|UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549FORM 10-K                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
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|(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, 2004                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|OR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|For the transition period from ______ to _______                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
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|Commission File Nos. 000-33013                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
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|SAKS CREDIT CARD MASTER TRUST(Exact name of Registrant as specified in Department of the Treasury, Internal Revenue Service Form SS-4)HSBC FINANCE CORPORATION(Servicer of the Trust)
(Exact name as specified in Servicer's charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|DELAWARE(State or other jurisdiction of incorporation of Servicer)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
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|2700 Sanders Road, Prospect Heights, Illinois  60070(Address of principal executive offices of Servicer)(847) 564-5000Servicer's telephone number, including area code                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
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|Securities registered pursuant to Section 12(b) of the Act:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
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|Title of each class                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|Series 2001-2 CertificatesClass A Certificates
Class B Certificates
 Class C Certificates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
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|Securities registered pursuant to section 12(g) of the Act:  None                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|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 (Section 229.405 of this chapter) 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.
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|INTRODUCTORY NOTE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
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|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, HSBC Finance Corporation, successor by merger to 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").                                                                                      
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|The Certificates consist of four classes of certificates.  As of December 31, 2004, the outstanding principal balance of the Series 2001-2 Certificates was approximately $450,000,000. The Series 2001-2 Certificate receivables held by the Registrant had an aggregate outstanding principal balance of approximately $1,371,999,577.  There is no reserve account held for the benefit of the Certificateholders.                                                                                                                                                                                                                                                                                                                                        
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|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.                                                                                                                                                                                                                                                                                                                                                                                                               
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|PART I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
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|Item 1.	Business.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
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|Item 2.	Properties.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
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|Item 3.	Legal Proceedings.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
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|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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
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|Item 4.	Submission of Matters to a Vote of Security Holders.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
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|No vote or consent of the holders of the Certificates (the "Certificateholders") was solicited for any purpose during the year ended December 31, 2004.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
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|PART II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
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|Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
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|To the best knowledge of the Successor Servicer, there is no established public trading market for the Certificates.  At March 24, 2005, there were less than 300 holders of each class of Certificate.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
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|Item 6.	Selected Financial Data.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
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|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
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|Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
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|Item 7A.  Quantitative and Qualitative Disclosures About Market Risk.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
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|Item 8.	Financial Statements and Supplementary Data.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
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|Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
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|None.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
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|Item 9A.  Controls and Procedures.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
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|Item 9B.  Other Information.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|PART III                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
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|Item 10.  Directors and Executive Officers of the Registrant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
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|Item 11.  Executive Compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
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|Item 12. Security Ownership of Certain Beneficial Owners and Management.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
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|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 March 9, 2005.  The Successor Servicer is not aware of any Schedules 13D or 13G filed with the Securities and Exchange Commission in respect of the Certificates.
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|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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|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                                                                                                                                                                                           |                                                                                                                                                                                                                
|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                                                                                                                                                                                                        
|PNC Bank, National Association
8800 Tinicum Blvd. T
MS F-6F-266-02-2
Philadelphia, PA  19153                                                                                                               | $2,800                                                                                                                                                                                                         
|Series 2001-2, Class C Certificateholders                                                                                                                                                                  |                                                                                                                                                                                                                
|LaSalle Bank National Association
135 South LaSalle Street
Chicago, IL  60603                                                                                                                              | $16,000                                                                                                                                                                                                        
|JPM/PRUDEN
Participant information unavailable
Contact The Depository Trust Company                                                                                                                        | $13,710                                                                                                                                                                                                        
|JPMorgan Chase Bank
Proxy/Class Action/Bankruptcy
14201 Dallas Parkway
Dallas, TX 75254                                                                                                                    | $15,000                                                                                                                                                                                                        
|Citigroup Global Markets Inc. / Salomon
333 W. 34th Street 3rd Floor
New York, NY  10001                                                                                                                   | $4,275                                                                                                                                                                                                         
|State Street Bank & Trust Company
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
No. Quincy, MA  02171                                                                                           | $9,000                                                                                                                                                                                                         
|Brown Brothers Harriman & Co.
63 Wall Street
New York, NY  10005                                                                                                                                           | $3,290                                                                                                                                                                                                         
|                                                                                                                                                                                                          
|Item 13.  Certain Relationships and Related Transactions.                                                                                                                                                 
|                                                                                                                                                                                                          
|Not Applicable.                                                                                                                                                                                           
|Item 14. Principal Accountant Fees and Services.
Not Applicable.                                                                                                                                          
|                                                                                                                                                                                                          
|PART IV                                                                                                                                                                                                   
|                                                                                                                                                                                                          
|Item 15. Exhibits and Financial Statement Schedules.                                                                                                                                                      
|                                                                                                                                                                                                          
|(a) (1)  Financial Statements.                                                                                                                                                                            
|                                                                                                                                                                                                          
|Not Applicable.                                                                                                                                                                                           
|                                                                                                                                                                                                          
|(a) (2)	Not Applicable.                                                                                                                                                                                   
|                                                                                                                                                                                                          
|(a) (3)  The Successor Servicer is obligated to prepare an Annual Statement to Certificateholders for the year ended December 31, 2004.  A copy of said document is filed as an exhibit to this Form 10-K.
|                                                                                                                                                                                                          
|The exhibits required by Item 601 of Regulation S-K (Section 229.601):                                                                                                                                    
|                                                                                                                                                                                                          
|Exhibit 99(a)                                                                                                                                                                                              | Annual Statement to Certificateholders for the year ended December 31, 2004.                                                                                                                                   
|Exhibit 99(b)                                                                                                                                                                                              | Annual Servicer's Certificate dated March 1, 2005.                                                                                                                                                             
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|SIGNATURES                                                                                                                                                                                                                                     
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|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.
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|Dated:  March 24, 2005                                                                                                                                                                                                                         





Certification

I, Edgar D. Ancona, certify that:

1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Saks Credit Card Master Trust;
2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;
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 24, 2005



_/s/ Edgar D. Ancona

Edgar D. Ancona

Senior Vice-President - Treasurer



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