<PAGE>

                                   UNITED STATES
                         SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D.C. 20549

                                     FORM 10-K

               ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                          SECURITIES EXCHANGE ACT OF 1934

                    For the fiscal year ended December 31, 1998

                          COMMISSION FILE NUMBER  0-26930

                       DAYTON HUDSON CREDIT CARD MASTER TRUST
                            (Issuer of the Certificates)

                       DAYTON HUDSON RECEIVABLES CORPORATION
                     (Originator of the Trust Described Herein)
               (Exact name of Registrant as Specified in its Charter)

                   Minnesota                                 41-1812153
         (State of Incorporation)                      (I.R.S. Employer ID No.)

80 South Eighth Street, 14th Floor, Suite 1401
           Minneapolis, Minnesota                                55402
   (Address of principal executive offices)                    (Zip Code)

Registrant's telephone number, including area code:  612/370-6530
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:

               6.10% Class A Asset Backed Certificates, Series 1995-1
               6.25% Class A Asset Backed Certificates, Series 1997-1
               5.90% Class A Asset Backed Certificates, Series 1998-1
                                  (Title of Class)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.  Yes X  No
                                       ---   ---

The registrant has no voting stock held by non-affiliates and meets the
conditions set forth in General Instruction J (1)(a) and (b) of Form 10-K.
Disclosure pursuant to Item 405 of Regulation S-K is not required.

                        DOCUMENTS INCORPORATED BY REFERENCE
                                        None
                                                     Index to Exhibits:  Page 7
                                                               Total Pages:  47
<PAGE>

                                       PART I

ITEM 1.   BUSINESS.
          Dayton Hudson Credit Card Master Trust (the "Trust") was formed
          pursuant to a Pooling and Servicing Agreement dated as of September
          13, 1995 (as amended, modified or supplemented, the "Pooling and
          Servicing Agreement"), by and among Retailers National Bank, as
          servicer ("Servicer"), Dayton Hudson Receivables Corporation, as
          transferor ("Transferor"), and Norwest Bank Minnesota, National
          Association, as trustee ("Trustee").  The Trust's only business is to
          act as a passive conduit to permit investments in a pool of
          Transferor's consumer accounts receivable.  The Transferor is a
          wholly-owned subsidiary of a corporation that is wholly-owned by
          Dayton Hudson Corporation.

ITEM 2.   PROPERTIES.
          The assets of the Trust (the "Trust Assets") include a portfolio of
          receivables (the "Receivables") generated from time to time in a
          portfolio of consumer open-end credit card accounts (the "Accounts"),
          funds collected or to be collected in respect of the Receivables,
          monies on deposit in certain accounts of the Trust, any participation
          interests included in the Trust, funds collected or to be collected
          with respect to such participation interests and any enhancement with
          respect to a particular series or class.  The Trust Assets are
          expected to change over the life of the Trust as receivables in
          consumer open-end credit card accounts and other open-end credit
          accounts and related assets are included in the Trust and as
          Receivables in Accounts included in the Trust are charged-off or
          removed.

          Exhibits 99.2 and 99.3 to this Report set forth certain information
          relating to the Trust's fiscal year ended December 31, 1998.  Such
          information, which was derived from the monthly settlement statements
          relating to such period as delivered to the Trustee pursuant to the
          Pooling and Servicing Agreement, is incorporated herein by reference.

ITEM 3.   LEGAL PROCEEDINGS.
          None.

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
          None.

                                       2
<PAGE>

                                      PART II

ITEM 5.   MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

          In September 1995, the Trust issued $400,000,000 of three year 6.10%
          Class A Certificates to the public (the "Series 1995 Certificates").
          The Series 1995 Certificates were repaid in full and cancelled in
          September 1998 and are no longer outstanding.  In August 1996, the
          Trust issued Series 1996-1 Class A Variable Funding Certificates in a
          private transaction (the "Series 1996 Certificates").  The principal
          amount of the Series 1996 Certificates fluctuates and currently may
          not exceed $100 million.  In October 1997, the Trust issued
          $400,000,000 of five year 6.25% Class A Certificates to the public
          (the "Series 1997 Certificates").  In August 1998, the Trust issued
          $400,000,000 of five year 5.90% Class A Certificates to the public
          (the "Series 1998 Certificates").

          Although they trade in the over-the-counter market to a limited
          extent, there is currently no established public trading market for
          the Series 1997 Certificates or the Series 1998 Certificates.  The
          Series 1997 Certificates and the Series 1998 Certificates are held and
          delivered in book-entry form through the facilities of The Depository
          Trust Company ("DTC"), a "clearing agency" registered pursuant to the
          provisions of Section 17A of the Securities Exchange Act of 1934, as
          amended.  The definitive Series 1997 Certificates and the Series 1998
          Certificates are held by Cede & Co., the nominee of DTC.

          The undivided interests in the Trust, other than those represented by
          the Series 1996 Certificates, the Series 1997 Certificates and the
          Series 1998 Certificates, are owned by the Transferor and the
          Servicer.

ITEM 6.   SELECTED FINANCIAL DATA.

          Not applicable.

ITEM 7.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS.

          Not applicable.

ITEM 8.   FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

          Not applicable.

ITEM 9.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
          FINANCIAL DISCLOSURE.

          None.

                                      3
<PAGE>

                                      PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

          Not applicable.

ITEM 11.  EXECUTIVE COMPENSATION.

          Not applicable.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

          a.   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS.
               The Transferor is a wholly-owned subsidiary of a corporation that
               is wholly-owned by Dayton Hudson Corporation.  The principal
               executive office of Dayton Hudson Corporation is 777 Nicollet
               Mall, Minneapolis, MN 55402.

               At the date hereof, 100% of the Series 1997 Certificates and the
               Series 1998 Certificates were held in the nominee name of Cede &
               Co. for beneficial owners.  To the Transferor's knowledge, based
               solely on the fact that Transferor has not received notice of any
               filings having been made with the Securities and Exchange
               Commission reporting the acquisition of more than 5% of the
               Series 1997 Certificates or the Series 1998 Certificates, no
               person beneficially owned more than 5% of the Series 1997
               Certificates or the Series 1998 Certificates.  The Series 1996
               Certificates are held by an administrative agent on behalf of
               several beneficial owners and interests in the Series 1996
               Certificates are not freely transferable.

               The undivided interests in the Trust, other than that represented
               by the Series 1996 Certificates, the Series 1997 Certificates or
               the Series 1998 Certificates, are owned by the Transferor and the
               Servicer.

          b.   SECURITY OWNERSHIP OF MANAGEMENT.
               Not applicable.

          c.   CHANGES IN CONTROL.
               Not applicable.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

          Except for the information concerning the compensation paid to
          Servicer by the Trust contained in Exhibits 99.2 and 99.3 hereto,
          which is hereby incorporated herein by reference, and other
          transactions contemplated by the Pooling and Servicing Agreement, the
          Transferor is not aware of any transactions or series of similar
          transactions during its fiscal year ended December 31, 1998, or any
          currently proposed transaction or series of similar transactions, in
          which the amount involved exceeded or is proposed to exceed $60,000,
          to which the Trust

                                      4
<PAGE>

          was a party or is proposed to be a party, and in which any person
          known to the Registrant to own more than 5% of any class of
          certificates representing undivided interests in the Trust had or has
          a direct or indirect material interest.

                                      PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.

          a.   The following documents are filed as part of this Report.

               3.   EXHIBITS

                    99.1 Annual Servicer's Certificate for the year ended
                         December 31, 1998, Series 1995-1, Series 1997-1 and
                         Series 1998-1.

                    99.2 Annual Certificateholders' Statement for the year ended
                         December 31, 1998, Series 1995-1.

                    99.3 Annual Certificateholders' Statement for the year ended
                         December 31, 1998, Series 1997-1.

                    99.4 Annual Certificateholders' Statement for the year ended
                         December 31, 1998, Series 1998-1.

                    99.5 Report of Independent Accountants.

                    99.6 Report of Independent Accountants on the Monthly
                         Servicer's Certificates, Series 1995-1.

                    99.7 Report of Independent Accountants on the Monthly
                         Servicer's Certificates, Series 1997-1.

                    99.8 Report of Independent Accountants on the Monthly
                         Servicer's Certificates, Series 1998-1.

          b.   Reports on Form 8-K and Form 8 filed with respect to fiscal 1998.

               Each month the Transferor files a Current Report on Form 8-K
               which includes, as exhibits, copies of the Monthly Servicer's
               Certificates and the Monthly Certificateholders' Statements
               relating to the preceding monthly period, which certificates are
               required to be delivered to the Trustee under the terms of the
               Pooling and Servicing Agreement.

                                       5
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                                    SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                         DAYTON HUDSON RECEIVABLES CORPORATION


Dated:  August 17, 1999        By   /s/ Douglas A. Scovanner
                                 -------------------------------------
                                   Douglas A. Scovanner,
                                   President

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of Dayton Hudson
Receivables Corporation and in the capacities and on the dates indicated.


<TABLE>
<CAPTION>

        SIGNATURE                       TITLE                            DATE
        ---------                       -----                            ----
<S>                            <C>                                  <C>

 /s/ Douglas A. Scovanner
---------------------------
 Douglas A. Scovanner          President and Director               August 17, 1999


 /s/ Stephen C. Kowalke
---------------------------
 Stephen C. Kowalke            Vice President,                      August 17, 1999
                               Treasurer and Director
                               (Principal Financial
                               Officer)


 /s/ JoAnn Bogdan
---------------------------
 JoAnn Bogdan                  Vice President,                      August 17, 1999
                               Controller (Principal
                               Accounting Officer)


 /s/ Gerald L. Storch
---------------------------
 Gerald L. Storch              Director                             August 17, 1999

</TABLE>




                                      6
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                                   EXHIBIT INDEX

<TABLE>
<CAPTION>
        EXHIBIT NO.              EXHIBIT              SEQUENTIAL PAGE NO.
       -------------            ---------            ---------------------
       <S>                 <C>                       <C>
            99.1           Annual Servicer's                      8
                           Certificate for the year
                           ended December 31, 1998 -
                           Series 1995-1, Series
                           1997-1 and Series 1998-1

            99.2           Annual                                 9
                           Certificateholders'
                           Statement for the year
                           ended December 31, 1998,
                           Series 1995-1.

            99.3           Annual                                13
                           Certificateholders'
                           Statement for the year
                           ended December 31, 1998 -
                           Series 1997-1

            99.4           Annual                                17
                           Certificateholders'
                           Statement for the year
                           ended December 31, 1998 -
                           Series 1998-1

            99.5           Report of Independent                 21
                           Accountants

            99.6           Report of Independent                 24
                           Accountants on the
                           Monthly Servicer's
                           Certificates, Series
                           1995-1.

            99.7           Report of Independent                 32
                           Accountants on the
                           Monthly Servicer's
                           Certificates, Series
                           1997-1

            99.8           Report of Independent                 40
                           Accountants on the
                           Monthly Servicer's
                           Certificates, Series
                           1998-1
</TABLE>
                                      7