SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K


(Mark One)
[X]     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                 SECURITIES EXCHANGE ACT OF 1934

         For the fiscal year ended December 31, 1997

                                       OR

[  ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                 SECURITIES EXCHANGE ACT OF 1934

         For the transition  period from  ___________ to ____________


                        Commission file number: 33-55268


                          Citibank (South Dakota), N.A.
                                  on behalf of
                        CHOICE Credit Card Master Trust I
          (Issuer in respect of the CHOICE Credit Card Master Trust I,
   Floating Rate Class A Credit Card Participation Certificates, Series 1992-2
     and 7.20% Class B Credit Card Participation Certificates, Series 1992-2
                       (collectively, the "Certificates"))
                       -----------------------------------
             (Exact name of registrant as specified in its charter)


     United States of America                           46-0358360
     ------------------------                           ----------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
  incorporation or organization)

     701 East 60th Street, North
     Sioux Falls, South Dakota                             57117
     -------------------------                             -----
(Address of principal executive offices)                 (Zip Code)

Registrant's telephone number, including area code:  (605) 331-2626

Securities registered pursuant to Section 12(b) of the Act:

         NONE

Securities registered pursuant to Section 12(g) of the Act:

         On December  18,  1992,  a Form 8-A was filed with the  Securities  and
Exchange Commission (the "Commission")  registering the Certificates pursuant to
Section 12(g) of the Securities Exchange Act of 1934 (the "Act").
                                                       [cover page 1 of 2 pages]


<PAGE>


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 if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]


State the aggregate market value of the voting and non-voting common equity held
by  non-affiliates  of the  registrant.  The  aggregate  market  value  shall be
computed by reference to the price at which the common  equity was sold,  or the
average bid and asked price of such common equity, as of a specified date within
60 days prior to the date of filing.  (See  definition of affiliate in Rule 405,
17 C.F.R. 230.405):

         NOT APPLICABLE.
                                                       [cover page 2 of 2 pages]

-------------
* On April 28,  1989,  Citibank  (South  Dakota),  N.A.  ("CBSD"),  successor to
Citibank (Maryland),  National  Association,  the registrant and the servicer of
the above  referenced  trust,  was issued a  no-action  letter  (the  "No-Action
Letter")  by  the  Commission  with  respect  to  certain  of  CBSD's  reporting
requirements  pursuant to Section 13 or Section 15(d) of the Act. This Form 10-K
has been prepared in accordance with the terms of such No-Action Letter.


<PAGE>


                                     PART I
                                     ------

Item 1.      Business.

             Omitted pursuant to the No-Action Letter.

Item 2.      Properties.

             Pursuant to Section  3.06 of the Pooling  and  Servicing  Agreement
(the "Pooling  Agreement")  dated as of December 15, 1992 relating to the CHOICE
Credit Card Master Trust I (the "Trust") among  Citibank  (South  Dakota),  N.A.
(the "Bank"),  as successor to Citibank  (Maryland),  National  Association,  as
Seller, the Bank, as Servicer, and Norwest Bank Minnesota, National Association,
as  trustee  (the  "Trustee"),  KPMG  Peat  Marwick  LLP has  performed  certain
procedures in connection with the Monthly Servicer's  Certificates (the "Monthly
Certificates") for the months of January 1997 through December 1997. The Monthly
Certificates contain information relating to the receivables (the "Receivables")
and the  accounts  from which the  Receivables  arise (the  "Accounts")  and are
prepared  by the  Servicer  and  delivered  to the  Trustee  pursuant to Section
3.04(b) of the Pooling Agreement. The reports issued by KPMG Peat Marwick LLP in
connection with the servicing activities of CBSD, as servicer (in such capacity,
the "Servicer"),  are attached hereto as Exhibit 99.1. The Monthly  Certificates
containing  information relating to the Receivables and the Accounts for the Due
Periods ending in January 1997, April 1997, July 1997, October 1997 and December
1997 are incorporated by reference from the registrant's Current Reports on Form
8-K filed with the  Commission  on February 24, 1997,  May 23, 1997,  August 22,
1997, March 10, 1998 and January 27, 1998, respectively.

Item 3.      Legal Proceedings.

             The  registrant  knows of no  material  pending  legal  proceedings
involving either the Trust, CBSD or the Trustee (in its capacity as such), other
than routine  litigation  incidental  to the business of the  registrant  or the
Trustee (in its capacity as such).

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

             NONE.


                                       3


<PAGE>


                                     PART II
                                     -------

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

     To the best knowledge of the  registrant,  there is no  established  public
trading market for the Certificates.

     Each  class of  Certificates  is  represented  by one or more  certificates
registered  in the name of Cede & Co.  ("Cede"),  the nominee of The  Depository
Trust Company ("DTC").

Item 6. Selected Financial Data.

     Omitted pursuant to the No-Action Letter.

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

     Omitted pursuant to the No-Action Letter.

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

     Omitted pursuant to the No-Action Letter.

Item 8. Financial Statements and Supplementary Data.

     Omitted pursuant to the No-Action Letter.

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

     NONE.

                                    PART III
                                    --------


Item 10. Directors and Executive Officers of the Registrant.

     Omitted pursuant to the No-Action Letter.

Item 11. Executive Compensation.

     Omitted pursuant to the No-Action Letter.

Item 12. Security Ownership of Certain Beneficial Owners and Management.

     (a) Each class of Certificates  is represented by one or more  certificates
registered in the name of Cede,  the nominee of DTC, and an investor  holding an
interest in the Trust is not entitled to receive a certificate representing such
interest except in limited circumstances.  Accordingly,  Cede is the sole holder
of record of Certificates,  which it holds on behalf of brokers, dealers, banks,
and other direct participants in the DTC system.


                                       4


<PAGE>


Such direct participants may hold Certificates for their own accounts or for the
accounts of their customers. The name and address of Cede is:

     Cede & Co.
     c/o The Depository Trust Company
     Seven Hanover Square
     New York, NY  10004

     (b) Omitted pursuant to the No-Action Letter.

     (c) Omitted pursuant to the No-Action Letter.

Item 13. Certain Relationships and Related Transactions.

     There have not been, and there are not currently proposed,  any transaction
or series  of  transactions,  to which  either  the  registrant,  the  Bank,  as
Servicer,  or the  Trustee,  on  behalf  of  the  Trust,  is a  party  with  any
Certificateholder  who owns of record or beneficially  more than five percent of
the Certificates.

                                     PART IV
                                     -------

Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

             (a)    24.1 Powers of Attorney of Messrs.  Greenfield,  Johnson and
                    Bender as  Directors  and/or  Officers  of  Citibank  (South
                    Dakota),  N.A. are  incorporated  by reference  from Exhibit
                    25.1 of the registrant's  Registration Statement on Form S-1
                    (File No. 33-28213).  Power of Attorney of Mr. Paladino as a
                    Director of Citibank (South Dakota), N.A. is incorporated by
                    reference from Exhibit 25.1 of the registrant's Registration
                    Statement on Form S-1 (File No. 33-33860).

                    99.1  Reports  on  the  activities  of  CBSD,  as  Servicer,
                    prepared by KPMG Peat  Marwick LLP  pursuant to Section 3.06
                    of the  Pooling  Agreement  are  attached  hereto as Exhibit
                    99.1.

                    99.2  The  Monthly   Certificates   containing   information
                    relating to the  Receivables  and the  Accounts  for the Due
                    Periods  ending in  January  1997,  April  1997,  July 1997,
                    October 1997 and December 1997 are incorporated by reference
                    from the registrant's Current Reports on Form 8-K filed with
                    the  Commission on February 24, 1997,  May 23, 1997,  August
                    22, 1997, March 10, 1998 and January 27, 1998, respectively.

             (b) Omitted pursuant to the No-Action Letter.

             (c) Omitted pursuant to the No-Action Letter.

             (d) Omitted pursuant to the No-Action Letter.


                                       5


<PAGE>


                                   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.

                                  CITIBANK (SOUTH DAKOTA), N.A.,
                                  as Servicer
                                  (Registrant)


                                  By: /s/ Eugene D. Rowenhorst
                                      ------------------------
                                          Eugene D. Rowenhorst
                                          Senior Vice President


Dated:  March 30, 1998


     Pursuant to the  requirements of the Securities  Exchange Act of 1934, this
report  has  been  signed  below  by the  following  persons  on  behalf  of the
registrant on March 30, 1998 in the capacities indicated.


                               /s/ Thomas W. Jones
                               ------------------------
                               Thomas W. Jones
                               President, Chief Executive Officer and a Director
                               (Principal Executive Officer)


                               /s/ Eugene D. Rowenhorst
                               ------------------------
                               Eugene D. Rowenhorst
                               Chief Financial Officer and a Director
                               (Principal Financial Officer and
                               Principal Accounting Officer)


                               ------------------------
                               Roberta J. Arena
                               Director


                                          *
                               ------------------------
                               Donald Bender
                               Director


                                          *
                               ------------------------
                               Russell R. Greenfield
                               Director


                               ------------------------
                               James W. Hutchinson
                               Director


                                       6


<PAGE>


                                          *
                               ------------------------
                               Jerry W. Johnson
                               Director


                                          *
                               ------------------------
                               Joachim M. Paladino
                               Director


                               ------------------------
                               James R. Stojak
                               Director


*    Eugene D. Rowenhorst,  by signing his name hereto,  does sign this document
     on behalf of the persons  indicated  above  pursuant to a power of attorney
     duly executed by such person and  previously  filed with the Securities and
     Exchange Commission.


                                       By: /s/ Eugene D. Rowenhorst
                                           ------------------------
                                               Eugene D. Rowenhorst
                                               Attorney-in-Fact


                                       7