Independent Accountant's Report


Choice Credit Card Master Trust I
c/o Norwest Bank Minnesota, N.A., as Trustee

Citibank (South Dakota), N.A., as servicer

We have examined the accompanying assertion made by management on Citibank
(South Dakota), N.A.'s ("CBSD") compliance, as servicer, with the servicing
requirements in Article III, Sections 3.01, 3.02, 3.04, 3.05, 3.06, and 3.09,
Article IV and Section 8.08 of the Pooling and Servicing Agreement for the
Choice Credit Card Master Trust I dated as of December 15, 1992, including the
supplements for each series issued from the Trust, among CBSD, as servicer, CBSD
as successor to Citibank (Maryland), National Association, as seller, and
Norwest Bank Minnesota, N.A., as Trustee, (the "Agreement") for the year ended
December 31, 1996. Management is responsible for CBSD's compliance with the
aforementioned sections of the Agreement. Our responsibility is to express an
opinion on management's assertion about CBSD's compliance based upon 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 CBSD's compliance with the
aforementioned sections of the Agreement 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 on CBSD's compliance with those sections.

In our opinion, management's assertion that CBSD was materially in compliance
with the aforementioned sections of the Agreement for the year ended December
31, 1996 is fairly stated in all material respects.


/s/ KPMG Peat Marwick LLP


New York, New York
March 14, 1997

<PAGE>

  Management Report on Citibank (South Dakota), N.A.'s Compliance, as Servicer,
     with the Servicing Requirements of the Pooling and Servicing Agreement


Management of Citibank (South Dakota), N.A. (CBSD), as servicer, is
responsible for compliance with the servicing requirements in Article III,
Sections 3.01, 3.02, 3.04, 3.05, 3.06, and 3.09, Article IV, and Section 8.08 of
the Pooling and Servicing Agreement for the Choice Credit Card Master Trust I
(the "Trust") dated as of December 15, 1992, including the supplements for each
series issued from the Trust, among CBSD, as servicer, CBSD as successor to
Citibank (Maryland), National Association, as seller, and Norwest Bank Minnesota
N.A., as Trustee (the "Agreement").

Management has performed an evaluation of CBSD's compliance with the
aforementioned sections of the Agreement for the year ended December 31, 1996.
Based upon this evaluation, management believes that, for the year ended
December 31, 1996, CBSD, as servicer, was materially in compliance with the
aforementioned sections of the Agreement.


/s/ Thomas W. Jones

Thomas W. Jones
President and CEO


March 14, 1997

<PAGE>

                         Independent Accountant's Report


Choice Credit Card Master Trust I
c/o Norwest Bank Minnesota N.A., as Trustee

Citibank (South Dakota), N.A., as servicer

We have examined the accompanying assertion made by management on Citibank
(South Dakota), N.A.'s ("CBSD") compliance, as servicer, with Article III,
Section 3.04 (b) of the Pooling and Servicing Agreement for the Choice Credit
Card Master Trust I dated as of December 15, 1992 among CBSD, as servicer, CBSD
as successor to Citibank (Maryland), National Association, as seller, and
Norwest Bank Minnesota N.A., as Trustee (the "Agreement") for the year ended
December 31, 1996. Management is responsible for CBSD's compliance with Article
III, Section 3.04 (b) of the Agreement. Our responsibility is to express an
opinion on management's assertion about CBSD's compliance based upon 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 CBSD's compliance with the
aforementioned provision of the Agreement 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 on CBSD's compliance with that provision.

In our opinion, management's assertion that CBSD was materially in compliance
with Article III, Section 3.04 (b) of the Agreement for the year ended December
31, 1996 is fairly stated in all material respects.


/s/ KPMG Peat Marwick LLP


New York, New York
March 14, 1997

<PAGE>

  Management Report on Citibank (South Dakota), N.A.'s Compliance, as Servicer,
    with Article III, Section 3.04 (b) of the Pooling and Servicing Agreement


Management of Citibank (South Dakota), N.A. (CBSD), as servicer, is
responsible for the preparation of the Monthly Servicer Certificates in
compliance with Article III, Section 3.04 (b) of the Pooling and Servicing
Agreement for the Choice Credit Card Master Trust I dated as of December 15,
1992 among CBSD, as servicer, CBSD as successor to Citibank (Maryland), National
Association, as seller, and Norwest Bank Minnesota N.A., as Trustee (the
"Agreement").

Management has performed an evaluation of CBSD's compliance with Article III,
Section 3.04 (b) of the Agreement for the year ended December 31, 1996. Based
upon this evaluation, management believes that, for the year ended December 31,
1996, CBSD, as servicer, was materially in compliance with Article III, Section
3.04 (b) of the Agreement.


/s/ Thomas W. Jones

Thomas W. Jones
President and CEO


March 14, 1997