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): January 26, 2006

                  Citibank (South Dakota), National Association
                                  on behalf of
                       Citibank Credit Card Master Trust I
          (Issuer in respect of the Citibank Credit Card Master Trust I
       7.25% Class A Credit Card Participation Certificates, Series 1994-2
       7.50% Class B Credit Card Participation Certificates, Series 1994-2
   Floating Rate Class A Credit Card Participation Certificates, Series 1996-6
   Floating Rate Class B Credit Card Participation Certificates, Series 1996-6
   Floating Rate Class A Credit Card Participation Certificates, Series 1997-4
   Floating Rate Class B Credit Card Participation Certificates, Series 1997-4
       6.05% Class A Credit Card Participation Certificates, Series 1998-2
       6.20% Class B Credit Card Participation Certificates, Series 1998-2
      5.875% Class A Credit Card Participation Certificates, Series 1999-2
      6.150% Class B Credit Card Participation Certificates, Series 1999-2
       6.10% Class A Credit Card Participation Certificates, Series 1999-5
       6.30% Class B Credit Card Participation Certificates, Series 1999-5
               Credit Card Participation Certificate, Series 2000
                       (collectively, the "Certificates"))
               (Exact name of registrant as specified in charter)

      United States of America                       46-0358360
    (State or other jurisdiction        (I.R.S. Employer Identification No.)
          of incorporation)

      33-41055, 33-43576, 33-62180, 33-77802, 33-84834, 33-97664, 33-99328,
      333-38803, 333-80743, 333-52984, 333-91326, 333-103013 and 333-121228
                            (Commission File Numbers)

         701 East 60th Street, North
          Sioux Falls, South Dakota                            57117
    (Address of principal executive offices)                (Zip Code)

       Registrant's telephone number, including area code: (605) 331-2626

  (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))


<PAGE>

Item 8.01     Other Events.

     The following information relates to the credit card receivables owned by
Citibank Credit Card Master Trust I and the related credit card accounts. Some
of the terms used herein are used as defined in the Glossary of Terms at the end
of this Report.

Loss and Delinquency Experience

         The following table sets forth the loss experience for cardholder
payments on the credit card accounts for each of the periods shown on a cash
basis. The Net Loss percentage calculated for each period below is obtained by
dividing Net Losses by the Average Principal Receivables Outstanding multiplied
by a fraction, the numerator of which is the total number of days in the
applicable calendar year and the denominator of which is the total number of
days in the trust monthly reporting periods for the applicable period (365/364
for the year ended December 27, 2005, 366/368 for the year ended December 28,
2004 and 365/365 for the year ended December 31, 2003).

         If accrued finance charge receivables that have been written off were
included in losses, Net Losses would be higher as an absolute number and as a
percentage of the average of principal and finance charge receivables
outstanding during the periods indicated. Average Principal Receivables
Outstanding is the average of principal receivables outstanding during the
periods indicated. There can be no assurance that the loss experience for the
receivables in the future will be similar to the historical experience set forth
below.

                        Loss Experience for the Accounts
                             (Dollars in Thousands)

                                        Year Ended     Year Ended    Year Ended
                                       December 27,   December 28,  December 31,
                                           2005           2004          2003
                                           ----           ----          ----

Average Principal
  Receivables Outstanding ............. $76,299,195   $76,750,306   $75,707,275

Gross Charge-Offs .....................  $5,068,881    $5,066,778    $5,115,685
Recoveries ............................    $707,721      $479,837      $368,801
Net Losses ............................  $4,361,160    $4,586,941    $4,746,884

Net Losses as a Percentage of
  Average Principal Receivables
  Outstanding .........................     5.73%         5.94%         6.27%


     Net losses as a percentage of gross charge-offs for each of the years ended
December 27, 2005, December 28, 2004 and December 31, 2003 were 86.04%, 90.53%
and 92.79%, respectively. Gross charge-offs are charge-offs before recoveries
and do not include the amount of any reductions in Average Principal Receivables
Outstanding due to fraud, returned goods, customer disputes or various other
miscellaneous write-offs. During the trust monthly reporting periods included in
the three-year period ended December 27, 2005, such reductions ranged from 0.63%
to 1.03% of the outstanding principal receivables as of the end of the related
trust monthly reporting period. The reduction of receivables in this manner
reduces only the sellers' interest in the master trust. Recoveries are
collections received in respect of principal receivables previously charged off
as uncollectible. Net losses are gross charge-offs minus recoveries.


                                       2


<PAGE>

         The following table sets forth the delinquency experience for
cardholder payments on the credit card accounts as of each of the dates shown.
The Delinquent Amount includes both principal receivables and finance charge
receivables. The percentages are the result of dividing the Delinquent Amount by
the average of principal and finance charge receivables outstanding during the
periods indicated. There can be no assurance that the delinquency experience for
the receivables in the future will be similar to the historical experience set
forth below.

<TABLE>
<CAPTION>

                                    Delinquency Experience for the Accounts
                                            (Dollars in Thousands)


                               As of                     As of                     As of
                        December 24, 2005         December 25, 2004         December 31, 2003
                        -----------------         -----------------         -----------------

Number of Days        Delinquent                Delinquent                Delinquent
Delinquent              Amount    Percentage      Amount    Percentage      Amount    Percentage
----------              ------    ----------      ------    ----------      ------    ----------
<S>                  <C>             <C>       <C>             <C>        <C>            <C>

Up to 34 days ....   $2,546,025      3.29%     $2,681,813      3.45%      $3,360,396     4.37%
35 to 64 days ....      750,127      0.97         896,856      1.15        1,146,055     1.49
65 to 94 days ....      515,964      0.67         626,967      0.81          777,690     1.01
95 to 124 days ...      395,861      0.51         521,980      0.67          612,336     0.80
125 to 154 days ..      324,238      0.42         433,092      0.56          520,419     0.68
155 to 184 days ..      292,535      0.38         366,161      0.47          452,659     0.59
                        -------      ----         -------      ----          -------     ----
   Total .........   $4,824,750      6.24%     $5,526,869      7.11%      $6,869,555     8.94%

</TABLE>

Revenue Experience

         The revenues for the credit card accounts from finance charges, fees
paid by cardholders and interchange for each of the years ended December 27,
2005, December 28, 2004 and December 31, 2003 are set forth in the following
table. The revenue experience in this table is presented on a cash basis before
deduction for charge-offs. Average Revenue Yield calculated for each period
below is obtained by dividing Finance Charges and Fees Paid by Average Principal
Receivables Outstanding multiplied by a fraction, the numerator of which is the
total number of days in the applicable calendar year and the denominator of
which is the total number of days in the trust monthly reporting periods for the
applicable period (365/364 for the year ended December 27, 2005, 366/368 for the
year ended December 28, 2004 and 365/365 for the year ended December 31, 2003).

         Revenues from finance charges, fees and interchange will be affected by
numerous factors, including the periodic finance charge on the credit card
receivables, the amount of any annual membership fee, other fees paid by
cardholders, the percentage of cardholders who pay off their balances in full
each month and do not incur periodic finance charges on purchases, the
percentage of credit card accounts bearing finance charges at promotional rates
and changes in the level of delinquencies on the receivables.


                       Revenue Experience for the Accounts
                             (Dollars in Thousands)

                                   Year Ended       Year Ended       Year Ended
                                  December 27,     December 28,     December 31,
                                      2005             2004             2003
                                      ----             ----             ----

Finance Charges and Fees Paid .... $12,271,731     $11,866,155      $11,461,816
Average Revenue Yield ............    16.13%          15.38%           15.14%


                                       3


<PAGE>

         The revenues from periodic finance charges and fees -- other than
annual fees -- depend in part upon the collective preference of cardholders to
use their credit cards as revolving debt instruments for purchases and cash
advances and to pay account balances over several months -- as opposed to
convenience use, where cardholders pay off their entire balance each month,
thereby avoiding periodic finance charges on their purchases -- and upon other
card-related services for which the cardholder pays a fee. Revenues from
periodic finance charges and fees also depend on the types of charges and fees
assessed on the credit card accounts. Accordingly, revenues will be affected by
future changes in the types of charges and fees assessed on the accounts and in
the types of additional accounts added from time to time. These revenues could
be adversely affected by future changes in fees and charges assessed on the
accounts and other factors.

Cardholder Monthly Payment Rates

         The following table sets forth the highest and lowest cardholder
monthly payment rates for the credit card accounts during any month in the
periods shown and the average of the cardholder monthly payment rates for all
months during the periods shown, in each case calculated as a percentage of the
total beginning account balances for that month.

         Monthly payment rates on the credit card receivables may vary because,
among other things, a cardholder may fail to make a required payment, may only
make the minimum required payment or may pay the entire outstanding balance.
Monthly payment rates on the receivables may also vary due to seasonal
purchasing and payment habits of cardholders. Monthly payment rates include
amounts that are treated as payments of principal receivables and finance charge
receivables with respect to the accounts under the pooling and servicing
agreement. In addition, the amount of outstanding receivables and the rates of
payments, delinquencies, charge-offs and new borrowings on the accounts depend
on a variety of factors including seasonal variations, the availability of other
sources of credit, general economic conditions, tax laws, consumer spending and
borrowing patterns and the terms of the accounts, which may change. Cardholder
monthly payment rates are calculated on the balances of those cardholder
accounts that have an amount due. Cardholder accounts with a zero balance or a
credit balance are excluded from these calculations.

         For the December 2005 trust monthly reporting period, 49.03% of the
accounts had a credit balance or otherwise had no payment due, 20.16% of the
cardholders paid their entire outstanding balance, 4.62% of the cardholders made
only the minimum payment due, and the remaining 26.19% of the cardholders paid
an amount greater than the minimum due, but less than the entire outstanding
balance.

                Cardholder Monthly Payment Rates for the Accounts

                                      Year Ended      Year Ended     Year Ended
                                     December 27,    December 28,   December 31,
                                         2005            2004           2003
                                         ----            ----           ----

Lowest Month .........................  17.28%          16.86%         16.16%
Highest Month ........................  22.02%          19.41%         19.23%
Average of the Months in the Period ..  20.04%          18.41%         17.76%


                                       4


<PAGE>

Interchange

         Creditors participating in the MasterCard International and VISA
associations receive interchange as partial compensation for taking credit risk,
absorbing fraud losses and funding receivables for a limited period before
initial billing. Under the MasterCard International and VISA systems, a portion
of this interchange in connection with cardholder charges for merchandise and
services is passed from banks which clear the transactions for merchants to
credit card-issuing banks. Interchange ranges from approximately 1% to 2% of the
transaction amount. Citibank (South Dakota) is required to transfer to the
master trust interchange attributed to cardholder charges for merchandise and
services in the accounts. In general, interchange is allocated to the master
trust on the basis of the ratio that the amount of cardholder charges for
merchandise and services in the accounts bears to the total amount of cardholder
charges for merchandise and services in the portfolio of credit card accounts
maintained by Citibank (South Dakota). MasterCard International and VISA may
change the amount of interchange reimbursed to banks issuing their credit cards.

The Credit Card Receivables

         The receivables in the credit card accounts designated to the master
trust as of December 24, 2005 included $1,045,910,291 of finance charge
receivables and $78,068,389,766 of principal receivables -- which amounts
include overdue finance charge receivables and overdue principal receivables. As
of December 24, 2005, there were 40,689,392 accounts. Included within the
accounts are inactive accounts that have no balance. The accounts had an average
principal receivable balance of $1,919 and an average credit limit of $10,117.
The average principal receivable balance in the accounts as a percentage of the
average credit limit with respect to the accounts was approximately 19%.
Approximately 87% of the accounts were opened before December 2003. Of the
accounts, as of December 24, 2005, approximately the following percentages
related to cardholders with billing addresses in the following states:

                        Percentage of Total           Percentage of Total
                        Number of Accounts          Outstanding Receivables
                        ------------------          -----------------------

        California            13.02%                         13.89%
        New York               9.73%                          9.47%
        Florida                6.66%                          6.24%
        Texas                  6.49%                          8.36%
        Pennsylvania           5.00%                          4.32%
        Illinois               4.95%                          5.35%

Since the largest number of cardholders' billing addresses were in California,
New York, Florida, Texas, Pennsylvania and Illinois, adverse changes in the
business or economic conditions in these states could have an adverse effect on
the performance of the receivables. No other state represents more than 5% of
the number of accounts or outstanding receivables.

         As of December 31, 2005, approximately 17% of the credit card
receivables in the master trust related to credit cards issued under the
Citibank/American Airlines AAdvantage co-brand program. Cardholders in the
AAdvantage program receive benefits for the amounts charged on their AAdvantage
cards, including frequent flyer miles in American Airline's frequent traveler
program. Conditions that adversely affect the airline industry or American
Airlines could affect the usage and payment patterns of the AAdvantage program
cards. In addition, termination of the AAdvantage program could have an


                                       5


<PAGE>

adverse effect on the payment rates and excess spread reported by the master
trust. However, we do not expect any such termination to affect the integrity or
sustainability of master trust cash flows. As of December 31, 2005, no other
co-brand or affinity program of the Banks accounted for more than 1% of the
credit card receivables in the master trust.

         The credit card accounts include receivables which, in accordance with
the servicer's normal servicing policies, were charged-off as uncollectible.
However, for purposes of calculation of the amount of principal receivables and
finance charge receivables in the master trust for any date, the balance of the
charged-off receivables is zero and the master trust owns only the right to
receive recoveries on these receivables.

         The following tables summarize the credit card accounts designated to
the master trust as of December 24, 2005 by various criteria. References to
"Receivables Outstanding" in these tables include both finance charge
receivables and principal receivables. Because the composition of the accounts
will change in the future, these tables are not necessarily indicative of the
future composition of the accounts.

         Credit balances presented in the following table are a result of
cardholder payments and credit adjustments applied in excess of a credit card
account's unpaid balance. Accounts which have a credit balance are included
because receivables may be generated in these accounts in the future. Credit
card accounts which have no balance are included because receivables may be
generated in these accounts in the future.


                   Composition of Accounts by Account Balance

                                           Percentage                Percentage
                                            of Total                  of Total
                                Number of   Number of  Receivables   Receivables
        Account Balance         Accounts    Accounts   Outstanding   Outstanding
        ---------------         ---------   ---------  -----------   -----------

Credit Balance................     462,536    1.14%    $ (88,267,002)   -0.11%
No Balance ...................  19,652,398   48.30                 0     0.00
Less than or equal to $500.00.   5,147,855   12.65       948,916,852     1.20
$500.01 to $1,000.00..........   2,308,608    5.67     1,701,001,721     2.15
$1,000.01 to $2,000.00........   2,951,843    7.25     4,315,041,708     5.45
$2,000.01 to $3,000.00........   1,995,983    4.91     4,945,370,450     6.25
$3,000.01 to $4,000.00........   1,514,505    3.72     5,274,842,601     6.67
$4,000.01 to $5,000.00........   1,220,398    3.00     5,479,459,837     6.93
$5,000.01 to $6,000.00........     959,994    2.36     5,265,060,568     6.66
$6,000.01 to $7,000.00........     777,015    1.91     5,040,001,439     6.37
$7,000.01 to $8,000.00........     632,736    1.56     4,736,159,321     5.99
$8,000.01 to $9,000.00........     514,658    1.26     4,367,536,007     5.52
$9,000.01 to $10,000.00.......     430,810    1.06     4,087,366,200     5.17
$10,000.01 to $15,000.00......   1,225,312    3.01    14,881,527,540    18.80
$15,000.01 to $20,000.00......     538,691    1.32     9,260,189,994    11.70
Over $20,000.00...............     356,050    0.88     8,900,092,821    11.25
                                   -------    ----     -------------    -----
Total.........................  40,689,392  100.00%  $79,114,300,057   100.00%


                                       6


<PAGE>

                     Composition of Accounts by Credit Limit

                                          Percentage                 Percentage
                                           of Total                   of Total
                               Number of   Number of   Receivables   Receivables
         Credit Limit          Accounts    Accounts    Outstanding   Outstanding
         ------------          ---------   --------    -----------   -----------

Less than or equal to $500.00.  1,102,072    2.71%   $   47,837,327     0.06%
$500.01 to $1,000.00..........  1,018,801    2.50       219,368,085     0.28
$1,000.01 to $2,000.00........  2,089,806    5.14       870,064,644     1.10
$2,000.01 to $3,000.00........  2,190,040    5.38     1,454,903,438     1.84
$3,000.01 to $4,000.00........  2,087,048    5.13     1,766,402,106     2.23
$4,000.01 to $5,000.00........  3,001,687    7.38     2,579,728,410     3.26
$5,000.01 to $6,000.00........  2,646,505    6.50     2,596,890,375     3.28
$6,000.01 to $7,000.00........  2,627,869    6.46     2,921,944,699     3.69
$7,000.01 to $8,000.00........  2,792,173    6.86     3,121,634,495     3.95
$8,000.01 to $9,000.00........  2,431,007    5.97     3,064,327,880     3.87
$9,000.01 to $10,000.00.......  2,489,399    6.12     3,487,984,726     4.41
$10,000.01 to $15,000.00......  7,886,013   19.38    15,317,297,264    19.36
$15,000.01 to $20,000.00......  3,937,305    9.68    13,478,379,530    17.04
Over $20,000.00...............  4,389,667   10.79    28,187,537,078    35.63
                                ---------   -----    --------------    -----
Total ........................ 40,689,392  100.00%  $79,114,300,057   100.00%


     Accounts presented in the table below as "Current" include accounts on
which the minimum payment has not been received before the next billing date
following the issuance of the related bill.


                    Composition of Accounts by Payment Status

                                          Percentage                 Percentage
                                           of Total                   of Total
                               Number of   Number of    Receivables  Receivables
      Payment Status           Accounts    Accounts     Outstanding  Outstanding
      --------------           ---------   --------     -----------  -----------

Current ....................   39,684,708   97.53%   $74,289,550,241    93.90%
Up to 34 days delinquent....      572,280    1.41      2,546,025,114     3.22
35 to 64 days delinquent....      158,837    0.39        750,126,549     0.95
65 to 94 days delinquent....       96,117    0.24        515,964,444     0.65
95 to 124 days delinquent...       70,225    0.17        395,860,516     0.50
125 to 154 days delinquent..       57,100    0.14        324,237,754     0.41
155 to 184 days delinquent..       50,125    0.12        292,535,439     0.37
                                   ------    ----        -----------     ----
Total ......................   40,689,392  100.00%   $79,114,300,057   100.00%


                                       7


<PAGE>

                         Composition of Accounts by Age

                                           Percentage                Percentage
                                            of Total                  of Total
                                Number of   Number of   Receivables  Receivables
         Age                    Accounts    Accounts    Outstanding  Outstanding
         ---                    ---------   --------    -----------  -----------

Less than or equal to 6 months.    347,428    0.85%  $   570,026,710     0.72%
Over 6 months to 12 months.....  2,161,342    5.31     2,946,283,459     3.72
Over 12 months to 24 months....  2,614,286    6.42     4,722,496,340     5.97
Over 24 months to 36 months....  1,997,551    4.91     3,613,990,912     4.57
Over 36 months to 48 months....  3,512,015    8.63     6,108,557,416     7.72
Over 48 months to 60 months....  2,789,650    6.86     5,575,975,023     7.05
Over 60 months................. 27,267,120   67.02    55,576,970,197    70.25
                                ----------   -----    --------------    -----
Total ......................... 40,689,392  100.00%  $79,114,300,057   100.00%


     The following table sets forth the composition of accounts by FICO(R)*
score. A FICO score is a measurement determined by Fair, Isaac & Company using
information collected by major credit bureaus to assess credit risk. A credit
report is generally obtained from one or more credit bureaus for each
application for a new account. Once a customer has been issued a card, Citibank
(South Dakota) refreshes the FICO score on most accounts on a monthly basis.
Citibank (South Dakota) generally does not refresh the FICO scores of accounts
with a zero balance that have been determined to be inactive, accounts in
forbearance or workout programs and certain other categories of accounts. A FICO
score of zero indicates that the FICO score of an account has not been refreshed
for one of these reasons or that the customer did not have enough credit history
for a FICO score to be calculated.


                    Composition of Accounts by FICO Score

                                           Percentage                Percentage
                                            of Total                  of Total
                                Number of   Number of   Receivables  Receivables
         FICO Score             Accounts    Accounts    Outstanding  Outstanding
         ----------             ---------   --------    -----------  -----------

0 .........................     7,759,162    19.07%   $1,029,626,856     1.30%
001 to 599 ................     1,858,387     4.57     6,741,108,773     8.52
600 to 639 ................     1,588,797     3.90     6,579,656,816     8.32
640 to 659 ................     1,364,808     3.35     6,066,321,406     7.67
660 to 679 ................     1,798,709     4.42     7,808,214,417     9.87
680 to 699 ................     2,311,628     5.68     9,211,197,090    11.64
700 to 719 ................     2,848,938     7.00     9,884,070,047    12.49
720 to 739 ................     3,068,791     7.54     8,810,525,705    11.14
740 to 759 ................     3,292,572     8.09     7,388,665,202     9.34
760 to 800................      8,625,980    21.21    11,360,979,080    14.36
801 and above .............     6,171,620    15.17     4,233,934,665     5.35
                                ---------    -----     -------------     ----
Total .....................    40,689,392   100.00%  $79,114,300,057   100.00%

-----------
     * FICO(R) is a registered trademark of Fair, Isaac & Company.


                                       8


<PAGE>

Static Pool Information

         Static pool information is information relating to the master trust
receivables, organized by year of the origination of each related credit card
account. Static pool information for the master trust receivables was not stored
by the Banks' computer systems before January 2006, and cannot be produced
without unreasonable effort and expense. Since January 2006, the Banks have
stored static pool information concerning losses, delinquencies, revenue yield
and payment rate for the master trust receivables by year of origination, and
beginning with the calendar quarter ending in March 2006, this information will
be presented in monthly increments and will be updated quarterly.

         When new accounts are designated to the master trust from time to time,
the Banks will begin storing static pool information about those accounts and
the related receivables. The Banks anticipate that static pool information will
be organized by year of origination of the applicable account for the five most
recent years, and for accounts originated more than five years ago.
Consequently, the full array of static pool information will not be available
until 2011. As of December 24, 2005, less than 33% of the accounts were
originated within the last five years.

Billing and Payments

         The credit card accounts have different billing and payment structures,
including different periodic finance charges and fees. The following information
reflects the current billing and payment characteristics of the accounts.

         Each month, billing statements are sent to cardholders who had activity
during the immediately preceding billing period. To the extent a cardholder has
a balance due, the cardholder must make a minimum payment equal to the sum of
any amount which is past due plus any amount which is in excess of the credit
limit and, for most accounts, the greatest of the following:

         o  the new balance on the billing statement if it is less than $20, or
            $20, if the new balance is at least $20;

         o  1% of the new balance plus the amount of any billed finance charges
            and any billed late fee; and

         o  1.5% of the new balance.

         Consistent with changes in industry practice based on regulatory
guidance, during calendar year 2005 Citibank (South Dakota) changed the minimum
payment calculation for its credit card accounts. This change has resulted in an
increase in the minimum monthly payment requirement for some accounts. This
change to the minimum payment calculation is likely to result in an increase in
delinquencies and charge-offs on the credit card accounts, however, the
potential impact cannot be determined with reasonable certainty at this time.

         A periodic finance charge is imposed on the credit card accounts. The
periodic finance charge imposed on balances for purchases and cash advances for
a majority of the accounts is calculated by multiplying (1) the daily balances
for each day during the billing cycle by (2) the applicable daily periodic
finance charge rate, and summing the results for each day in the billing period.
The daily balance is calculated by taking the previous day's balance, adding any
new purchases or cash advances and fees, adding the daily finance charge on the
previous day's balance, and subtracting any payments or credits. Cash advances
are included in the daily balance from the date the advances are made. Purchases
are included in the daily balance generally from the date of purchase. Periodic
finance charges are not


                                       9


<PAGE>

imposed in most circumstances on purchase amounts if all balances shown in the
previous billing statement are paid in full by the due date indicated on the
statement.

         The periodic finance charge imposed on balances in most credit card
accounts for purchases is currently the Prime Rate, as published in The Wall
Street Journal, plus a percentage ranging from 4.99% to 11.99%. As of the date
of this Form 8-K, the periodic finance charge on balances in most accounts for
purchases ranged from 12.24% to 19.24%. The periodic finance charge imposed on
balances in most credit card accounts for cash advances is currently the greater
of 19.99% or the sum of the Prime Rate and 14.99%. If a cardholder defaults
under their credit card agreement, the periodic finance charge assessed on all
balances in their account can be increased to the Prime Rate plus up to 23.99%.
Promotional rates are offered from time to time to attract new cardholders and
to promote balance transfers from other credit card issuers and the periodic
finance charge on a limited number of accounts may be greater or less than those
generally assessed on the accounts.

         The periodic finance charge on accounts may be changed at any time by
providing prior written notice to cardholders. Any increase in the finance
charge will become effective upon the earlier of subsequent use of a card and
the expiration of a 25-day period from the date the change was made effective --
assuming failure on the part of the cardholder to object to the new rate.

         Most of the accounts are subject to additional fees, including:

         o    a late fee if the cardholder does not make the required minimum
              payment by the payment date shown on the monthly billing
              statement. The late fee is $15 on balances up to $100, $29 on
              balances of $100 up to $1,000 and $39 on balances of $1,000 and
              over;

         o    a cash advance fee which is generally equal to 3.0% of the amount
              of the cash advance, subject to a minimum fee of $5;

         o    a balance transfer fee of 3.0% of the amount transferred to the
              account, subject to a minimum fee of $5 and a maximum fee of $75;

         o    a fee on purchases made in a foreign currency which is generally
              equal to 3.0% of the amount of the purchase, after its conversion
              into U.S. dollars;

         o    a returned payment fee of $29;

         o    a returned check fee of $29;

         o    a stop payment fee of $29; and

         o    a fee of $35 for each billing period with respect to each account
              with an outstanding balance over the credit limit established for
              that account.

There can be no assurance that periodic finance charges, fees and other charges
will remain at current levels in the future.

         Payments by cardholders on the accounts are processed and applied first
to all minimum amounts due. Payments in excess of the minimum amount due are
applied to balances associated with low periodic rates before balances
associated with higher periodic rates.


                                       10


<PAGE>

Recent Lump Additions

         The Banks from time to time transfer credit card receivables to the
master trust in lump additions by designating additional accounts to the master
trust. The table below presents the date, amount and percentage of the master
trust portfolio of those lump additions since January 2003 (calculated based on
the principal amount of the lump addition and the balance of principal
receivables in the master trust as of the end of its monthly reporting period
immediately preceding the specified lump addition date).

                Lump Additions of Receivables Since January 2003

                                                                     Percentage
                       Amount of        Amount of                 of Outstanding
                     Finance Charge     Principal        Total        Principal
 Lump Addition Date   Receivables      Receivables    Receivables    Receivables
 ------------------   -----------      -----------    -----------    -----------
March 29, 2003        $35,699,052    $2,733,277,210   $2,768,976,262    3.78%
April 26, 2003        $28,126,124    $2,765,035,614   $2,793,161,738    3.73%
May 24, 2003          $31,055,085    $2,234,096,925   $2,265,152,010    3.01%
November 29, 2003     $37,827,076    $3,577,388,855   $3,615,215,931    4.80%
June 26, 2004         $23,508,959    $1,789,169,389   $1,812,678,348    2.40%
August 28, 2004       $12,116,236      $895,267,002     $907,383,238    1.18%
March 26, 2005        $32,963,756    $2,393,028,822   $2,425,992,578    3.12%
May 28, 2005          $36,369,045    $2,577,395,775   $2,613,764,820    3.45%
July 30, 2005          $5,511,695      $648,060,732     $653,572,427    0.86%
August 27, 2005       $18,281,747    $3,275,634,111   $3,293,915,858    4.36%
November 26, 2005      $8,898,140    $1,159,528,972   $1,168,427,112    1.55%


Recent Removal of Accounts

         The Banks removed 28,340,816 inactive, zero balance accounts from
Citibank Credit Card Master Trust I in a lump removal on October 29, 2005. The
removal of these accounts is not expected to materially impact the performance
of the master trust's assets.


                                       11


<PAGE>

                                GLOSSARY OF TERMS

"accounts" means the portfolio of revolving credit card accounts established and
supplemented in accordance with the pooling and servicing agreement.

"additional accounts" consist of newly originated eligible accounts to be
included as accounts and accounts relating to any lump additions.

"Banks" means Citibank (South Dakota), National Association, a national banking
association, and Citibank (Nevada), National Association, a national banking
association.

"eligible accounts" An "eligible account" is defined to mean a revolving credit
card account owned by Citibank (South Dakota), any additional seller or any
other affiliate thereof which, as of the master trust cut-off date with respect
to an initial account or as of the additional cut-off date with respect to an
additional account: (a) is in existence and maintained by Citibank (South
Dakota), the additional seller or the other affiliate; (b) is payable in United
States dollars; (c) in the case of the initial accounts, has a cardholder who
has provided, as his most recent billing address, an address located in the
United States or its territories or possessions or a military address; (d) has a
cardholder who has not been identified by Citibank (South Dakota), the
additional seller or the other affiliate in its computer files as being involved
in a voluntary or involuntary bankruptcy proceeding; (e) has not been identified
as an account with respect to which the related card has been lost or stolen;
(f) has not been sold or pledged to any other party except for any sale to any
seller, additional seller or other affiliate; (g) does not have receivables
which have been sold or pledged to any other party other than any sale to any
seller, additional seller or other affiliate; and (h) in the case of the initial
accounts, is a VISA or MasterCard revolving credit card account.

"finance charge receivables" consist of all periodic finance charges, annual
membership fees, cash advance fees and late charges on amounts charged for
merchandise and services and some other fees designated by the Banks. In
addition, some interchange attributed to cardholder charges for merchandise and
services in the accounts will be treated as finance charge receivables.

"interchange" means interchange fees payable to Citibank (South Dakota) or any
additional seller or other affiliate which has designated accounts to the master
trust, in its capacity as credit card issuer, through VISA, MasterCard or any
other similar entity or organization with respect to any other type of revolving
credit card accounts included as accounts (except as otherwise provided in the
initial assignment with respect to any such other type of accounts), in
connection with cardholder charges for goods and services.

"lump addition" means the designation of additional eligible accounts to be
included as accounts pursuant to Section 2.09(a) or (b) of the pooling and
servicing agreement.

"master trust" means Citibank Credit Card Master Trust I.

"pooling and servicing agreement" means the Amended and Restated Pooling and
Servicing Agreement dated as of October 5, 2001, among the Banks and Deutsche
Bank Trust Company Americas, as trustee, including all amendments thereto.

"principal receivables" consist of all amounts charged by cardholders for
merchandise and services, amounts advanced to cardholders as cash advances and
some fees billed to cardholders on the accounts.


                                       12


<PAGE>

"receivables" means all amounts shown on the servicer's records as amounts
payable by the person or persons obligated to make payments with respect to the
accounts.

"Receivables Outstanding" as defined on page 6.


                                      # # #

         Certain statements contained herein are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act. These
statements are based on the current expectations of Citibank (South Dakota),
National Association and are subject to uncertainty and changes in
circumstances. Forward-looking statements involve risks, uncertainties and
assumptions. Actual results may differ materially from those expressed in these
forward-looking statements. In particular, forward-looking statements contained
herein are based on certain estimates of cardholder preferences, industry
competition, general economic conditions and other matters which cannot be
predicted with certainty. You should not put undue reliance on any
forward-looking statements.


                                       13


<PAGE>

                                   SIGNATURES

               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 (SOUTH DAKOTA),
                                         NATIONAL ASSOCIATION,
                                         as Servicer
                                         (Registrant)


                                    By:  /s/ Douglas C. Morrison
                                         -----------------------
                                             Douglas C. Morrison
                                             Vice President


Dated:  January 26, 2006


                                       14
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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): January 26, 2006

                  Citibank (South Dakota), National Association
                                  on behalf of
                       Citibank Credit Card Master Trust I
          (Issuer in respect of the Citibank Credit Card Master Trust I
       7.25% Class A Credit Card Participation Certificates, Series 1994-2
       7.50% Class B Credit Card Participation Certificates, Series 1994-2
   Floating Rate Class A Credit Card Participation Certificates, Series 1996-6
   Floating Rate Class B Credit Card Participation Certificates, Series 1996-6
   Floating Rate Class A Credit Card Participation Certificates, Series 1997-4
   Floating Rate Class B Credit Card Participation Certificates, Series 1997-4
       6.05% Class A Credit Card Participation Certificates, Series 1998-2
       6.20% Class B Credit Card Participation Certificates, Series 1998-2
      5.875% Class A Credit Card Participation Certificates, Series 1999-2
      6.150% Class B Credit Card Participation Certificates, Series 1999-2
       6.10% Class A Credit Card Participation Certificates, Series 1999-5
       6.30% Class B Credit Card Participation Certificates, Series 1999-5
               Credit Card Participation Certificate, Series 2000
                       (collectively, the "Certificates"))
               (Exact name of registrant as specified in charter)

      United States of America                       46-0358360
    (State or other jurisdiction        (I.R.S. Employer Identification No.)
          of incorporation)

      33-41055, 33-43576, 33-62180, 33-77802, 33-84834, 33-97664, 33-99328,
      333-38803, 333-80743, 333-52984, 333-91326, 333-103013 and 333-121228
                            (Commission File Numbers)

         701 East 60th Street, North
          Sioux Falls, South Dakota                            57117
    (Address of principal executive offices)                (Zip Code)

       Registrant's telephone number, including area code: (605) 331-2626

  (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))
Item 8.01     Other Events.

     The following information relates to the credit card receivables owned by
Citibank Credit Card Master Trust I and the related credit card accounts. Some
of the terms used herein are used as defined in the Glossary of Terms at the end
of this Report.

Loss and Delinquency Experience

         The following table sets forth the loss experience for cardholder
payments on the credit card accounts for each of the periods shown on a cash
basis. The Net Loss percentage calculated for each period below is obtained by
dividing Net Losses by the Average Principal Receivables Outstanding multiplied
by a fraction, the numerator of which is the total number of days in the
applicable calendar year and the denominator of which is the total number of
days in the trust monthly reporting periods for the applicable period (365/364
for the year ended December 27, 2005, 366/368 for the year ended December 28,
2004 and 365/365 for the year ended December 31, 2003).

         If accrued finance charge receivables that have been written off were
included in losses, Net Losses would be higher as an absolute number and as a
percentage of the average of principal and finance charge receivables
outstanding during the periods indicated. Average Principal Receivables
Outstanding is the average of principal receivables outstanding during the
periods indicated. There can be no assurance that the loss experience for the
receivables in the future will be similar to the historical experience set forth
below.

                        Loss Experience for the Accounts
                             (Dollars in Thousands)

                                        Year Ended     Year Ended    Year Ended
                                       December 27,   December 28,  December 31,
                                           2005           2004          2003
                                           ----           ----          ----

Average Principal
  Receivables Outstanding ............. $76,299,195   $76,750,306   $75,707,275

Gross Charge-Offs .....................  $5,068,881    $5,066,778    $5,115,685
Recoveries ............................    $707,721      $479,837      $368,801
Net Losses ............................  $4,361,160    $4,586,941    $4,746,884

Net Losses as a Percentage of
  Average Principal Receivables
  Outstanding .........................     5.73%         5.94%         6.27%

     Net losses as a percentage of gross charge-offs for each of the years ended
December 27, 2005, December 28, 2004 and December 31, 2003 were 86.04%, 90.53%
and 92.79%, respectively. Gross charge-offs are charge-offs before recoveries
and do not include the amount of any reductions in Average Principal Receivables
Outstanding due to fraud, returned goods, customer disputes or various other
miscellaneous write-offs. During the trust monthly reporting periods included in
the three-year period ended December 27, 2005, such reductions ranged from 0.63%
to 1.03% of the outstanding principal receivables as of the end of the related
trust monthly reporting period. The reduction of receivables in this manner
reduces only the sellers' interest in the master trust. Recoveries are
collections received in respect of principal receivables previously charged off
as uncollectible. Net losses are gross charge-offs minus recoveries.

                                       2
The following table sets forth the delinquency experience for
cardholder payments on the credit card accounts as of each of the dates shown.
The Delinquent Amount includes both principal receivables and finance charge
receivables. The percentages are the result of dividing the Delinquent Amount by
the average of principal and finance charge receivables outstanding during the
periods indicated. There can be no assurance that the delinquency experience for
the receivables in the future will be similar to the historical experience set
forth below.
Delinquency Experience for the Accounts
                                            (Dollars in Thousands)

                               As of                     As of                     As of
                        December 24, 2005         December 25, 2004         December 31, 2003
                        -----------------         -----------------         -----------------

Number of Days        Delinquent                Delinquent                Delinquent
Delinquent              Amount    Percentage      Amount    Percentage      Amount    Percentage
----------              ------    ----------      ------    ----------      ------    ----------
Up to 34 days ....   $2,546,025      3.29%     $2,681,813      3.45%      $3,360,396     4.37%
35 to 64 days ....      750,127      0.97         896,856      1.15        1,146,055     1.49
65 to 94 days ....      515,964      0.67         626,967      0.81          777,690     1.01
95 to 124 days ...      395,861      0.51         521,980      0.67          612,336     0.80
125 to 154 days ..      324,238      0.42         433,092      0.56          520,419     0.68
155 to 184 days ..      292,535      0.38         366,161      0.47          452,659     0.59
                        -------      ----         -------      ----          -------     ----
   Total .........   $4,824,750      6.24%     $5,526,869      7.11%      $6,869,555     8.94%
Revenue Experience

         The revenues for the credit card accounts from finance charges, fees
paid by cardholders and interchange for each of the years ended December 27,
2005, December 28, 2004 and December 31, 2003 are set forth in the following
table. The revenue experience in this table is presented on a cash basis before
deduction for charge-offs. Average Revenue Yield calculated for each period
below is obtained by dividing Finance Charges and Fees Paid by Average Principal
Receivables Outstanding multiplied by a fraction, the numerator of which is the
total number of days in the applicable calendar year and the denominator of
which is the total number of days in the trust monthly reporting periods for the
applicable period (365/364 for the year ended December 27, 2005, 366/368 for the
year ended December 28, 2004 and 365/365 for the year ended December 31, 2003).

         Revenues from finance charges, fees and interchange will be affected by
numerous factors, including the periodic finance charge on the credit card
receivables, the amount of any annual membership fee, other fees paid by
cardholders, the percentage of cardholders who pay off their balances in full
each month and do not incur periodic finance charges on purchases, the
percentage of credit card accounts bearing finance charges at promotional rates
and changes in the level of delinquencies on the receivables.

                       Revenue Experience for the Accounts
                             (Dollars in Thousands)

                                   Year Ended       Year Ended       Year Ended
                                  December 27,     December 28,     December 31,
                                      2005             2004             2003
                                      ----             ----             ----

Finance Charges and Fees Paid .... $12,271,731     $11,866,155      $11,461,816
Average Revenue Yield ............    16.13%          15.38%           15.14%

                                       3
The revenues from periodic finance charges and fees -- other than
annual fees -- depend in part upon the collective preference of cardholders to
use their credit cards as revolving debt instruments for purchases and cash
advances and to pay account balances over several months -- as opposed to
convenience use, where cardholders pay off their entire balance each month,
thereby avoiding periodic finance charges on their purchases -- and upon other
card-related services for which the cardholder pays a fee. Revenues from
periodic finance charges and fees also depend on the types of charges and fees
assessed on the credit card accounts. Accordingly, revenues will be affected by
future changes in the types of charges and fees assessed on the accounts and in
the types of additional accounts added from time to time. These revenues could
be adversely affected by future changes in fees and charges assessed on the
accounts and other factors.

Cardholder Monthly Payment Rates

         The following table sets forth the highest and lowest cardholder
monthly payment rates for the credit card accounts during any month in the
periods shown and the average of the cardholder monthly payment rates for all
months during the periods shown, in each case calculated as a percentage of the
total beginning account balances for that month.

         Monthly payment rates on the credit card receivables may vary because,
among other things, a cardholder may fail to make a required payment, may only
make the minimum required payment or may pay the entire outstanding balance.
Monthly payment rates on the receivables may also vary due to seasonal
purchasing and payment habits of cardholders. Monthly payment rates include
amounts that are treated as payments of principal receivables and finance charge
receivables with respect to the accounts under the pooling and servicing
agreement. In addition, the amount of outstanding receivables and the rates of
payments, delinquencies, charge-offs and new borrowings on the accounts depend
on a variety of factors including seasonal variations, the availability of other
sources of credit, general economic conditions, tax laws, consumer spending and
borrowing patterns and the terms of the accounts, which may change. Cardholder
monthly payment rates are calculated on the balances of those cardholder
accounts that have an amount due. Cardholder accounts with a zero balance or a
credit balance are excluded from these calculations.

         For the December 2005 trust monthly reporting period, 49.03% of the
accounts had a credit balance or otherwise had no payment due, 20.16% of the
cardholders paid their entire outstanding balance, 4.62% of the cardholders made
only the minimum payment due, and the remaining 26.19% of the cardholders paid
an amount greater than the minimum due, but less than the entire outstanding
balance.

                Cardholder Monthly Payment Rates for the Accounts

                                      Year Ended      Year Ended     Year Ended
                                     December 27,    December 28,   December 31,
                                         2005            2004           2003
                                         ----            ----           ----

Lowest Month .........................  17.28%          16.86%         16.16%
Highest Month ........................  22.02%          19.41%         19.23%
Average of the Months in the Period ..  20.04%          18.41%         17.76%

                                       4
Interchange

         Creditors participating in the MasterCard International and VISA
associations receive interchange as partial compensation for taking credit risk,
absorbing fraud losses and funding receivables for a limited period before
initial billing. Under the MasterCard International and VISA systems, a portion
of this interchange in connection with cardholder charges for merchandise and
services is passed from banks which clear the transactions for merchants to
credit card-issuing banks. Interchange ranges from approximately 1% to 2% of the
transaction amount. Citibank (South Dakota) is required to transfer to the
master trust interchange attributed to cardholder charges for merchandise and
services in the accounts. In general, interchange is allocated to the master
trust on the basis of the ratio that the amount of cardholder charges for
merchandise and services in the accounts bears to the total amount of cardholder
charges for merchandise and services in the portfolio of credit card accounts
maintained by Citibank (South Dakota). MasterCard International and VISA may
change the amount of interchange reimbursed to banks issuing their credit cards.

The Credit Card Receivables

         The receivables in the credit card accounts designated to the master
trust as of December 24, 2005 included $1,045,910,291 of finance charge
receivables and $78,068,389,766 of principal receivables -- which amounts
include overdue finance charge receivables and overdue principal receivables. As
of December 24, 2005, there were 40,689,392 accounts. Included within the
accounts are inactive accounts that have no balance. The accounts had an average
principal receivable balance of $1,919 and an average credit limit of $10,117.
The average principal receivable balance in the accounts as a percentage of the
average credit limit with respect to the accounts was approximately 19%.
Approximately 87% of the accounts were opened before December 2003. Of the
accounts, as of December 24, 2005, approximately the following percentages
related to cardholders with billing addresses in the following states:

                        Percentage of Total           Percentage of Total
                        Number of Accounts          Outstanding Receivables
                        ------------------          -----------------------

        California            13.02%                         13.89%
        New York               9.73%                          9.47%
        Florida                6.66%                          6.24%
        Texas                  6.49%                          8.36%
        Pennsylvania           5.00%                          4.32%
        Illinois               4.95%                          5.35%

Since the largest number of cardholders' billing addresses were in California,
New York, Florida, Texas, Pennsylvania and Illinois, adverse changes in the
business or economic conditions in these states could have an adverse effect on
the performance of the receivables. No other state represents more than 5% of
the number of accounts or outstanding receivables.

         As of December 31, 2005, approximately 17% of the credit card
receivables in the master trust related to credit cards issued under the
Citibank/American Airlines AAdvantage co-brand program. Cardholders in the
AAdvantage program receive benefits for the amounts charged on their AAdvantage
cards, including frequent flyer miles in American Airline's frequent traveler
program. Conditions that adversely affect the airline industry or American
Airlines could affect the usage and payment patterns of the AAdvantage program
cards. In addition, termination of the AAdvantage program could have an

                                       5
adverse effect on the payment rates and excess spread reported by the master
trust. However, we do not expect any such termination to affect the integrity or
sustainability of master trust cash flows. As of December 31, 2005, no other
co-brand or affinity program of the Banks accounted for more than 1% of the
credit card receivables in the master trust.

         The credit card accounts include receivables which, in accordance with
the servicer's normal servicing policies, were charged-off as uncollectible.
However, for purposes of calculation of the amount of principal receivables and
finance charge receivables in the master trust for any date, the balance of the
charged-off receivables is zero and the master trust owns only the right to
receive recoveries on these receivables.

         The following tables summarize the credit card accounts designated to
the master trust as of December 24, 2005 by various criteria. References to
"Receivables Outstanding" in these tables include both finance charge
receivables and principal receivables. Because the composition of the accounts
will change in the future, these tables are not necessarily indicative of the
future composition of the accounts.

         Credit balances presented in the following table are a result of
cardholder payments and credit adjustments applied in excess of a credit card
account's unpaid balance. Accounts which have a credit balance are included
because receivables may be generated in these accounts in the future. Credit
card accounts which have no balance are included because receivables may be
generated in these accounts in the future.

                   Composition of Accounts by Account Balance

                                           Percentage                Percentage
                                            of Total                  of Total
                                Number of   Number of  Receivables   Receivables
        Account Balance         Accounts    Accounts   Outstanding   Outstanding
        ---------------         ---------   ---------  -----------   -----------

Credit Balance................     462,536    1.14%    $ (88,267,002)   -0.11%
No Balance ...................  19,652,398   48.30                 0     0.00
Less than or equal to $500.00.   5,147,855   12.65       948,916,852     1.20
$500.01 to $1,000.00..........   2,308,608    5.67     1,701,001,721     2.15
$1,000.01 to $2,000.00........   2,951,843    7.25     4,315,041,708     5.45
$2,000.01 to $3,000.00........   1,995,983    4.91     4,945,370,450     6.25
$3,000.01 to $4,000.00........   1,514,505    3.72     5,274,842,601     6.67
$4,000.01 to $5,000.00........   1,220,398    3.00     5,479,459,837     6.93
$5,000.01 to $6,000.00........     959,994    2.36     5,265,060,568     6.66
$6,000.01 to $7,000.00........     777,015    1.91     5,040,001,439     6.37
$7,000.01 to $8,000.00........     632,736    1.56     4,736,159,321     5.99
$8,000.01 to $9,000.00........     514,658    1.26     4,367,536,007     5.52
$9,000.01 to $10,000.00.......     430,810    1.06     4,087,366,200     5.17
$10,000.01 to $15,000.00......   1,225,312    3.01    14,881,527,540    18.80
$15,000.01 to $20,000.00......     538,691    1.32     9,260,189,994    11.70
Over $20,000.00...............     356,050    0.88     8,900,092,821    11.25
                                   -------    ----     -------------    -----
Total.........................  40,689,392  100.00%  $79,114,300,057   100.00%

                                       6
Composition of Accounts by Credit Limit

                                          Percentage                 Percentage
                                           of Total                   of Total
                               Number of   Number of   Receivables   Receivables
         Credit Limit          Accounts    Accounts    Outstanding   Outstanding
         ------------          ---------   --------    -----------   -----------

Less than or equal to $500.00.  1,102,072    2.71%   $   47,837,327     0.06%
$500.01 to $1,000.00..........  1,018,801    2.50       219,368,085     0.28
$1,000.01 to $2,000.00........  2,089,806    5.14       870,064,644     1.10
$2,000.01 to $3,000.00........  2,190,040    5.38     1,454,903,438     1.84
$3,000.01 to $4,000.00........  2,087,048    5.13     1,766,402,106     2.23
$4,000.01 to $5,000.00........  3,001,687    7.38     2,579,728,410     3.26
$5,000.01 to $6,000.00........  2,646,505    6.50     2,596,890,375     3.28
$6,000.01 to $7,000.00........  2,627,869    6.46     2,921,944,699     3.69
$7,000.01 to $8,000.00........  2,792,173    6.86     3,121,634,495     3.95
$8,000.01 to $9,000.00........  2,431,007    5.97     3,064,327,880     3.87
$9,000.01 to $10,000.00.......  2,489,399    6.12     3,487,984,726     4.41
$10,000.01 to $15,000.00......  7,886,013   19.38    15,317,297,264    19.36
$15,000.01 to $20,000.00......  3,937,305    9.68    13,478,379,530    17.04
Over $20,000.00...............  4,389,667   10.79    28,187,537,078    35.63
                                ---------   -----    --------------    -----
Total ........................ 40,689,392  100.00%  $79,114,300,057   100.00%

     Accounts presented in the table below as "Current" include accounts on
which the minimum payment has not been received before the next billing date
following the issuance of the related bill.

                    Composition of Accounts by Payment Status

                                          Percentage                 Percentage
                                           of Total                   of Total
                               Number of   Number of    Receivables  Receivables
      Payment Status           Accounts    Accounts     Outstanding  Outstanding
      --------------           ---------   --------     -----------  -----------

Current ....................   39,684,708   97.53%   $74,289,550,241    93.90%
Up to 34 days delinquent....      572,280    1.41      2,546,025,114     3.22
35 to 64 days delinquent....      158,837    0.39        750,126,549     0.95
65 to 94 days delinquent....       96,117    0.24        515,964,444     0.65
95 to 124 days delinquent...       70,225    0.17        395,860,516     0.50
125 to 154 days delinquent..       57,100    0.14        324,237,754     0.41
155 to 184 days delinquent..       50,125    0.12        292,535,439     0.37
                                   ------    ----        -----------     ----
Total ......................   40,689,392  100.00%   $79,114,300,057   100.00%

                                       7
Composition of Accounts by Age

                                           Percentage                Percentage
                                            of Total                  of Total
                                Number of   Number of   Receivables  Receivables
         Age                    Accounts    Accounts    Outstanding  Outstanding
         ---                    ---------   --------    -----------  -----------

Less than or equal to 6 months.    347,428    0.85%  $   570,026,710     0.72%
Over 6 months to 12 months.....  2,161,342    5.31     2,946,283,459     3.72
Over 12 months to 24 months....  2,614,286    6.42     4,722,496,340     5.97
Over 24 months to 36 months....  1,997,551    4.91     3,613,990,912     4.57
Over 36 months to 48 months....  3,512,015    8.63     6,108,557,416     7.72
Over 48 months to 60 months....  2,789,650    6.86     5,575,975,023     7.05
Over 60 months................. 27,267,120   67.02    55,576,970,197    70.25
                                ----------   -----    --------------    -----
Total ......................... 40,689,392  100.00%  $79,114,300,057   100.00%

     The following table sets forth the composition of accounts by FICO(R)*
score. A FICO score is a measurement determined by Fair, Isaac & Company using
information collected by major credit bureaus to assess credit risk. A credit
report is generally obtained from one or more credit bureaus for each
application for a new account. Once a customer has been issued a card, Citibank
(South Dakota) refreshes the FICO score on most accounts on a monthly basis.
Citibank (South Dakota) generally does not refresh the FICO scores of accounts
with a zero balance that have been determined to be inactive, accounts in
forbearance or workout programs and certain other categories of accounts. A FICO
score of zero indicates that the FICO score of an account has not been refreshed
for one of these reasons or that the customer did not have enough credit history
for a FICO score to be calculated.

                    Composition of Accounts by FICO Score

                                           Percentage                Percentage
                                            of Total                  of Total
                                Number of   Number of   Receivables  Receivables
         FICO Score             Accounts    Accounts    Outstanding  Outstanding
         ----------             ---------   --------    -----------  -----------

0 .........................     7,759,162    19.07%   $1,029,626,856     1.30%
001 to 599 ................     1,858,387     4.57     6,741,108,773     8.52
600 to 639 ................     1,588,797     3.90     6,579,656,816     8.32
640 to 659 ................     1,364,808     3.35     6,066,321,406     7.67
660 to 679 ................     1,798,709     4.42     7,808,214,417     9.87
680 to 699 ................     2,311,628     5.68     9,211,197,090    11.64
700 to 719 ................     2,848,938     7.00     9,884,070,047    12.49
720 to 739 ................     3,068,791     7.54     8,810,525,705    11.14
740 to 759 ................     3,292,572     8.09     7,388,665,202     9.34
760 to 800................      8,625,980    21.21    11,360,979,080    14.36
801 and above .............     6,171,620    15.17     4,233,934,665     5.35
                                ---------    -----     -------------     ----
Total .....................    40,689,392   100.00%  $79,114,300,057   100.00%

-----------
     * FICO(R) is a registered trademark of Fair, Isaac & Company.

                                       8
Static Pool Information

         Static pool information is information relating to the master trust
receivables, organized by year of the origination of each related credit card
account. Static pool information for the master trust receivables was not stored
by the Banks' computer systems before January 2006, and cannot be produced
without unreasonable effort and expense. Since January 2006, the Banks have
stored static pool information concerning losses, delinquencies, revenue yield
and payment rate for the master trust receivables by year of origination, and
beginning with the calendar quarter ending in March 2006, this information will
be presented in monthly increments and will be updated quarterly.

         When new accounts are designated to the master trust from time to time,
the Banks will begin storing static pool information about those accounts and
the related receivables. The Banks anticipate that static pool information will
be organized by year of origination of the applicable account for the five most
recent years, and for accounts originated more than five years ago.
Consequently, the full array of static pool information will not be available
until 2011. As of December 24, 2005, less than 33% of the accounts were
originated within the last five years.

Billing and Payments

         The credit card accounts have different billing and payment structures,
including different periodic finance charges and fees. The following information
reflects the current billing and payment characteristics of the accounts.

         Each month, billing statements are sent to cardholders who had activity
during the immediately preceding billing period. To the extent a cardholder has
a balance due, the cardholder must make a minimum payment equal to the sum of
any amount which is past due plus any amount which is in excess of the credit
limit and, for most accounts, the greatest of the following:

         o  the new balance on the billing statement if it is less than $20, or
            $20, if the new balance is at least $20;

         o  1% of the new balance plus the amount of any billed finance charges
            and any billed late fee; and

         o  1.5% of the new balance.

         Consistent with changes in industry practice based on regulatory
guidance, during calendar year 2005 Citibank (South Dakota) changed the minimum
payment calculation for its credit card accounts. This change has resulted in an
increase in the minimum monthly payment requirement for some accounts. This
change to the minimum payment calculation is likely to result in an increase in
delinquencies and charge-offs on the credit card accounts, however, the
potential impact cannot be determined with reasonable certainty at this time.

         A periodic finance charge is imposed on the credit card accounts. The
periodic finance charge imposed on balances for purchases and cash advances for
a majority of the accounts is calculated by multiplying (1) the daily balances
for each day during the billing cycle by (2) the applicable daily periodic
finance charge rate, and summing the results for each day in the billing period.
The daily balance is calculated by taking the previous day's balance, adding any
new purchases or cash advances and fees, adding the daily finance charge on the
previous day's balance, and subtracting any payments or credits. Cash advances
are included in the daily balance from the date the advances are made. Purchases
are included in the daily balance generally from the date of purchase. Periodic
finance charges are not

                                       9
imposed in most circumstances on purchase amounts if all balances shown in the
previous billing statement are paid in full by the due date indicated on the
statement.

         The periodic finance charge imposed on balances in most credit card
accounts for purchases is currently the Prime Rate, as published in The Wall
Street Journal, plus a percentage ranging from 4.99% to 11.99%. As of the date
of this Form 8-K, the periodic finance charge on balances in most accounts for
purchases ranged from 12.24% to 19.24%. The periodic finance charge imposed on
balances in most credit card accounts for cash advances is currently the greater
of 19.99% or the sum of the Prime Rate and 14.99%. If a cardholder defaults
under their credit card agreement, the periodic finance charge assessed on all
balances in their account can be increased to the Prime Rate plus up to 23.99%.
Promotional rates are offered from time to time to attract new cardholders and
to promote balance transfers from other credit card issuers and the periodic
finance charge on a limited number of accounts may be greater or less than those
generally assessed on the accounts.

         The periodic finance charge on accounts may be changed at any time by
providing prior written notice to cardholders. Any increase in the finance
charge will become effective upon the earlier of subsequent use of a card and
the expiration of a 25-day period from the date the change was made effective --
assuming failure on the part of the cardholder to object to the new rate.

         Most of the accounts are subject to additional fees, including:

         o    a late fee if the cardholder does not make the required minimum
              payment by the payment date shown on the monthly billing
              statement. The late fee is $15 on balances up to $100, $29 on
              balances of $100 up to $1,000 and $39 on balances of $1,000 and
              over;

         o    a cash advance fee which is generally equal to 3.0% of the amount
              of the cash advance, subject to a minimum fee of $5;

         o    a balance transfer fee of 3.0% of the amount transferred to the
              account, subject to a minimum fee of $5 and a maximum fee of $75;

         o    a fee on purchases made in a foreign currency which is generally
              equal to 3.0% of the amount of the purchase, after its conversion
              into U.S. dollars;

         o    a returned payment fee of $29;

         o    a returned check fee of $29;

         o    a stop payment fee of $29; and

         o    a fee of $35 for each billing period with respect to each account
              with an outstanding balance over the credit limit established for
              that account.

There can be no assurance that periodic finance charges, fees and other charges
will remain at current levels in the future.

         Payments by cardholders on the accounts are processed and applied first
to all minimum amounts due. Payments in excess of the minimum amount due are
applied to balances associated with low periodic rates before balances
associated with higher periodic rates.

                                       10
Recent Lump Additions

         The Banks from time to time transfer credit card receivables to the
master trust in lump additions by designating additional accounts to the master
trust. The table below presents the date, amount and percentage of the master
trust portfolio of those lump additions since January 2003 (calculated based on
the principal amount of the lump addition and the balance of principal
receivables in the master trust as of the end of its monthly reporting period
immediately preceding the specified lump addition date).

                Lump Additions of Receivables Since January 2003

                                                                     Percentage
                       Amount of        Amount of                 of Outstanding
                     Finance Charge     Principal        Total        Principal
 Lump Addition Date   Receivables      Receivables    Receivables    Receivables
 ------------------   -----------      -----------    -----------    -----------
March 29, 2003        $35,699,052    $2,733,277,210   $2,768,976,262    3.78%
April 26, 2003        $28,126,124    $2,765,035,614   $2,793,161,738    3.73%
May 24, 2003          $31,055,085    $2,234,096,925   $2,265,152,010    3.01%
November 29, 2003     $37,827,076    $3,577,388,855   $3,615,215,931    4.80%
June 26, 2004         $23,508,959    $1,789,169,389   $1,812,678,348    2.40%
August 28, 2004       $12,116,236      $895,267,002     $907,383,238    1.18%
March 26, 2005        $32,963,756    $2,393,028,822   $2,425,992,578    3.12%
May 28, 2005          $36,369,045    $2,577,395,775   $2,613,764,820    3.45%
July 30, 2005          $5,511,695      $648,060,732     $653,572,427    0.86%
August 27, 2005       $18,281,747    $3,275,634,111   $3,293,915,858    4.36%
November 26, 2005      $8,898,140    $1,159,528,972   $1,168,427,112    1.55%

Recent Removal of Accounts

         The Banks removed 28,340,816 inactive, zero balance accounts from
Citibank Credit Card Master Trust I in a lump removal on October 29, 2005. The
removal of these accounts is not expected to materially impact the performance
of the master trust's assets.

                                       11
GLOSSARY OF TERMS

"accounts" means the portfolio of revolving credit card accounts established and
supplemented in accordance with the pooling and servicing agreement.

"additional accounts" consist of newly originated eligible accounts to be
included as accounts and accounts relating to any lump additions.

"Banks" means Citibank (South Dakota), National Association, a national banking
association, and Citibank (Nevada), National Association, a national banking
association.

"eligible accounts" An "eligible account" is defined to mean a revolving credit
card account owned by Citibank (South Dakota), any additional seller or any
other affiliate thereof which, as of the master trust cut-off date with respect
to an initial account or as of the additional cut-off date with respect to an
additional account: (a) is in existence and maintained by Citibank (South
Dakota), the additional seller or the other affiliate; (b) is payable in United
States dollars; (c) in the case of the initial accounts, has a cardholder who
has provided, as his most recent billing address, an address located in the
United States or its territories or possessions or a military address; (d) has a
cardholder who has not been identified by Citibank (South Dakota), the
additional seller or the other affiliate in its computer files as being involved
in a voluntary or involuntary bankruptcy proceeding; (e) has not been identified
as an account with respect to which the related card has been lost or stolen;
(f) has not been sold or pledged to any other party except for any sale to any
seller, additional seller or other affiliate; (g) does not have receivables
which have been sold or pledged to any other party other than any sale to any
seller, additional seller or other affiliate; and (h) in the case of the initial
accounts, is a VISA or MasterCard revolving credit card account.

"finance charge receivables" consist of all periodic finance charges, annual
membership fees, cash advance fees and late charges on amounts charged for
merchandise and services and some other fees designated by the Banks. In
addition, some interchange attributed to cardholder charges for merchandise and
services in the accounts will be treated as finance charge receivables.

"interchange" means interchange fees payable to Citibank (South Dakota) or any
additional seller or other affiliate which has designated accounts to the master
trust, in its capacity as credit card issuer, through VISA, MasterCard or any
other similar entity or organization with respect to any other type of revolving
credit card accounts included as accounts (except as otherwise provided in the
initial assignment with respect to any such other type of accounts), in
connection with cardholder charges for goods and services.

"lump addition" means the designation of additional eligible accounts to be
included as accounts pursuant to Section 2.09(a) or (b) of the pooling and
servicing agreement.

"master trust" means Citibank Credit Card Master Trust I.

"pooling and servicing agreement" means the Amended and Restated Pooling and
Servicing Agreement dated as of October 5, 2001, among the Banks and Deutsche
Bank Trust Company Americas, as trustee, including all amendments thereto.

"principal receivables" consist of all amounts charged by cardholders for
merchandise and services, amounts advanced to cardholders as cash advances and
some fees billed to cardholders on the accounts.

                                       12
"receivables" means all amounts shown on the servicer's records as amounts
payable by the person or persons obligated to make payments with respect to the
accounts.

"Receivables Outstanding" as defined on page 6.

                                      # # #

         Certain statements contained herein are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act. These
statements are based on the current expectations of Citibank (South Dakota),
National Association and are subject to uncertainty and changes in
circumstances. Forward-looking statements involve risks, uncertainties and
assumptions. Actual results may differ materially from those expressed in these
forward-looking statements. In particular, forward-looking statements contained
herein are based on certain estimates of cardholder preferences, industry
competition, general economic conditions and other matters which cannot be
predicted with certainty. You should not put undue reliance on any
forward-looking statements.

                                       13
SIGNATURES

               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 (SOUTH DAKOTA),
                                         NATIONAL ASSOCIATION,
                                         as Servicer
                                         (Registrant)

                                    By:  /s/ Douglas C. Morrison
                                         -----------------------
                                             Douglas C. Morrison
                                             Vice President

Dated:  January 26, 2006

                                       14