# EDGAR Filing Document

**Accession Number:** 0001108348
**File Stem:** 0001193125-25-148504
**Filing Date:** 2025-6
**Character Count:** 36404
**Document Hash:** ac4f5655228ff4691ccfaa43684fcdea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-148504.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001193125-25-148504

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20250626

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**ABS ASSET CLASS**: Credit card

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CITIBANK CREDIT CARD ISSUANCE TRUST
- **CENTRAL INDEX KEY:** 0001108348
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 135266470
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-52984-03
- **FILM NUMBER:** 251077122

**BUSINESS ADDRESS:**
- **STREET 1:** C/O CITIBANK, N.A.
- **STREET 2:** 388 GREENWICH ST
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 2125591000

**MAIL ADDRESS:**
- **STREET 1:** C/O CITIBANK, N.A.
- **STREET 2:** 388 GREENWICH ST
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Citibank, N.A., as depositor of Citibank Credit Card Issuance Trust
- **CENTRAL INDEX KEY:** 0001522616
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 135266470
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-145220-03
- **FILM NUMBER:** 251077124

**BUSINESS ADDRESS:**
- **STREET 1:** C/O CITIGROUP INC SEC DISCLOSURES LEGAL
- **STREET 2:** 388 GREENWICH ST 17TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 2125591000

**MAIL ADDRESS:**
- **STREET 1:** C/O CITIGROUP INC SEC DISCLOSURES LEGAL
- **STREET 2:** 388 GREENWICH ST 17TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CITIBANK CREDIT CARD MASTER TRUST I
- **CENTRAL INDEX KEY:** 0000921864
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 135266470
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-80743-02
- **FILM NUMBER:** 251077123

**BUSINESS ADDRESS:**
- **STREET 1:** C/O CITIBANK, N.A.
- **STREET 2:** 388 GREENWICH ST
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 2125591000

**MAIL ADDRESS:**
- **STREET 1:** C/O CITIBANK, N.A.
- **STREET 2:** 388 GREENWICH ST
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STANDARD CREDIT CARD MASTER TRUST I
- **DATE OF NAME CHANGE:** 19940419

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 8-K** 

**Current Report** 

**Pursuant to Section 13 or 15(d)** 

**of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): June 26, 2025** 

## CITIBANK CREDIT CARD ISSUANCE TRUST
**(Issuing Entity in respect of the Notes)** 

**(Exact name of issuing entity as specified in its charter)** 

---

| | | | |
|:---|:---|:---|:---|
| **DELAWARE** | **333-283962** | **NOT APPLICABLE** | **0001108348** |
| **(State or other jurisdiction of incorporation or organization)** | **(Commission**<br> **file number)** | **(I.R.S. Employer<br>Identification No.)** | **(Central Index Key Number)** |

---

## CITIBANK CREDIT CARD MASTER TRUST I
**(Issuing Entity in respect of the Collateral Certificate)** 

**(Exact name of issuing entity as specified in its charter)** 

---

| | | | |
|:---|:---|:---|:---|
| **NEW YORK** | **333-283962-02** | **NOT APPLICABLE** | **0000921864** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(Commission**<br> **file number)** | **(I.R.S. Employer<br>Identification No.)** | **(Central Index Key Number)** |

---

## CITIBANK, N.A.
**(Exact name of depositor and sponsor as specified in its charter)** 

---

| | | | |
|:---|:---|:---|:---|
| **UNITED STATES OF AMERICA** | **333-283962-01** | **13-5266470** | **0001522616** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(Commission**<br> **file number)** | **(I.R.S. Employer<br>Identification No.)** | **(Central Index Key Number)** |

---

---

| | |
|:---|:---|
| **388 Greenwich Street**<br> **New York, New York** | **10013** |
| **(Address of principal executive offices of depositor and sponsor)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (212) 559-1000** 

**(Former name or former address, if changed since last report): Not Applicable** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| **None** |  |  |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 8.01** | **Other Events.**  |

---

On June 26, 2025, Citibank Credit Card Issuance Trust issued a tranche of Notes of the Citiseries entitled 4.30% Class 2025-A1 Notes of June 2028 (Legal Maturity Date June 2030) in the principal amount of $1,250,000,000. The terms of the Class 2025-A1 Notes are set forth in the Terms Document dated June 26, 2025, and attached hereto as Exhibit 4.1. On June 26, 2025, Christopher R. Becker, Esq., Director and Senior Counsel – SEC Disclosure and Corporate Securities Issuance of Citigroup Inc., delivered a legality opinion with respect to the Class 2025-A1 Notes and Orrick, Herrington & Sutcliffe LLP delivered a tax opinion with respect to the Class 2025-A1 Notes. The legality and tax opinions are attached hereto as Exhibit 5.1 and Exhibit 8.1, respectively.

Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Second Amended and Restated Indenture dated as of September 26, 2000, as amended and restated as of August 9, 2011, and as further amended and restated as of November 10, 2016, between Citibank Credit Card Issuance Trust and Deutsche Bank Trust Company Americas, as Trustee.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

The following exhibits are filed herewith:

---

| | |
|:---|:---|
| Exhibit 4.1 | [Terms Document dated June 26, 2025, with respect to the Class 2025-A1 Notes (including the form of note attached as Exhibit A thereto)](d39643dex41.htm) |
| Exhibit 5.1 | [Opinion of Christopher R. Becker, Esq., Director and Senior Counsel – SEC Disclosure and Corporate Securities Issuance of Citigroup Inc., with respect to legality of the Class 2025-A1 Notes](d39643dex51.htm) |
| Exhibit 8.1 | [Opinion of Orrick, Herrington & Sutcliffe LLP with respect to tax matters concerning the Class 2025-A1 Notes](d39643dex81.htm) |
| Exhibit 23.1 | [Consent of Christopher R. Becker, Esq., Director and Senior Counsel – SEC Disclosure and Corporate Securities Issuance of Citigroup Inc. (included in Exhibit 5.1)](d39643dex51.htm) |
| Exhibit 23.2 | [Consent of Orrick, Herrington & Sutcliffe LLP (included in Exhibit 8.1)](d39643dex81.htm) |

---

------

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
|  CITIBANK, N.A.,<br>as Depositor of Citibank Credit Card Issuance Trust<br>and Citibank Credit Card Master Trust I | CITIBANK, N.A.,<br>as Depositor of Citibank Credit Card Issuance Trust<br>and Citibank Credit Card Master Trust I |
| (Registrant) | (Registrant) |
| By: | /s/ Elissa Steinberg |
|  | Elissa Steinberg |
|  | Vice President |

---

Dated: June 26, 2025

## Exhibit 4.1

**EXHIBIT 4.1** 

**CITIBANK CREDIT CARD ISSUANCE TRUST** 

**Citiseries** 

**Class 2025-A1 Notes** 

Issuer Certificate

<u>Pursuant to Sections 202 and 301(h) of the Indenture</u> 

Reference is made to the Second Amended and Restated Indenture dated as of September 26, 2000, as amended and restated as of August 9, 2011, and as further amended and restated as of November 10, 2016, between Citibank Credit Card Issuance Trust (the "Issuer") and Deutsche Bank Trust Company Americas, as trustee (as so further amended and restated, the "Indenture"). Capitalized terms used herein that are not otherwise defined have the meanings set forth in the Indenture. All references herein to designated Sections are to the designated Sections of the Indenture.

Section 301(h) provides that the Issuer may from time to time create a tranche of Notes either by or pursuant to an Issuer Certificate setting forth the principal terms thereof. Pursuant to this Issuer Certificate, there is hereby created a tranche of Notes having the following terms:

**Series Designation**: Citiseries. This series is included in Group 1.

**Tranche Designation**: $1,250,000,000 4.30% Class 2025-A1 Notes of June 2028 (Legal Maturity Date June 2030) (hereinafter, the "Class 2025-A1 Notes")

**Currency**: The Class 2025-A1 Notes will be payable, and denominated, in Dollars.

**Denominations**: The Class 2025-A1 Notes will be issuable in minimum denominations of $100,000 and multiples of $1,000 in excess of that amount.

**Issuance Date**: June 26, 2025

**Initial Principal Amount**: $1,250,000,000

**Issue Price**: 99.97287%

**Interest Rate**: 4.30% per annum, calculated on the basis of a 360 day year of twelve 30 day months.

**Scheduled Interest Payment Dates**: The 21st day of each June and December, beginning December 2025.

Each payment of interest on the Class 2025-A1 Notes will include all interest accrued from and including the preceding Interest Payment Date — or, for the first interest period, from and including the Issuance Date — to and including the day preceding the current Interest Payment Date, plus any interest accrued but not previously paid.

------

The first deposit targeted to be made to the Interest Funding sub-Account for the Class 2025-A1 Notes will be on the July 21, 2025 Interest Deposit Date and in an amount equal to $3,732,638.89.

**Expected Principal Payment Date**: June 21, 2028

**Legal Maturity Date**: June 21, 2030

**Monthly Principal Date:** For the month in which the Expected Principal Payment Date occurs, June 21, 2028, and for each other month, the 21st day of such month, or if such day is not a Business Day, the next following Business Day.

**Required Subordinated Amount of Class B Notes**: $74,786,375.00

**Required Subordinated Amount of Class C Notes**: $99,715,125.00

**Controlled Accumulation Amount**: $104,166,666.67

**Form of Notes**: The Class 2025-A1 Notes will be issued as Global Notes. The Global Notes will initially be registered in the name of Cede & Co., as nominee of The Depository Trust Company, and will be exchangeable for individual Notes only in accordance with the provisions of Section 204(c).

**Additional Issuances of Class 2025-A1 Notes**: The Issuer may at any time and from time-to-time issue additional Class 2025-A1 Notes, subject to the satisfaction of (i) the conditions precedent set forth in Section 311(a) and (ii) the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer has obtained written confirmation from each Rating Agency that there will be no Ratings Effect with
respect to the then outstanding Class 2025-A1 Notes as a result of the issuance of such additional Class 2025-A1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the date of issuance of the additional Class 2025-A1 Notes,
all amounts due and owing to the Holders of the then outstanding Class 2025-A1 Notes have been paid and there is no Nominal Liquidation Amount Deficit with respect to the then outstanding Class 2025-A1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The additional Class 2025-A1 Notes will be fungible with the
original Class 2025-A1 Notes for federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Holders of the then outstanding Class 2025-A1 Notes have the
benefit of a Derivative Agreement, the Issuer will have obtained a Derivative Agreement for the benefit of the Holders of the additional Class 2025-A1 Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The ratio of the Controlled Accumulation Amount to the Initial Dollar Principal Amount of the Class 2025-A1 Notes, including the additional Class 2025-A1 Notes, will be equal to the ratio of the Controlled Accumulation Amount (before giving effect to the
additional issuance) to the Initial Dollar Principal Amount of the Class 2025-A1 Notes, excluding the additional Class 2025-A1 Notes.

------

As of the date of issuance of additional Class 2025-A1 Notes, the Outstanding Dollar Principal Amount and Nominal Liquidation Amount of the Class 2025-A1 Notes will be increased to reflect the Initial Dollar Principal Amount of the additional Class 2025-A1 Notes.

Any outstanding Class 2025-A1 Notes and any additional Class 2025-A1 Notes will be equally and ratably entitled to the benefits of the Indenture without preference, priority or distinction.

**Optional Redemption Provisions other than Section 1202 "Clean-Up Call"**: None

**Additional Early Redemption Events or changes to Early Redemption Events**: None

**Additional Events of Default or changes to Events of Default**: None

**Business Day**: means any day other than (a) a Saturday or Sunday or (b) any other day on which national banking associations or state banking institutions in New York, New York or South Dakota, or any other state in which the principal executive offices of any Additional Seller are located, are authorized or obligated by law, executive order or governmental decree to be closed.

**Securities Exchange Listing**: None

------

The Class 2025-A1 Notes shall have such other terms as are set forth in the form of Note attached hereto as Exhibit A. Pursuant to Section 202, the form of Note attached hereto has been approved by the Issuer.

---

| |
|:---|
| CITIBANK CREDIT CARD ISSUANCE TRUST |
| By Citibank, N.A., |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Managing Beneficiary |
| /s/ Elissa Steinberg |
| Elissa Steinberg |
| Vice President |

---

Dated: June 26, 2025

------

**Citiseries** 

**Class 2025-A1 Notes** 

Reference is made to the resolutions adopted by the Board of Directors of Citibank, N.A. on February 13, 2025. The resolutions authorize Citibank, N.A. from time to time to issue and sell, or to arrange for or participate in the issuance and sale of, one or more series and/or classes of pass-through certificates, participation certificates, commercial paper, notes, bonds or other securities representing ownership interests in, or backed or secured by, pools of credit card receivables or interests therein (the "Receivables") in an aggregate principal amount such that up to $55,000,000,000 of such certificates, commercial paper, notes, bonds or other securities are outstanding at any one time and to sell, transfer, convey, assign or pledge or grant a security interest in all or any portion of its Receivables to Citibank Credit Card Master Trust I, Citibank Omni Trust or any direct or indirect subsidiaries of Citibank, N.A., affiliates of Citigroup Inc., additional trusts or other entities or trustees in connection therewith on such terms as to be determined by the Citibank, N.A. Securitization Pricing and Loan Committee (the "Pricing and Loan Committee").

Issue Price: 99.97287%

Underwriting Commission: 0.25000%

Proceeds to Issuer: 99.72287%

Representative of the Underwriters: Citigroup Global Markets Inc.

The preceding Issuer Certificate and this certification of Pricing and Loan Committee approval shall be, continuously from the time of their execution, official records of Citibank, N.A.

---

| |
|:---|
| /s/ Elissa Steinberg |
| Elissa Steinberg |
| Member of the Securitization Pricing and Loan Committee |
| Citibank, N.A. |

---

Dated: June 26, 2025

------

<u>Exhibit A</u> 

FORM OF

CITISERIES

4.30% CLASS 2025-A1 NOTES OF JUNE 2028

(Legal Maturity Date June 2030)

---

| | |
|:---|:---|
| $[ ],000,000 | REGISTERED |
| CUSIP No. 17305E HA6 | No. R- [1][2][3] |

---

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE

DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE

ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR

PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.

OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED

REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO

SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE

OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR

OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE

REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN AND IN THE

INDENTURE REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING

PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE

AMOUNT SHOWN ON THE FACE HEREOF.

CITIBANK CREDIT CARD ISSUANCE TRUST

CITISERIES

4.30% CLASS 2025-A1 NOTES OF JUNE 2028

(Legal Maturity Date June 2030)

CITIBANK CREDIT CARD ISSUANCE TRUST, a trust formed and existing under the laws of the State of Delaware (including any successor, the "Issuer"), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal amount of [ ] HUNDRED MILLION DOLLARS ($[ ],000,000). The Expected Principal Payment Date for this Note is June 21, 2028. The Legal Maturity Date for this Note is June 21, 2030.

The Issuer hereby promises to pay interest on this Note on the 21st day of each June and December, beginning December 2025, until the principal of this Note is paid or made available for payment, subject to certain limitations set forth in the Indenture.

------

Interest will accrue on the outstanding principal amount of this Note for each interest period in an amount equal to the product of (i) the number of days in the interest period computed on the basis of a 360-day year of twelve 30-day months, (ii) a rate per annum equal to the Class 2025-A1 Note Rate for such interest period, and (iii) the outstanding principal amount of this Note as of the preceding Interest Payment Date (after giving effect to any payments of principal made on the preceding Interest Payment Date) or, with respect to the first Interest Payment Date, the initial principal amount of this Note. The Class 2025-A1 Note Rate will be determined as provided in the Indenture.

If any Interest Payment Date or Principal Payment Date of this Note falls on a day that is not a Business Day, the required payment of interest or principal will be made on the following Business Day.

This Note is one of the Citiseries, Class 2025-A1 Notes issued pursuant to the Second Amended and Restated Indenture dated as of September 26, 2000, as amended and restated as of August 9, 2011, and as further amended and restated as of November 10, 2016 (as so further amended and restated and otherwise modified from time to time, the "Indenture"), between the Issuer and Deutsche Bank Trust Company Americas, as Trustee. For purposes of this Note, the term "Indenture" includes any supplemental indenture or Issuer Certificate relating to the Citiseries, Class 2025-A1 Notes. This Note is subject to all of the terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture will have the meanings assigned to them therein.

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which will have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note will not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

------

IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by an Issuer Authorized Officer.

---

| | |
|:---|:---|
| CITIBANK CREDIT CARD ISSUANCE TRUST | CITIBANK CREDIT CARD ISSUANCE TRUST |
| By: | CITIBANK, N.A., |
|  | as Managing Beneficiary of |
|  | Citibank Credit Card Issuance Trust |
| By: |  |
|  | Elissa Steinberg |
|  | Vice President |

---

Dated: June 26, 2025

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the within mentioned Indenture.

---

| | |
|:---|:---|
| DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee under the Indenture | DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee under the Indenture |
| By: |  |
|  | Authorized Signatory |

---

Dated: June 26, 2025

------

REVERSE OF NOTE

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Citiseries 4.30% Class 2025-A1 Notes of June 2028 (Legal Maturity Date June 2030) (herein called the "Notes"), all issued under an Indenture, to which Indenture reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes.

This Note ranks pari passu with all other Class A Notes of the same series, as set forth in the Indenture. This Note is secured to the extent, and by the collateral, described in the Indenture.

The Issuer will pay interest on overdue interest as set forth in the Indenture to the extent lawful.

Each Holder by acceptance of this Note, and each owner of a beneficial interest in this Note by acceptance of a beneficial interest in this Note, agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Trustee on the Notes, against the Issuer, the Issuer Trustee, Citibank, N.A., the Trustee or any affiliate, officer, employee or director of any of them, and the obligation of the Issuer to pay principal of or interest on this Note or any other amount payable to the Holder of this Note will be subject to Article V of the Indenture.

Each Holder by acceptance of this Note, and each owner of a beneficial interest in this Note by acceptance of a beneficial interest in this Note, in each case other than Citibank, N.A. as Holder or owner, agrees that this Note is intended to be debt of Citibank, N.A. for federal, state and local income and franchise tax purposes, and agrees to treat this Note accordingly for all such purposes, unless otherwise required by a taxing authority.

Each Holder by acceptance of this Note, and each owner of a beneficial interest in this Note by acceptance of a beneficial interest in this Note, agrees that it will not at any time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to this Note, the Indenture or any Derivative Agreement.

This Note and the Indenture will be construed in accordance with and governed by the laws of the State of New York.

Certain amendments may be made to the Indenture without the consent of the Holder of this Note. This Note must be surrendered for final payment of principal and interest.

------

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:____________________

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints _________________________________, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated: ____________________________ _________________________\* <br> Signature Guaranteed:

\* NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular without alteration, enlargement or any change whatsoever.

## Exhibit 5.1

**EXHIBIT 5.1** 

---

| | |
|:---|:---|
| ![LOGO](g39643g0624152134818.jpg) | **Citigroup Inc.**<br> 388 Greenwich Street, 17<sup>th</sup> Floor<br> New York, New York 10013 |

---

June 26, 2025

Citibank, N.A.

388 Greenwich Street

New York, NY 10013

Ladies and Gentlemen:

I am a Director and Senior Counsel – SEC Disclosure and Corporate Securities Issuance Legal of Citigroup Inc., and, in such capacity, I have acted as counsel to Citibank, N.A. in connection with the issuance and sale of $1,250,000,000 aggregate principal amount of Citiseries 4.30% Class 2025-A1 Notes of June 2028 (Legal Maturity Date June 2030) (the "Notes") by Citibank Credit Card Issuance Trust (the "Issuance Trust"). The Notes will be issued pursuant to the Second Amended and Restated Indenture dated as of September 26, 2000, as amended and restated as of August 9, 2011, and as further amended and restated as of November 10, 2016, between the Issuance Trust and Deutsche Bank Trust Company Americas, as Trustee and an Issuer Certificate, dated as of June 26, 2025, relating to the Notes (the "Terms Document" and together, the "Indenture"). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in or pursuant to the Indenture.

I have examined and relied upon the following: signed copies of the Indenture and the Registration Statement on Form SF-3 (Registration No. 333-283962), as amended (the "Registration Statement"), for the registration of the Collateral Certificate and the Notes under the Securities Act of 1933, as amended (the "Act"); the prospectus dated June 18, 2025, relating to the Notes (the "Prospectus"); a specimen of the Notes, and originals, or copies certified or otherwise identified to my satisfaction, of such corporate records of Citibank, N.A. and the Issuance Trust, and such other certificates or documents as I have deemed appropriate as a basis for the opinion expressed below. In such examination, I have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to me as originals, the conformity to original documents of all documents submitted to me as certified or photostatic copies and the authenticity of the originals of such copies.

Based upon and subject to the foregoing, I am of the opinion that when the Notes have been duly executed, authenticated and delivered in accordance with the terms of the Indenture, and issued and sold in the manner described in the Prospectus, the Notes will be legally issued, fully paid, non-assessable and binding obligations of the Issuance Trust, and the holders of the Notes will be entitled to the benefits of the Indenture.

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Citibank, N.A

Citiseries Class 2025-A1

June 26, 2025

The foregoing opinion is subject to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws affecting creditors' rights generally from time to time in effect and subject to general principles of equity, regardless of whether such is considered in a proceeding in equity or at law.

My opinion is limited to matters governed by the federal laws of the United States of America, the laws of the State of New York and the General Corporation Law of the State of Delaware.

I consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to a Current Report on Form 8-K for incorporation into the Registration Statement and to the reference to my name in the Prospectus constituting a part of such Registration Statement under the heading "Legal Matters". In giving such consent, I do not thereby admit that I come within the category of persons whose consent is required under Section 7 of the Act, or the rules and regulations of the Securities and Exchange Commission thereunder.

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| |
|:---|
| Very truly yours, |
| /s/ Christopher R. Becker |
| Christopher R. Becker |
| Director and Senior Counsel – |
| SEC Disclosure and Corporate Securities |
| Issuance Legal of Citigroup Inc. |

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## Exhibit 8.1

**Exhibit 8.1**![LOGO](g39643g0624152121158.jpg)

**Orrick, Herrington & Sutcliffe LLP** 

51 West 52nd Street

New York, NY 10019-6142

+1 212 506 5000

**orrick.com** 

June 26, 2025

Citibank, N.A.

388 Greenwich Street

New York, NY 10013

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| | |
|:---|:---|
| Re: | Citibank Credit Card Issuance Trust<br> $1,250,000,000 4.30% Class 2025-A1 Notes of June 2028<br> (Legal Maturity Date June 2030)<br> Citiseries |

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Ladies and Gentlemen:

We have acted as special U.S. federal tax counsel for Citibank, N.A. in connection with the issuance and sale of the above-captioned notes (the "<u>Notes</u>") of the Citiseries. The Notes will be issued pursuant to (a) the Issuer Certificate related to the Notes, dated as of the date hereof (the "<u>Terms Document</u>"), and (b) the Second Amended and Restated Indenture, dated as of November 10, 2016 (as the same has been amended or supplemented, and together with the Terms Document, the "<u>Indenture</u>"), between Citibank Credit Card Issuance Trust (the "<u>Issuer</u>") and Deutsche Bank Trust Company Americas, as trustee (the "<u>Indenture Trustee</u>").

Capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the Indenture.

In connection with the rendering of the opinions hereinafter set forth, we have examined executed or conformed counterparts or copies of the following: (i) the Registration Statement on Form SF-3 (Registration Nos. 333-283962, 333-283962-01 and 333-283962-02), filed with the Securities and Exchange Commission (the "<u>Commission</u>") pursuant to the Securities Act of 1933, as amended (the "<u>Act</u>"), on December 20, 2024, as amended by Amendment No. 1 thereto filed with the Commission pursuant to the Act on March 11, 2025, for registration under the Act of the Collateral Certificate and notes to be issued from time to time by the Issuer (the "<u>Registration Statement</u>"); (ii) the prospectus, dated June 18, 2025, relating to the Notes (the "<u>Prospectus</u>"); (iii) the Pooling and Servicing Agreement; (iv) the Indenture; (v) the Trust Agreement, (vi) a specimen of the Notes (the documents referred to in clause (iii) through this clause (vi) are hereafter referred to as the "<u>Transaction Documents</u>"); and (vii) such other documents as we have deemed necessary or appropriate as a basis for the opinions set forth below.

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Based upon and subject to the foregoing, and subject to the qualifications, exceptions, assumptions, and limitations contained herein and in the Prospectus, we hereby confirm that, although the discussion set forth in the Prospectus under the heading "Tax Matters" does not purport to discuss all possible U.S. federal income tax considerations relating to an investment in the Notes, such discussion constitutes, in all material respects, a fair and accurate summary of the U.S. federal income tax consequences of the purchase, ownership and disposition of a beneficial interest in the Notes.

In our examination, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted to us as certified, conformed or other copies, and the authenticity of the originals of such copies. In rendering our opinions, we have also assumed that the transactions described in or contemplated by the foregoing Transaction Documents have been or will be consummated in accordance with such Transaction Documents, and that such Transaction Documents accurately reflect the material facts of such transactions.

Our opinions set forth above are based on the Internal Revenue Code of 1986, as amended, administrative rulings, judicial decisions, Treasury regulations and other applicable authorities, all as in effect and available on the date hereof. The statutory provisions, regulations and interpretations on which our opinion is based are subject to change, possibly retroactively. As more fully described in the Prospectus under the heading "Tax Matters", there can be no assurance that contrary positions will not be taken by the Internal Revenue Service.

**In addition, you have informed us that until March 14, 2024, Cravath, Swaine & Moore LLP acted as special federal tax counsel to the Issuer and Citibank, N.A. with respect to the Master Trust, the Collateral Certificate, the Series 2009 Certificate, the Issuer and certain Notes (as defined in the Indenture), and in that capacity rendered opinions regarding the classification of the Master Trust, the Collateral Certificate, the Series 2009 Certificate, the Issuer and such Notes for federal income tax purposes and certain other federal income tax matters required to be addressed pursuant to the transaction documents during the time period referenced above. For purposes of the opinions above, we have assumed the accuracy of such opinions and any other opinions addressing tax matters delivered pursuant to the transaction documents during the time period referenced above, and have not been asked to and have not investigated any matters covered by any such opinions nor reviewed any of the transaction documents or instruments referenced therein except as otherwise specifically referenced herein.** 

We impose no limit on your disclosure of this opinion or the tax treatment or tax structure of the transactions described in the Prospectus. However, we are furnishing this opinion to you solely in connection with the Registration Statement and the Prospectus and it cannot be relied upon by any other person or for any other purpose without our express written permission.

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We hereby consent to the filing of this opinion as an exhibit to a Current Report on Form 8-K for incorporation to the Registration Statement and to the use of our name wherever appearing in the Prospectus. In giving such consent, we do not admit that we are "experts," within the meaning of the term used in the Act or the rules and regulations of the Securities and Exchange Commission issued thereunder, with respect to any part of the Registration Statement, including this opinion as an exhibit or otherwise.

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| |
|:---|
| Very truly yours, |
| /s/ Orrick, Herrington & Sutcliffe LLP |
| ORRICK, HERRINGTON & SUTCLIFFE LLP |

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