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, 1997.  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, 1997 is fairly stated in all material respects.


/s/ KPMG Peat Marwick LLP

March 20, 1998


<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, 1997.
Based  upon  this  evaluation,  management  believes  that,  for the year  ended
December 31, 1997,  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 20, 1998


<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, 1997.  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, 1997 is fairly stated in all material respects.


/s/ KPMG Peat Marwick LLP

March 20, 1998


<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, 1997.  Based
upon this evaluation,  management believes that, for the year ended December 31,
1997, 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 20, 1998