|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, 2003                                                                                                                                                                                                                                                                                                                                                                                                                                
|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 Nos. 000-33013                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|SAKS CREDIT CARD MASTER TRUST                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(Exact name of Registrant as specified in Department                                                                                                                                                                                                                                                                                                                                                                                                                       
|of the Treasury, Internal Revenue Service Form SS-4)                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|HOUSEHOLD FINANCE CORPORATION                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(Servicer of the Trust)                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|(Exact name as specified in Servicer's charter)                                                                                                                                                                                                                                                                                                                                                                                                                            
|DELAWARE(State or other jurisdiction of incorporation of Servicer)                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|2700 SANDERS ROAD, PROSPECT HEIGHTS, ILLINOIS         60070                                                                                                                                                                                                                                                                                                                                                                                                                
|(Address of principal executive offices of Servicer)                        (Zip Code)                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|Servicer's telephone number, including area code (847) 564-5000                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|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]

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).  Yes [   ]  No [X]
|Registrant has no voting or nonvoting class common equity outstanding as of the date of this report.                                                                                                                                                                                                                                                                                                                                                                       

|INTRODUCTORY NOTE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Saks Credit Card Corporation (the "Transferor") is the transferor under a Master Pooling and Servicing Agreement (the "Agreement") dated as of August 21, 1997, as amended, by and among the Transferor, HRSI Funding, Inc. III as Successor Transferor, Saks Incorporated, as Servicer, Household Finance Corporation, as Successor Servicer, and Wells Fargo Bank Minnesota, National Association, as Trustee (the "Trustee"), and the Series 2001-2 Supplement, dated July 17, 2001, by and among the Transferor, the Servicer and the Trustee with respect to the Series 2001-2 Certificates (the "Certificates").                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|The Certificates consist of four classes of certificates.  As of December 31, 2003, the outstanding principal balance of the Series 2001-2 Certificates was approximately $434,250,000. The Series 2001-2 Certificate receivables held by the Registrant had an aggregate outstanding principal balance of approximately $1,204,577,316.  There is no reserve account held for the benefit of the Certificateholders.                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|The Successor Servicer has prepared this Form 10-K on behalf of the Registrant in reliance upon various no-action letters issued by the Securities and Exchange Commission (the "Commission") to other trusts substantially similar to the Trust.  Items designated herein as "Not Applicable" have been omitted as a result of this reliance.                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|PART I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Item 1.	Business.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Item 2.	Properties.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Item 3.	Legal Proceedings.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|The Successor Servicer is not aware of any material pending legal proceedings involving either the Registrant, the Trustee, the Transferor, the Successor Transferor or the Servicer with respect to the Certificates or the Registrant's property.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Item 4.	Submission of Matters to a Vote of Security Holders.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|No vote or consent of the holders of the Certificates (the "Certificateholders") was solicited for any purpose during the year ended December 31, 2003.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|PART II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Item 5.	Market for Registrant's Common Equity and Related Stockholder Matters.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|To the best knowledge of the Successor Servicer, there is no established public trading market for the Certificates.  At March 25, 2004, there were less than 300 holders of each class of Certificate.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Item 6.	Selected Financial Data.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Item 8.	Financial Statements and Supplementary Data.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|None.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Item 9a.  Controls and Procedures.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|PART III                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Item 10.	Directors and Executive Officers of the Registrant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Item 11.	Executive Compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Item 12.	Security Ownership of Certain Beneficial Owners and Management.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|The following table sets forth (i) the name and address of each entity owning more than 5% of the outstanding principal amount of the Class A Certificates, Class B Certificates, Class C Certificates, and Class D Certificates (ii) the principal amount of Certificates owned by each, if known, and (iii) the percent that the principal amount of Certificates owned represents of the outstanding principal amount.  The information set forth in the table is based upon information obtained by the Successor Servicer from the Trustee and from The Depository Trust Company as of February 24, 2004.  The Successor Servicer is not aware of any Schedules 13D or 13G filed with the Securities and Exchange Commission in respect of the Certificates.
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Name and Address                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Series 2001-2 Class A Certificateholders                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|The Bank of New York
One Wall Street
New York, NY  10286                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|JPMorgan Chase Bank
Proxy/Class Action/Bankruptcy
14201 Dallas Parkway
Dallas, TX 75254                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|Mellon Trust of New England, National Association
525 William Penn Place, Suite 3418
Pittsburgh, PA  15259                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Deutsche Bank Trust Company Americas
648 Grassmere Park Road
Nashville, TN 37211                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|The Bank of New York/Soc Gen Bank
One Wall Street
New York, NY  10286                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            



|                                                                                        | Amount Owned                                                                                     All dollar amounts are                                                                            in thousands
|--------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name and Address                                                                        | Principal                                                                                                                                                                                                      
|Series 2001-2 Class B Certificateholders                                                |                                                                                                                                                                                                                
|JPMorgan Chase Bank
Proxy/Class Action/Bankruptcy
14201 Dallas Parkway
Dallas, TX 75254 | $18,000                                                                                                                                                                                                        
|Bank of New York
One Wall Street
New York, NY 10286                                     | $15,000                                                                                                                                                                                                        
|Banc of America Securities LLC
300 Harmon Meadow Blvd.
Secaucus, NJ  07094              | $3,000                                                                                                                                                                                                         



|                                                                                                                                                                                                                                                                                                                                                                                                              | Amount Owned                                                                                     All dollar amounts are                                                                            in thousands
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name and Address                                                                                                                                                                                                                                                                                                                                                                                              | Principal                                                                                                                                                                                                      
|Series 2001-2, Class C Certificateholders                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                
|LaSalle Bank National Association
135 South LaSalle Street
Chicago, IL  60603                                                                                                                                                                                                                                                                                                                                 | $16,000                                                                                                                                                                                                        
|Wells Fargo Bank Minnesota, N.A.
Issuer Services
c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY  11717                                                                                                                                                                                                                                                                                                   | $15,250                                                                                                                                                                                                        
|JPMorgan Chase Bank
Proxy/Class Action/Bankruptcy
14201 Dallas Parkway
Dallas, TX 75254                                                                                                                                                                                                                                                                                                                       | $15,000                                                                                                                                                                                                        
|Wachovia Securities, LLC/Custody
One New York Plaza
New York, NY  10292                                                                                                                                                                                                                                                                                                                                       | $6,710                                                                                                                                                                                                         
|SG Cowen Securities Corp.
560 Lexington Avenue
14201 Dallas Parkway
New York, NY  10022                                                                                                                                                                                                                                                                                                                       | $5,000                                                                                                                                                                                                         
|Deutsche Bank Trust Company Americas
648 Grassmere Park Road
Nashville, TN  37211                                                                                                                                                                                                                                                                                                                             | $4,000                                                                                                                                                                                                         
|Brown Brothers Harriman & Co.
63 Wall Street
New York, NY  10005                                                                                                                                                                                                                                                                                                                                              | $3,290                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                             
|Item 14. Principal Accountant Fees and Services.

Not Applicable.                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                             
|PART IV                                                                                                                                                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                                                                                                                                                             
|Item 15.	Exhibits, Financial Statement Schedules, and Reports on Form 8-K.                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                             
|(a)	List the following documents filed as a part of the report:                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                             
|(1)	Financial Statements                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                             
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                             
|(2)	Financial Statement Schedules                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                             
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                             
|(3)  The Successor Servicer is obligated to prepare an Annual Statement to Certificateholders for the year ended December 31, 2003, and Independent Public Accountants are required to prepare an Annual Servicing Report pertaining to the compliance of the Successor Servicer with its servicing obligations pursuant to the Agreement.  Copies of said documents are filed as exhibits to this Form 10-K.
|                                                                                                                                                                                                                                                                                                                                                                                                             
|(b)	The Registrant filed the following current reports on Form 8-K for the fourth quarter of 2003:                                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                             
|Date of Reports                                                                                                                                                                                                                                                                                                                                                                                               | Items Covered                                                                                                                                                                                                  
|October 24, 2003, November 26, 2003 and December 23, 2003.                                                                                                                                                                                                                                                                                                                                                    | Item 7. Statement to Certificateholders with respect to distributions made on October 15, 2003, November 17, 2003 and December 15, 2003.                                                                       
|(c)
Exhibit 99(a)                                                                                                                                                                                                                                                                                                                                                                                             | Annual Statement to Certificateholders for the year ended December 31, 2003.                                                                                                                                   
|Exhibit 99(b)                                                                                                                                                                                                                                                                                                                                                                                                 | Independent Accountants' Report dated February 28, 2004.                                                                                                                                                       
|Exhibit 99(c)                                                                                                                                                                                                                                                                                                                                                                                                 | Annual Servicer's Certificate dated March 25, 2004.                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                
|(d)  Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                         



|                                                                                                                                                                                                                                               
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|SIGNATURES                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                               
|Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Servicer has duly caused this report to be signed on behalf of the Saks Credit Card Master Trust by the undersigned, thereunto duly authorized.
|                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                               
|Dated:  March 25, 2004                                                                                                                                                                                                                         





Certification

I, Steven H. Smith, certify that:

1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K
2. Based on my knowledge, the information in these reports, taken as a whole,
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.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: Wells Fargo Bank Minnesota, National Association and The Depository Trust Company.



Date:  March 25, 2004



_/s/ Steven H. Smith

Steven H. Smith

Assistant Treasurer



|Exhibit Index            
|-------------------------
|                         
|Exhibit No.
Exhibit 99(a)
|Exhibit 99(b)            
|Exhibit 99(c)            
|