Series 1998-3 Report

Exhibit 20.3

PARTNERS FIRST CREDIT CARD MASTER TRUST

SERIES 1998-3

Investor/Transferor Allocations

Monthly Funding Requirements

Last Payment Date	16-Sep-02
Current Payment Date	15-Oct-02
Actual / 360 Days	29	29	29	29
30 / 360 Days	30	29	29	29
Fixed / Floating	Floating	Floating	Floating	Floating

	Class A	Class B	Collateral Invested Amount	Class D	Total
Certificate Rate	1.95313%	2.18313%	2.79813%	0.00000%
Secured Loan Spread Rate (Applies to CIA only)			2.54813%
Initial Balance	528,000,000.00	113,000,000.00	67,000,000.00	42,000,000.00	750,000,000.00
Required Transferor Amount					50,684,425.79
Initial Invested Amount + Req Transf Amount					800,684,425.79

Beginning Outstanding Amount (Distribution)	528,000,000.00	113,000,000.00	41,063,225.53	42,000,000.00	724,063,225.53
Ending Outstanding Amount (Distribution)	528,000,000.00	113,000,000.00	32,007,501.03	42,000,000.00	715,007,501.03

Beginning Invested Amount (Distribution)	528,000,000.00	113,000,000.00	41,063,225.53	42,000,000.00	724,063,225.53
Ending Invested Amount (Distribution)	528,000,000.00	113,000,000.00	32,007,501.03	42,000,000.00	715,007,501.03

Beginning Adjusted Invested Amount (Distribution)	367,749,999.99	113,000,000.00	41,063,225.53	42,000,000.00	563,813,225.52
Ending Adjusted Invested Amount (Distribution)	314,333,333.32	113,000,000.00	32,007,501.03	42,000,000.00	501,340,834.36

Beginning Invested Amount (Month)	528,000,000.00	113,000,000.00	50,099,831.25	42,000,000.00	733,099,831.25
Ending Invested Amount (Month)	528,000,000.00	113,000,000.00	41,063,225.53	42,000,000.00	724,063,225.53

Beginning Adjusted Invested Amount (Month)	421,166,666.66	113,000,000.00	50,099,831.25	42,000,000.00	626,266,497.91
Ending Adjusted Invested Amount (Month)	367,749,999.99	113,000,000.00	41,063,225.53	42,000,000.00	563,813,225.52

Principal Allocation Percentage	70.40%	15.07%	8.93%	5.60%	100.00%
Floating Allocation Percentage	67.25%	18.04%	8.00%	6.71%	100.00%
Principal Collections	43,036,023.86	9,210,361.17	5,461,010.60	3,423,320.08	61,130,715.71
Redirected Finance Charge Collections	6,200,719.39	1,663,667.49	737,605.84	618,354.29	9,220,347.01
Reserve Account Draw	40,243.98	0.00	0.00	0.00	40,243.98
PFA Proceeds (Class A Available Funds)	211,886.11	0.00	0.00	0.00	211,886.11
Redirected Finance Charge plus PFA Proceeds	6,452,849.48	1,663,667.49	737,605.84	618,354.29	9,472,477.10
Monthly Interest	830,731.29	198,725.47	92,558.53	0.00	1,122,015.29
Investor Default Amount (Net)	3,048,641.09	817,957.52	362,650.74	304,019.61	4,533,268.96
Monthly Servicing Fee	631,944.33	169,552.14	75,172.86	63,019.38	939,688.71
Total Due	4,511,316.71	1,186,235.13	530,382.13	367,038.99	6,594,972.96

Redirected Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases					9,472,477.10
Series Adjusted Portfolio Yield					8.08%
Base Rate					3.48%

PARTNERS FIRST CREDIT CARD MASTER TRUST

SERIES 1998-3

Series Parameters

Revolving Period (Y/N)		N
Accumulation Period (Y/N)		Y
Early Amortization (Y/N)		N
Controlled Accumulation Period		12.00
FUSA is Servicer		Y
Paydown Excess CIA (Y/N)		Y
Paydown Excess Class D (Y/N)		Y
Controlled Accumulation Amount		53,416,666.67
Controlled Deposit Amount		53,416,666.67
Ending Controlled Deposit Amount Shortfall		0.00

Funding Accounts

Beginning Principal Funding Account Balance		160,250,000.01
Principal Funding Account Deposit		53,416,666.67
Principal Funding Account Withdrawal		0.00
Ending Principal Funding Account Balance		213,666,666.68
Principal Funding Investment Proceeds		211,886.11

Yield Supplement Account Beginning Balance		0.00
Yield Supplement Account Release		0.00
Yield Supplement Account Ending Balance		0.00

Reserve Account Beginning Balance		3,205,000.00
Required Reserve Account Amount		3,205,000.00
Available Reserve Account Amount		3,205,000.00
Interest Retained in Reserve Account		0.00
Reserve Draw Amount pursuant to Supplement 4.12(c).		40,243.98
Funds Deposited into Reserve Account (out of Excess Spread)		40,243.98
Ending Reserve Account Balance		3,205,000.00
Covered Amount		252,130.09

C. Certificate Balances and Distributions

	Class A	Class B	CIA	Class D	Total
Beginning Balance	528,000,000.00	113,000,000.00	41,063,225.53	42,000,000.00	724,063,225.53
Interest Distributions	830,731.29	198,725.47	92,558.53	0.00	1,122,015.29
Cumulative PFA Deposits	213,666,666.68	0.00	0.00	0.00	213,666,666.68
Principal Distributions	0.00	0.00	9,055,724.50	0.00	9,055,724.50
Total Distributions	830,731.29	198,725.47	9,148,283.03	0.00	10,177,739.79
Ending Certificate Balance	528,000,000.00	113,000,000.00	32,007,501.03	42,000,000.00	715,007,501.03

PARTNERS FIRST CREDIT CARD MASTER TRUST

SERIES 1998-3

D. Information regarding distributions on the Distribution Date in respect of the Class A Certificates per $1,000 original certificate principal amount:

1 Total amount of the distribution:		1.5734
2 Amount of the distribution in respect of Class A Monthly Interest:		1.5734
3 Amount of the distribution in respect of Class A Outstanding Monthly Interest:		0.00
4 Amount of the distribution in respect of Class A Additional Interest:		0.00
5 Amount of the distribution in respect of Class A Principal:		0.00

E. Class A Investor Charge-Offs and Reimbursement of Class A Investor Charge-Offs on such Distribution Date.

1 Total amount of Class A Investor Charge-Offs:		0.00
2 Amount of Class A Investor Charge-Offs per $1,000 original certificate principal amount:		0.00
3 Total amount reimbursed in respect of Class A Investor Charge-Offs:		0.00
4 Amount reimbursed in respect of Class A Investor Charge-Offs per $1,000 original certificate principal amount:		0.00
5 The amount, if any, by which the outstanding principal balance of the Class A Certificate exceeds the Class A Invested Amount after giving effect to all transactions on such Distribution Date:		0.00

F. Information regarding distributions in respect of the Class B Certificates, per $1,000 original certificate principal amount.

1 The total amount of the distribution:		1.7586
2 Amount of the distribution in respect of Class B monthly interest:		1.7586
3 Amount of the distribution in respect of Class B outstanding monthly interest:		0.00
4 Amount of the distribution in respect of Class B additional interest:		0.00
5 Amount of the distribution in respect of Class B principal:		0.00

G. Amount of reductions in Class B Invested Amount on such Distribution Date.

1 The amount of reductions in Class B Invested Amount		0.00
2 The amount of reductions in the Class B Invested Amount set forth in paragraph 1 above, per $1,000 original certificate principal amount:		0.00
3 The total amount reimbursed in respect of such reductions in the Class B Invested Amount:		0.00
4 The total amount set forth in paragraph 3 above, per $1,000 original certificate principal amount:		0.00
5 The amount, if any, by which the outstanding principal balance of the Class B Certificates exceeds the Class B Invested Amount after giving effect to all transactions on such Distribution Date:		0.00

PARTNERS FIRST CREDIT CARD MASTER TRUST

SERIES 1998-3

Information regarding distributions on the Distribution Date to the Collateral Interest Holder.

1 Total amount distributed to the Collateral Interest Holder:		9,148,283.03
2 Amount distributed in respect of Collateral Monthly Interest:		92,558.53
3 Amount distributed in respect of Collateral Additional Interest:		0.00
4 The amount distributed to the Collateral Interest Holder in respect of principal on the Collateral Invested Amount:		9,055,724.50

Amount of reductions in Collateral Invested Amount.

1 The amount of reductions in the Collateral Invested Amount.		0.00
2 The total amount reimbursed in respect of such reductions in the Collateral Invested Amount		0.00

Finance Charge Shortfall Amount/Reallocated Finance Charge Collections

1 Finance Charge Collections Allocated to Series 1998-3 (incl. YSA, Res Draw & Int and PFA Proceeds)		9,472,477.10
2 Full amount required to be paid pursuant to sections 4.5 and 4.7(excl. Spread Acct.)		6,635,216.94
3 Spread Account Requirement per Loan Agreement		0.00
4 Finance Charge Shortfall		0.00
5 Available for Other Excess Allocation Series		2,837,260.16

Application of Reallocated Investor Finance Charge Collections.

	Available	Due	Paid	Shortfall
1 Allocated Class A Available Funds	6,200,719.39
a Reserve Account Release	40,243.98
b PFA Investment Earnings	211,886.11
c Class A Available Funds	6,452,849.48

2 Class A Available Funds	6,452,849.48
a Class A Monthly Interest		830,731.29	830,731.29	0.00
b Class A Servicing Fee		631,944.33	631,944.33	0.00
c Class A Investor Default Amount		3,048,641.09	3,048,641.09	0.00
d Class A Excess	1,941,532.77

3 Class B Available Funds	1,663,667.49
a Class B Monthly Interest		198,725.47	198,725.47	0.00
b Class B Servicing Fee		169,552.14	169,552.14	0.00
c Class B Excess	1,295,389.88

4 Collateral Available Funds	737,605.84
a Collateral Servicing Fee		75,172.86	75,172.86	0.00
b Collateral Excess	662,432.98

5 Class D Available Funds	618,354.29
a Class D Servicing Fee		63,019.38	63,019.38	0.00
b Class D Excess	555,334.91

6 Total Excess Spread	4,454,690.54

PARTNERS FIRST CREDIT CARD MASTER TRUST

SERIES 1998-3

L. Application of Excess Spread and Excess Finance Charge Collections

	Available	Due	Paid	Shortfall
1 AvailableExcess Spread	4,454,690.54
2 Excess Fin Charge Coll from Other Series	0.00
3 Available Funds	4,454,690.54
4 Class A Required Amount
a Interest		0.00	0.00	0.00
b Servicing Fee		0.00	0.00	0.00
c Defaults		0.00	0.00	0.00
5 Class A Charge Offs not Previously Reimbursed		0.00	0.00	0.00
6a Class B Required Amount in accordance with 4.5(b)(i)(ii)
a Interest		0.00	0.00	0.00
b Servicing Fee		0.00	0.00	0.00
6b Class B Default Amount		817,957.52	817,957.52	0.00
7 Reductions in Class B not previously reimbursed		0.00	0.00	0.00
8 Monthly Servicing Fee Shortfalls		0.00	0.00	0.00
9 Collateral Monthly Interest		92,558.53	92,558.53	0.00
10 Collateral Default Amount		362,650.74	362,650.74	0.00
11 Reductions in CIA not previously reimbursed		0.00	0.00	0.00
12 Reserve Account Deposit		40,243.98	40,243.98	0.00
13 Class D Monthly Interest		0.00	0.00	0.00
14 Class D Default Amount		304,019.61	304,019.61	0.00
15 Reductions in Class D not previously reimbursed		0.00	0.00	0.00
16 Other CIA Amounts Owed		0.00	0.00	0.00
17 Excess Fin Coll for Other Series		0.00	0.00	0.00
18 Excess Spread (after reallocation)	2,837,260.15
19 Writedowns

	Total	Redirected Principal	Charge-Offs
a Class A	0.00	0.00	0.00
in respect of A			0.00
b Class B	0.00	0.00	0.00
in respect of A			0.00
in respect of B			0.00
c CIA	0.00	0.00	0.00
in respect of A			0.00
in respect of B			0.00
in respect of CIA			0.00
d Class D	0.00	0.00	0.00
in respect of A			0.00
in respect of B			0.00
in respect of CIA			0.00
in respect of D			0.00

Application of Redirected Principal Collections

	Available	Due	Paid	Shortfall
1 Redirected Principal Collections	18,094,691.85
2 Class A Required Amount
a Interest		0.00	0.00	0.00
b Servicing Fee		0.00	0.00	0.00
c Defaults		0.00	0.00	0.00
3 Class B Required Amount
a Interest		0.00	0.00	0.00
b Servicing Fee		0.00	0.00	0.00
c Defaults		0.00	0.00	0.00
4 Collateral Required Amount
a Interest		0.00	0.00	0.00
b Servicing Fee		0.00	0.00	0.00
c Defaults		0.00	0.00	0.00
5 Available for Available Principal Collections	18,094,691.85

PARTNERS FIRST CREDIT CARD MASTER TRUST

SERIES 1998-3

Principal Shortfall Amount/Shared Principal Collections

1 Principal Allocation % of the Series 1998-3 Allocable Principal Collections		61,130,715.71
2 Other amounts treated as Principal Collections per Section 4.5 & 4.7		4,533,268.96
3 Full amount required to be distributed pursuant to Section 4.5		62,472,391.17
4 Principal required to fund the Required Amount per Section 4.8		—
5 Principal Shortfall		—
6 Available for Shared Principal Collections		3,191,593.50

Available Principal Collections

1 Available Principal Collections (per the definition thereof)		65,663,984.67
2 Principal Collections allocation to other Principal Sharing Series		0.00
3 Available Principal Collections (after Sharing)		65,663,984.67

Application of Principal Collections during Revolving Period

1 Available Principal Collections		0.00

2 Collateral Invested Amount		0.00
3 Required Collateral Invested Amount		0.00
4 Amount used to pay Excess CIA		0.00

5 Available Principal Collections		0.00
6 Class D		0.00
7 Required Class D		0.00
8 Amount used to pay Excess Class D		0.00

Application of Principal Collections during the Accumulation Period

1 Available Principal Collections		65,663,984.67
2 Controlled Deposit Amount		53,416,666.67
3 Class A Adjusted Invested Amount + Class B Adjusted Invested Amount		480,749,999.99
4 Principal Funding Account Deposit (minimum of items 1, 2 & 3 above)		53,416,666.67
5 Required Enhancement Amount		74,007,501.03

6 Remaining Principal Collections Available		12,247,318.00
7 Remaining Collateral Invested Amount		41,063,225.53
8 Collateral Monthly Principal (Principal paid to CIA) (min of items a & b & 7)		9,055,724.50
a Excess of CIA and Class D over Required Enhancement Amt		9,055,724.50
b Excess of Available Principal Collections over PFA deposit		12,247,318.00

9 Remaining Principal Collections Available		3,191,593.50
10 Remaining Class D Amount		42,000,000.00
11 Principal Paid to Class D (limited by Required Enhancement Amount)		0.00

PARTNERS FIRST CREDIT CARD MASTER TRUST

SERIES 1998-3

Application of Principal Collections during Early Amortization Period


1 Available Principal Collections		0.00
a Remaining Class A Adjusted Invested Amount		0.00
b Principal Paid to Class A—Current Period’s Collections		0.00
c Principal Paid to Class A—PFA per 5.1		0.00
d Total Principal Paid to Class A		0.00

2 Remaining Principal Collections Available		0.00
a Remaining Class B Adjusted Invested Amount		0.00
b Principal Paid to Class B—Current Period’s Collections		0.00
c Principal Paid to Class B—PFA per 5.1		0.00
d Total Principal Paid to Class B		0.00

3 Remaining Principal Collections Available		0.00
a Remaining Collateral Invested Amount		0.00
b Principal Paid to CIA		0.00

4 Remaining Principal Collections Available		0.00
a Remaining Class D Amount		0.00
b Principal Paid to Class D		0.00

Yield and Base Rate


1 Base Rate
a Current Monthly Period	3.48	%
b Prior Monthly Period	3.60	%
c Second Prior Monthly Period	3.82	%

Three Month Average Base Rate	3.63	%

2 Series Adjusted Portfolio Yield
a Current Monthly Period	8.08	%
b Prior Monthly Period	9.71	%
c Second Prior Monthly Period	9.53	%

Three Month Average Series Adjusted Portfolio Yield	9.11	%

3 Excess Spread
a Current Monthly Period	4.60	%
b Prior Monthly Period	6.11	%
c Second Prior Monthly Period	5.71	%

Three Month Average Excess Spread	5.47	%