UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, 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 January 4, 2003

Commission file number 0-26930

TARGET CREDIT CARD MASTER TRUST(Issuer of the Certificates)

TARGET 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.)
|1000 Nicollet Mall, 31st Floor, Suite 3136 |  |                         
|Minneapolis, Minnesota                     |  | 55403                   
|(Address of principal executive offices)   |  | (Zip Code)              

Registrant's
telephone number, including area code: 612/696-3102
Securities registered pursuant to Section 12(b) of the Act:    None
Securities registered pursuant to Section 12(g) of the Act:

6.25%
Class A Asset Backed Certificates, Series 1997-1
5.90% Class A Asset Backed Certificates, Series 1998-1
Floating Rate Class A Asset Backed Certificates, Series 2001-1
Floating Rate Class A Asset Backed Certificates, Series 2002-1
(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

Indicate
by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). Yes  No
X

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

DOCUMENTS INCORPORATED BY REFERENCE

1.
The sections of the Registrant's Registration Statement (Registration No. 333-103371) filed on February 21, 2003 set forth below:



PART I

Item 1. Business.



Item 2. Properties.



Item 3. Legal Proceedings.



Item 4. Submission of Matters to a Vote of Security Holders.



PART II

Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.



Item 6. Selected Financial Data.



Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.



Item 7A. Quantitative and Qualitative Disclosures About Market Risk.



Item 8. Financial Statements and Supplementary Data.



Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.



PART III

Item 10. Directors and Executive Officers of the Registrant.



Item 11. Executive Compensation.



Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.



Item 13. Certain Relationships and Related Transactions.



Item 14. Controls and Procedures.



PART IV

Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.



| |  | 99.01 |  | Annual Servicer's Certificate for the year ended January 4, 2003, Series 1997-1, Series 1998-1, Series 2001-1, and Series 2002-1.
| |  | ----- |  | ---------------------------------------------------------------------------------------------------------------------------------
| |  |       |  |                                                                                                                                  

| |  | 99.02 |  | Annual Certificateholders' Statement for the year ended January 4, 2003, Series 1997-1.        
| |  | ----- |  | -----------------------------------------------------------------------------------------------
| |  | 99.03 |  | Annual Certificateholders' Statement for the year ended January 4, 2003, Series 1998-1.        
| |  | 99.04 |  | Annual Certificateholders' Statement for the year ended January 4, 2003, Series 2001-1.        
| |  | 99.05 |  | Annual Certificateholders' Statement for the year ended January 4, 2003, Series 2002-1.        
| |  | 99.06 |  | Report of Independent Accountants.                                                             
| |  | 99.07 |  | Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 1997-1.
| |  | 99.08 |  | Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 1998-1.
| |  | 99.09 |  | Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 2001-1.
| |  | 99.10 |  | Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 2002-1.





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.

|       |  |                |  | TARGET RECEIVABLES CORPORATION
|------ |  | -------------- |  | ------------------------------
|Dated: |  | March 20, 2003 |  | By                            
|       |  |                |  |                               
|       |  |                |  |                               

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

|Signature                                    |  | Title                                                                |  | Date          
|-------------------------------------------- |  | -------------------------------------------------------------------- |  | --------------
|/s/ Douglas A. ScovannerDouglas A. Scovanner |  | President and Director (Principal Accounting Officer)                |  | March 20, 2003
|/s/ Stephen C. KowalkeStephen C. Kowalke     |  | Vice President, Treasurer and Director (Principal Financial Officer) |  | March 20, 2003
|/s/ Terrence J. ScullyTerrence J. Scully     |  | Vice President and Director                                          |  | March 20, 2003

CERTIFICATION

I,
Terrence J. Scully, certify that:

1.    I
have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of
periods included in the year covered by this annual report, of Target Receivables Corporation;

2.    Based
on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;

3.    Based
on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement, for
inclusion in these reports is included in these reports;

4.    I
am responsible for reviewing the activities performed by the servicer under the pooling and servicing, or similar, agreement and based upon my knowledge and the annual compliance
review required under that agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under that agreement; and

5.    The
reports disclose all significant deficiencies relating to the servicer's compliance with the minimum servicing standards based upon the report provided by an independent public
accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar,
agreement, that is included in these reports.

|Dated: |  | March 20, 2003 |  | By |  | /s/ Terrence J. Scully     
|------ |  | -------------- |  | -- |  | ---------------------------
|       |  |                |  |    |  | Terrence J. Scully,        
|       |  |                |  |    |  | Vice President and Director



EXHIBIT INDEX

Exhibit No.

Exhibit99.01

Annual Servicer's Certificate for the year ended January 4, 2003, Series 1997-1, Series 1998-1, Series 2001-1, and Series 2002-199.02

Annual Certificateholders' Statement for the year ended January 4, 2003, Series 1997-199.03

Annual Certificateholders' Statement for the year ended January 4, 2003, Series 1998-199.04

Annual Certificateholders' Statement for the year ended January 4, 2003, Series 2001-199.05

Annual Certificateholders' Statement for the year ended January 4, 2003, Series 2002-199.06

Report of Independent Accountants99.07

Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 1997-199.08

Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 1998-199.09

Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 2001-199.10

Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 2002-1




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