores of closed accounts that have no balance and certain other categories of accounts. A FICO score of zero indicates that the FICO score of an account has not been refreshed for one of these reasons or that the customer did not have enough credit history for a FICO score to be calculated.

As of September 29, 2024, 93.16% of the receivables in the master trust related to obligors whose FICO score was greater than 660.

Composition of Accounts by FICO Score

Billing and Payments

The credit card accounts have different billing and payment structures, including different periodic finance charges and fees, and a particular account may have balances that are subject to different periodic finance charges and fees. For example, in addition to monthly revolving balances subject to a periodic finance charge, Citibank may also offer a cardholder options such as Citi Flex Plans that include arrangements that allow a cardholder to pay off the balance for a particular purchase over a set time with fixed payments and a fixed interest rate or fixed fee (Citi Flex Pay), or for a cardholder to borrow money against their credit line and pay off the loan over a set time with fixed payments and a fixed interest rate (Citi Flex Loan). Further, promotional rates are offered from time to time to attract new cardholders and to encourage existing cardholders to use their accounts. Promotional rates often apply to credit card balances transferred from other credit card issuers. The following information reflects the current billing and payment characteristics of the accounts.

In general, each month billing statements are sent to cardholders. To the extent a cardholder has a balance due, the cardholder must make a minimum payment equal to the sum of any amount which is past due plus any amount which is in excess of the credit limit plus any Citi Flex Plan payment amount and, for most accounts, the greatest of the following:

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The "adjusted new balance" is the new balance less any Citi Flex Plan balance.

A periodic finance charge is imposed on the credit card accounts. The periodic finance charge imposed on balances for purchases and cash advances (and other like-charged transactions, referred to in this section as "Cash Advances") for a majority of the accounts is calculated by multiplying (1) the daily balances for each day during the billing cycle by (2) the applicable daily periodic finance charge rate, and summing the results for each day in the billing period. The daily balance is calculated by taking the previous day's balance, adding any new purchases or Cash Advances and fees, adding the daily finance charge on the previous day's balance, and subtracting any payments or credits. Cash Advances are included in the daily balance generally from the date the advances are made. Purchases are included in the daily balance generally from the date of purchase. Periodic finance charges are not imposed in most circumstances on purchase amounts if all balances shown in the previous two billing statements are paid in full by the due date indicated on the statement.

As of the date of this Form 8-K:

Most of the accounts are subject to additional fees, including:

In addition, for some rewards products, an annual fee may be assessed.

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There can be no assurance that periodic finance charges, fees and other charges will remain at current levels in the future. For example, on March 5, 2024, the CFPB issued a final rule amending Regulation Z relating to late fees. The original effective date of May 14, 2024 has been stayed due to litigation. For credit card issuers such as Citibank the rule sets the typical late fee at $8 (including for subsequent violations of the same type) and eliminates the annual inflation adjustments that previously existed for permitted late fees. Also, Citibank, as servicer, may enter into loan modification arrangements to extend or otherwise change payment schedules for cardholders who claim to be experiencing financial hardship. This includes waiving fees, waiving the requirement to make the minimum payment due for a period of time or making other accommodations to a cardholder.

Lump Additions and Removals

Citibank may from time to time transfer credit card receivables to the master trust in lump additions by designating additional accounts to the master trust. The table below presents the date, amount and percentage of the master trust portfolio of those lump additions made since January 2008 (calculated based on the principal amount of the lump addition and the balance of principal receivables in the master trust as of the end of its monthly reporting period immediately preceding the specified lump addition date).

Lump Additions of Receivables Since January 2008

Citibank may from time to time remove credit card receivables from the master trust in lump removals, including substantial lump removals of credit card receivables in excess of the required seller's interest (as determined by the pooling and servicing agreement and the rating agencies). The table below presents the date, amount and percentage of the master trust portfolio of those lump removals made since January 2008 (calculated based on the principal amount of the lump removal and the balance of principal receivables in the master trust as of the end of its monthly reporting period immediately preceding the specified lump removal date).

Lump Removals of Receivables Since January 2008

In addition, Citibank from time to time removes inactive, zero balance accounts from the master trust in lump removals.

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Static Pool Information

Static pool information is information relating to the master trust receivables, organized by year of origination of each related credit card account. Static pool information concerning losses, delinquencies, revenue yield and payment rate for the master trust receivables since January 2019 is set forth in the following tables. This information is organized by year of origination of the applicable account for each of the five most recent years, and for accounts originated more than five years ago. As of September 25, 2024, there were no accounts that were originated within the last five years. There can be no assurance that the loss, delinquency, revenue yield and payment rate experience for the receivables in the future will be similar to the historical experience set forth below.

For purposes of the following tables, a "due period" for a particular month is the period beginning on the third to last business day of the prior month through and including the fourth to last business day of that month. The annualization factor for the percentages noted in the tables is 365 (or 366 in the case of a leap year) divided by the number of days in the due period. Thus, variation in the number of days in due periods can have a pronounced effect on the annualized percentages shown in the tables. In addition, static pool information is reported for new accounts only when those accounts are designated to the master trust so no performance statistics are available for any period prior to the designation of the accounts to the master trust.

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Net Losses

Net Losses reflect principal receivables balances that (1) have become 180 days delinquent or (2) are associated with bankruptcy filings, which are charged off not later than 30 days after the servicer receives notice of a bankruptcy filing. Net losses include principal recoveries. The net losses percentage shown in the tables below is calculated by dividing net principal charged off during the due period by the principal receivables balance as of the beginning of the due period. If there is a lump addition or lump removal of receivables during the due period, then the denominator is the weighted average principal receivables balance over the due period. The principal receivables balance shown in the table below does not include finance charges and is as of the beginning of the due period. If there is a lump addition or lump removal of receivables during the due period, then the balance shown is the weighted average principal receivables balance over the due period.

Net Losses by Year of Account Origination

(by Monthly Due Period)

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Delinquent Receivables that are 30+ Days Past Due

Delinquencies include both principal and finance charge receivables. The monthly delinquencies 30+ days percentage shown in the tables below is calculated by dividing total receivables 31 days or more past due by the principal and finance charge receivables as of the last full weekend of the month. The receivables outstanding balance shown in the table below includes principal and finance charges and is as of the last full weekend of the month.

Delinquencies 30+ Days by Year of Account Origination

(by Monthly Due Period)