<PAGE>   1
                                                                    EXHIBIT 99.2

                         Independent Accountant's Report


Bank of America National Association
   and
U.S. Bank National Association

We have examined management's assertion, included in the accompanying Report of
Management on Credit Card Trust Internal Controls and Pooling and Servicing
Agreement Compliance (the "Report"), that Bank of America National Association
("BANA"), a wholly owned subsidiary of BankAmerica Corporation, maintained
internal controls over the functions performed as servicer of the BA Master
Credit Card Trust Series 1996-A, Series 1996-B, Series 1997-A and Series 1997-B
(the "Trust") that are effective, as of December 31, 1997, in providing
reasonable assurance that Trust assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed in accordance
with management's authorization in conformity with the Pooling and Servicing
Agreement (the "Agreement") dated as of July 19, 1996 between BANA and U.S. Bank
National Association (formerly known as First Bank National Association) and the
supplements to the Agreement, and are recorded properly to permit the
preparation of the required financial reports. Management is responsible for
BANA's internal controls over compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about BANA's
internal controls over compliance based on our examination.

Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants, and accordingly, included
obtaining an understanding of the internal controls over the functions performed
by BANA as servicer of the Trust, testing and evaluating the design and
operating effectiveness of the controls, and such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on BANA's internal controls over compliance with specified
requirements.

Because of inherent limitations in internal controls, errors or irregularities
may occur and not be detected. Also, projections of any evaluation of the
internal controls over the functions performed by BANA as servicer of the Trust
to future periods are subject to the risk that the controls may become
inadequate because of changes in conditions, or that the degree of compliance
with the controls may deteriorate.

In our opinion, management's assertion that BANA maintained internal controls
over the functions performed as servicer of the Trust that are effective, as of
December 31, 1997, in providing reasonable assurance that Trust assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization in
conformity with the Agreement, between BANA and U.S. Bank National Association
(formerly known as First Bank National Association), and are
<PAGE>   2
recorded properly to permit the preparation of the required financial reports,
is fairly stated, in all material respects, based upon the following criteria
specified in the Report:

-     Controls provide reasonable assurance that funds collected are
      appropriately remitted to the Trustee in accordance with the Agreement and
      the supplements to the Agreement.

-     Controls provide reasonable assurance that Trust assets are segregated
      from those assets retained by BANA in accordance with the Agreement and
      the supplements to the Agreement.

-     Controls provide reasonable assurance that expenses incurred by the Trust
      are properly calculated and remitted in accordance with the Agreement and
      the supplements to the Agreement.

-     Controls provide reasonable assurance that the addition of accounts to the
      Trust are authorized in accordance with the Agreement and the supplements
      to the Agreement.

-     Controls provide reasonable assurance that the removal of accounts from
      the Trust are authorized in accordance with the Agreement and the
      supplements to the Agreement.

-     Controls provide reasonable assurance that Trust assets amortizing out of
      the Trust are calculated in accordance with the Agreement and the
      supplements to the Agreement.

-     Controls provide reasonable assurance that Monthly Trust reports generated
      in the form of "Exhibits" and provided to the Trustee are reviewed by
      management prior to disbursing.

-     Controls provide reasonable assurance that Monthly Trust reports generated
      in the form of "Exhibits" contain all required information per section
      5.02 of the supplements to the Agreement.

This report is intended solely for your information. However, this report is a
matter of public record as a result of being included as an exhibit to the
annual report on Form 10-K prepared by BANA and filed with the Securities and
Exchange Commission on behalf of BA Master Credit Card Trust and its
distribution is not limited.


                                                     /s/  ERNST & YOUNG LLP
                                                     --------------------------
                                                     Ernst & Young LLP

March 11, 1998
<PAGE>   3
                         Independent Accountant's Report


Bank of America National Association
   and
U.S. Bank National Association

We have examined management's assertion, included in the accompanying Report of
Management on Credit Card Trust Internal Controls and Pooling and Servicing
Agreement Compliance (the "Report"), about Bank of America National
Association's ("BANA"), a wholly owned subsidiary of BankAmerica Corporation,
compliance with the terms and conditions of Sections 3.01(f), 3.02, 3.04, 3.05,
3.09, 4.02(a), 4.03 and 9.01 of the Pooling and Servicing Agreement dated as of
July 19, 1996 between BANA and U.S. Bank National Association (formerly known as
First Bank National Association) (the "Agreement") and Sections 3(b), 4.05(a),
4.09, 4.10 and 5.02(a) of the supplements to the Agreement relating to Series
1996-A, Series 1996-B, Series 1997-A and Series 1997-B as of December 31, 1997
and for the year then ended. Management is responsible for BANA's compliance
with those requirements. Our responsibility is to express an opinion on
management's assertion about BANA's compliance based on our examination.

Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about BANA's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination of
BANA's compliance with specified requirements.

In our opinion, management's assertion that BANA was in compliance, in all
material respects, with the terms and conditions of the sections of the
Agreement and the provisions of each supplement to the Agreement referred to
above, as of December 31, 1997 and for the year then ended, is fairly stated, in
all material respects.

This report is intended solely for your information. However, this report is a
matter of public record as a result of being included as an exhibit to the
annual report on Form 10-K prepared by BANA and filed with the Securities and
Exchange Commission on behalf of BA Master Credit Card Trust and its
distribution is not limited.

                                                     /s/  ERNST & YOUNG LLP
                                                     --------------------------
                                                     Ernst & Young LLP

March 11, 1998
<PAGE>   4
           Report of Management on Credit Card Trust Internal Controls
                 and Pooling and Servicing Agreement Compliance


INTERNAL CONTROLS

Bank of America National Association ("BANA"), a wholly owned subsidiary of
BankAmerica Corporation, is responsible for establishing and maintaining
effective internal controls over the functions performed as servicer of the BA
Master Credit Card Trust Series 1996-A, Series 1996-B, Series 1997-A and Series
1997-B (the "Trust"). These controls are designed to provide reasonable
assurance to BANA's management that Trust assets are safeguarded against loss
from unauthorized use or disposition and that transactions are executed in
accordance with management's authorization in conformity with the Pooling and
Servicing Agreement dated July 19, 1996 (the "Agreement") and the supplements to
the Agreement relating to Series 1996-A, Series 1996-B, Series 1997-A and Series
1997-B, as applicable, between BANA and U.S. Bank National Association (formerly
known as First Bank National Association) and are recorded properly to permit
the preparation of the required financial reports.

There are inherent limitations in any internal controls, including the
possibility of human error and circumvention or overriding of controls.
Accordingly, even effective internal controls can provide only reasonable
assurance with respect of the achievement of any objectives of internal control.
Further, because of changes in conditions, the effectiveness of the internal
controls may vary over time.

BANA has determined that the objectives of its internal controls with respect to
servicing and reporting of credit card receivables sold to the Trust are to
provide reasonable, but not absolute assurance that:

      -     Funds collected are appropriately remitted to the Trustee in
            accordance with the Agreement and the supplements to the Agreement.

      -     Trust assets are segregated from those retained by BANA in
            accordance with the Agreement and the supplements to the Agreement.

      -     Expenses incurred by the Trust are properly calculated and remitted
            in accordance with the Agreement and the supplements to the
            Agreement.

      -     The addition of accounts to the Trust are authorized in accordance
            with the Agreement and the supplements to the Agreement.

      -     The removal of accounts from the Trust are authorized in accordance
            with the Agreement and the supplements to the Agreement.
<PAGE>   5
      -     Trust assets amortizing out of the Trust are calculated in
            accordance with the Agreement and the supplements to the Agreement.

      -     Monthly Trust reports generated in the form of "Exhibits" and
            provided to the Trustee are reviewed by management prior to
            disbursing.

      -     Monthly Trust reports generated in the form of "Exhibits" contain
            all information required by the Agreement and the supplements to the
            Agreement.

BANA has assessed its internal controls over the functions performed as servicer
of the Trust in relation to these criteria. Based upon this assessment, BANA
maintained that, as of December 31, 1997, its internal controls over the
functions performed as servicer of the Trust are effective in providing
reasonable assurance that Trust assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed in accordance
with management's authorization in conformity with the Agreement between BANA
and U.S. Bank National Association (formerly known as First Bank National
Association) and the supplements to the Agreement and are recorded properly to
permit the preparation of the required Monthly Trust reports in the form of
"Exhibits".

POOLING AND SERVICING AGREEMENT COMPLIANCE

BANA is responsible for complying with the Agreement and the provisions of each
supplement to the Agreement. BANA assessed its compliance with the relevant
terms and conditions of Sections 3.01(f), 3.02, 3.04, 3.05, 3.09, 4.02(a), 4.03
and 9.01 of the Agreement and Sections 3(b), 4.05(a), 4.09, 4.10 and 5.02(a) of
the supplements to the Agreement relating to Series 1996-A, Series 1996-B,
Series 1997-A and Series 1997-B, as of December 31, 1997 and for the year then
ended. Based upon this assessment, BANA was in compliance with the relevant
terms and conditions identified in the Sections above for the Agreement and the
supplements to the Agreement. In addition, BANA did not identify any instances
of noncompliance in performing the assessment.

March 11, 1998
                                              /s/  MARGARET A. SPRUDE
                                              ---------------------------------
                                              Margaret A. Sprude
                                              SVP & Chief Financial Officer


                                              /s/  MICHAEL KOPP
                                             ----------------------------------
                                             Michael Kopp
                                             Controller