<PAGE>

                                                                   EXHIBIT 99.00

                                                 [LETTERHEAD OF ARTHUR ANDERSEN]

                      REPORT OF INDEPENDENT ACCOUNTANTS


We have examined the accompanying management's assertion that, as of December
31, 1999, First USA Bank, N.A.  (the "Servicer") maintained effective internal
control over the servicing of receivables arising in consumer credit card
accounts for the First USA Credit Card Master Trust.

Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
obtaining an understanding of the internal control over the loan servicing
process, testing and evaluating the design and operating effectiveness of the
internal control, and such other procedures as we considered necessary in the
circumstances.  We believe that our examination provides a reasonable basis for
our opinion.

Because of inherent limitations in any internal control, errors or
irregularities may occur and not be detected.  Also, projections of any
evaluation of the internal control over the loan servicing process to future
periods are subject to the risk that the internal control may become inadequate
because of changes in conditions, or that the degree of compliance with the
policies and procedures may deteriorate.

As discussed in management's assertion, during 1999, the Servicer experienced
delays in the timely posting of payments to customer accounts due to backlogs
that occurred at a third party processor.  The Servicer's relationship with this
processor has since been terminated and as of December 31, 1999, payments are
being processed internally and in accordance with Bank policy and usual and
customary servicing procedures.

In our opinion, management's assertion that the Servicer maintained effective
internal control over the servicing of receivables arising in consumer credit
card accounts for First USA Credit Card Master Trust as of December 31, 1999, is
fairly stated, in all material respects, based upon criteria established by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO) as
described in Internal Control - Integrated Framework.  Such criteria and our
testing of management's assertion included the following:

Control Environment
-------------------

Testing of controls in place to ensure the Pooling and Servicing Agreement and
related amendments have been approved by the appropriate parties.

Testing of controls in place to ensure segregation of Master Trust loans such to
indicate appropriate ownership.
<PAGE>

Risk Assessment
---------------

Testing of controls in place to ensure risk with respect to compliance with the
Pooling and Servicing Agreement is appropriately addressed in a timely manner
when either specifics with respect to a transaction or other issues or concerns
are identified.

Control Activities
------------------

Testing of controls in place to ensure approval of new additions to the Master
Trust by appropriate parties.

Testing of controls in place to ensure changes with respect to the status of an
account are made by authorized personnel only.

Testing of controls in place to ensure timely distribution of payments to
investors.

Information and Communication
-----------------------------

Testing of controls in place to ensure accurate and complete reporting of
account information in the Monthly Servicer's Certificate.

Monitoring
----------

Testing of controls in place to ensure daily account activity is appropriately
reflected in the Master Trust.

Testing of controls in place to ensure appropriate review and approval of the
Monthly Servicer's Certificate.


                                         /s/ Arthur Andersen LLP

Chicago, Illinois
March 08, 2000
<PAGE>

                       ASSERTION BY FIRST USA BANK, N.A.



The management of First USA Bank, N.A. (the "Servicer") is responsible for
maintaining effective internal control over the loan servicing for consumer
credit card receivables in the First USA Credit Card Master Trust.

Management has performed an evaluation of the control environment and based on
this evaluation, management believes that the Servicer maintained effective
internal control over the loan servicing for consumer credit card receivables in
the First USA Credit Card Master Trust as of December 31, 1999, based upon
criteria established by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO) as described in Internal Control - Integrated
Framework.  During 1999, the Servicer experienced delays in the timely posting
of payments to customer accounts due to backlogs that occurred at a third party
processor.  The relationship with this processor has since been terminated and
as of December 31, 1999, payments are being processed internally and in
accordance with Bank policy and usual and customary servicing procedures.
Management is working diligently to reimburse in full cardholders affected by
the above delays for any and all fees and finance charges incurred as a  result
of the delays.



/s/ MICHAEL LOONEY
-------------------------------------
Michael Looney
Executive Vice President - Operations


/s/ JEFFREY RIGG
-------------------------------------
Jeffrey Rigg
Senior Vice President - Accounting


/s/ TRACIE KLEIN
-------------------------------------
Tracie H. Klein
First Vice President
<PAGE>

                                                 [LETTERHEAD OF ARTHUR ANDERSEN]

                   REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

We have examined the accompanying management's assertion about First USA Bank,
N.A.`s (the "Servicer") compliance with the covenants and conditions of Sections
2.06, 2.07, 2.08, 3.01(b), 3.04(a) and (b), 3.05, 3.06(a) and (b), 4.02(a), (b),
and (c), and 4.03 of the Pooling and Servicing Agreement dated as of September
1, 1992, as amended (the "Agreement"), for the respective Pooling and Servicing
Agreement Supplements, noted in Attachment 1 (the "Supplements"), related to
each Credit Card Master Trust Series listed, as amended from time to time
(together, the "Agreements") between the Servicer and The Bank of New York
(Delaware) (as Trustee for the various Certificateholders and Enhancement
Providers of the First USA Credit Card Master Trust) during the twelve months
ended December 31, 1999.  Management is responsible for the Servicer's
compliance with those requirements.  Our responsibility is to express an opinion
on management's assertion about the Company's compliance based on our
examination.

Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Servicer's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances.  We believe that our examination provides a reasonable basis
for our opinion.

As discussed in management's assertion, management, in providing its assertion
on compliance, assumed the accuracy of the reports prepared by the Servicer's
third party credit card processor and did not extend its assessment to the
relevant aspects of the Servicer's compliance that are the responsibility of the
third party credit card processor.  Accordingly and in accordance with Section
3.06(a) of the Agreement, our examination did not extend to these aspects of the
Servicer's compliance that are the responsibility of the third party credit card
processor, and we do not express an opinion or any other form of assurance on
these compliance aspects.

As discussed in management's assertion, during the twelve months ended December
31, 1999, the Servicer experienced delays in the timely posting of payments to
customer accounts due to backlogs that occurred at a third party processor.  The
Servicer's relationship with this processor has since been terminated and as of
December 31, 1999, payments are being processed internally and in accordance
with Bank policy and usual and customary servicing procedures.
<PAGE>

In our opinion, management's assertion that except for the matter discussed in
the preceding paragraph, the Servicer complied with the covenants and conditions
of the sections of the Agreements referred to in the first paragraph during the
twelve months ended December 31, 1999, is fairly stated, in all material
respects.

                                         /s/ Arthur Andersen LLP



Chicago, Illinois
March 08, 2000
<PAGE>

                       ASSERTION BY FIRST USA BANK, N.A.

The management of First USA Bank, N.A. (the "Servicer") is responsible for
complying with the covenants and conditions of Sections 2.06, 2.07, 2.08,
3.01(b), 3.04(a) and (b), 3.05, 3.06(a) and (b), 4.02(a), (b), and (c), and 4.03
of the Pooling and Servicing Agreement, dated as of September 1, 1992, as
amended (the "Agreement") for the respective Pooling and Servicing Agreement
Supplements, noted in Attachment 1 (the "Supplements"), related to each Credit
Card Master Trust Series listed, as amended from time to time (together, the
"Agreements") between the Servicer and The Bank of New York (Delaware) (as
Trustee for the various Certificateholders and Enhancement Providers of the
First USA Credit Card Master Trust).

During the twelve months ended December 31, 1999, the Servicer experienced
delays in the timely posting of payments to customer accounts due to backlogs
that occurred at a third party processor.  The relationship with this processor
has since been terminated and as of December 31, 1999, payments are being
processed internally and in accordance with Bank policy and usual and customary
servicing procedures.  Management is working diligently to reimburse in full
cardholders affected by the above delays for any and all fees and finance
charges incurred as a result of the delays.

Management has performed an evaluation of the Servicer's compliance with the
Agreements and based on this evaluation management believes that except for the
matter discussed in the preceding paragraph, the Servicer has complied with the
covenants and conditions of sections of the Agreements referred to above during
the twelve months ended December 31, 1999.

In providing this assertion on compliance, we have assumed the accuracy of the
reports prepared by the Servicer's third party credit card processor and did not
extend our assessment to the relevant aspects of the Servicer's compliance that
are the responsibility of the third party credit card processor.  Accordingly,
and in accordance with Section 3.06(a) of the Agreement, our assessment does not
extend to these aspects of the Servicer's compliance that are the responsibility
of the third party credit card processor, and we do not express any form of
assurance on these compliance aspects.

/s/ Michael Looney                           /s/ Tracie H. Klein
__________________________________           _________________________________
Michael Looney                               Tracie H. Klein
Executive Vice President - Operations        First Vice President


/s/ Jeffrey Rigg
_________________________________
Jeffrey Rigg
Senior Vice President - Accounting
<PAGE>

<TABLE>
<CAPTION>
                                                                         Pooling &
                                                                         Servicing
                                                                         Agreement
                                                                         Supplement
Credit Card Master Trust Series                                              Date              Compliance Period
-----------------------------------------                               -------------        ----------------------
<S>                                                     <C>             <C>                  <C>
First USA Credit Card Master Trust Series               1993-3              10/01/93             01/01/99-04/15/99
First USA Credit Card Master Trust Series               1994-4              06/01/94             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1994-6              07/30/94             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1994-7              11/08/94             01/01/99-11/15/99
First USA Credit Card Master Trust Series               1994-8              11/08/94             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1995-1              03/01/95             01/01/99-03/15/99
First USA Credit Card Master Trust Series               1995-2              03/01/95             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1995-5              09/14/95             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1995-6              12/07/95             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1996-1              03/06/96             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1996-2              06/04/96             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1996-3              06/06/96             01/01/99-06/10/99
First USA Credit Card Master Trust Series               1996-4              08/06/96             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1996-6              11/13/96             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1996-7              12/11/96             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1996-8              12/11/96             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1997-1              02/04/97             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1997-2              05/08/97             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1997-3              06/10/97             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1997-4              06/10/97             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1997-5              08/07/97             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1997-6              09/09/97             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1997-7              09/09/97             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1997-8              09/23/97             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1997-9              10/09/97             01/01/99-12/31/99
First USA Credit Card Master Trust Series              1997-10              12/23/97             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1998-1              05/21/98             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1998-2              05/21/98             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1998-3              06/25/98             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1998-4              07/22/98             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1998-5              08/27/98             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1998-6              08/27/98             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1998-7              09/17/98             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1998-8              09/17/98             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1998-9              12/22/98             01/01/99-12/31/99
First USA Credit Card Master Trust Series               1999-1              02/24/99             02/24/99-12/31/00
First USA Credit Card Master Trust Series               1999-2              02/24/99             02/24/99-12/31/99
First USA Credit Card Master Trust Series               1999-3              05/04/99             05/04/99-12/31/99
First USA Credit Card Master Trust Series               1999-4              05/26/99             05/26/99-12/31/99
First USA Credit Card Master Trust Series               1999-A              06/28/99             06/28/99-12/31/99
First USA Credit Card Master Trust Series               1999-B              06/28/99             06/28/99-12/31/99
</TABLE>