10-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K

(Mark One)

[X]    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
       SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2005

                                       OR

[  ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
       SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________  to ______________


                       Commission file number: 333-121228

                  CITIBANK (SOUTH DAKOTA), NATIONAL ASSOCIATION
                                  on behalf of
                       CITIBANK CREDIT CARD ISSUANCE TRUST
                  (Issuing Entity in respect of the Citiseries
                 Class A notes, Class B notes and Class C notes)
                                      and
                       CITIBANK CREDIT CARD MASTER TRUST I
            (Issuing Entity in respect of the Collateral Certificate)

             (Exact name of registrant as specified in its charter)

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

     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
Securities registered pursuant to Section 12(b) of the Act:  NONE
Securities registered pursuant to Section 12(g) of the Act:  NONE

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.   Yes     .   No  X  .
                                                -----      -----

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.   Yes     .   No  X  .
                                                         -----      -----


                                                       [cover page 1 of 2 pages]





Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

         Yes   X  .*   No      .
             -----        -----


Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]


Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer.

Large accelerated filer      Accelerated filer      Non-accelerated filer  X
                       -----                  -----                      -----


Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Act).   Yes      .   No   X  .
                                             -----       -----


State the aggregate market value of the voting and non-voting common equity held
by non-affiliates computed by reference to the price at which the common equity
was last sold, or the average bid and asked price of such common equity, as of
the last business day of the registrant's most recently completed second fiscal
quarter:

         NOT APPLICABLE.


- -----------------
      *On April 28, 1989, Citibank (South Dakota), National Association was
issued a no-action letter (the "No-Action Letter") by the Securities and
Exchange Commission (the "Commission") with respect to certain reporting
requirements pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934. This Form 10-K has been prepared in accordance with the terms of the
No-Action Letter.


                                                       [cover page 2 of 2 pages]




                                     PART I
                                     ------

Item 1. Business.

     Omitted pursuant to the No-Action Letter.

Item 1A.  Risk Factors.

     Not Applicable.

Item 1B.  Unresolved Staff Comments.

     Not Applicable.

Item 2. Properties.

     The primary asset of Citibank Credit Card Issuance Trust, a Delaware
statutory trust formed on September 12, 2000 (the "issuance trust") -- and its
primary source of funds for the payment of principal of and interest on the
notes - is a collateral certificate issued by Citibank Credit Card Master Trust
I (the "master trust") to the issuance trust. The collateral certificate
represents an undivided interest in the assets of the master trust. The master
trust's assets consist primarily of credit card receivables arising in a
portfolio of revolving credit card accounts.

     Pursuant to Section 907 of the indenture under which the issuance trust's
notes are issued, each month the issuance trust prepares a report (the "issuance
trust's report") containing information regarding the issuance trust's notes,
the master trust's assets and the collateral certificate for the related due
period and the related payment dates for the notes.

     KPMG LLP has performed certain procedures in connection with the issuance
trust's reports for the months of January 2005 through December 2005. The report
issued by KPMG LLP in connection with these issuance trust's reports is attached
hereto as Exhibit 99.1. The issuance trust's reports for the due periods ending
in January 2005 through December 2005 are incorporated by reference from the
registrant's Current Reports on Form 8-K filed with the Commission on February
15, 2005, March 15, 2005, April 15, 2005, May 16, 2005, June 15, 2005, July 15,
2005, August 15, 2005, September 15, 2005, October 17, 2005, November 15, 2005,
December 14, 2005, and January 17, 2006, respectively. In addition, the Current
Report on Form 8-K filed by the master trust with the Commission on January 26,
2006 containing financial information with regard to the master trust, the
receivables and the accounts as of, and for the year ended in, December 2005 is
incorporated by reference.

     Pursuant to Section 1104 of the indenture, the issuance trust has certified
to the indenture trustee as to its compliance with all conditions and covenants
under the indenture throughout the calendar year ended December 31, 2005. This
certificate is attached hereto as Exhibit 99.2.

     KPMG LLP has also performed certain procedures relating to the servicing
activities of Citibank (South Dakota), National Association ("Citibank (South
Dakota)"), as servicer of the master trust. The report issued by KPMG LLP in
connection with the servicing activities of Citibank (South Dakota), as servicer
of the master trust, attached as Exhibit 99.1 to the Annual Report on Form 10-K
filed by the master trust with the Commission on March 29, 2006, is
incorporated by reference. The annual compliance certificate delivered to the
trustee of the master trust by a servicing officer of the master trust, attached
as Exhibit 99.2 to the Annual Report on Form 10-K filed by the master trust with
the Commission on March 29, 2006, is incorporated by reference.


                                       3




Item 3. Legal Proceedings.

     Citibank (South Dakota), some of its affiliates as well as Visa U.S.A.
Inc., Visa International Service Association, MasterCard International
Incorporated and other banks are defendants in a consolidated class action
lawsuit (IN RE CURRENCY CONVERSION FEE ANTITRUST LITIGATION) pending in the U.S.
District Court for the Southern District of New York, which seeks unspecified
damages and injunctive relief. The action, brought on behalf of certain United
States holders of VISA, MasterCard and Diners Club branded general purpose
credit cards who used those cards since March 1, 1997 for foreign currency
transactions, asserts, among other things, claims for alleged violations of (i)
Section 1 of the Sherman Act, (ii) the Federal Truth-in-Lending Act (TILA), and
(iii) as to Citibank (South Dakota), the South Dakota Deceptive Trade Practices
Act. On October 15, 2004, the District Court granted the plaintiffs' motion for
class certification of their Sherman Act and TILA claims but denied the motion
as to the South Dakota Deceptive Trade Practices Act claim against Citibank
(South Dakota). On March 9, 2005, the District Court granted in part and denied
in part defendants' motions for reconsideration of certain aspects of the
October 15, 2004 rulings. Among other things, the District Court narrowed the
antitrust classes to certain VISA-branded or MasterCard-branded cardholders of
Citibank (South Dakota) and J.P. Morgan Chase & Co. On December 7, 2005, the
District Court certified a Diners Club damages subclass, as well as Diners'
antitrust and TILA injunctive relief subclasses. The Citigroup defendants, J.P.
Morgan Chase & Co. and the plaintiffs have appealed certain aspects of the
District Court's class action rulings.

     Except as described in the preceding paragraph, the registrant knows of no
material pending legal proceedings involving the issuance trust, the master
trust, Citibank (South Dakota), Citibank (Nevada), National Association or the
trustee (in its capacity as such), other than routine litigation incidental to
the business of the issuance trust, the master trust, Citibank (South Dakota),
Citibank (Nevada), National Association or the trustee (in its capacity as
such).

Item 4. Submission of Matters to a Vote of Security Holders.

     None.


                                     PART II
                                     -------

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and
        Issuer Purchases of Equity Securities.

     To the best knowledge of the registrant, there is no established public
trading market for the notes.

     Each subclass of the issuance trust's notes that is publicly offered in the
U.S. is represented by one or more notes registered in the name of Cede & Co.
("Cede"), the nominee of The Depository Trust Company ("DTC").

Item 6. Selected Financial Data.

     Omitted pursuant to the No-Action Letter.

Item 7. Management's Discussion and Analysis of Financial Condition and Results
        of Operation.

     Omitted pursuant to the No-Action Letter.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

     Omitted pursuant to the No-Action Letter.

Item 8. Financial Statements and Supplementary Data.

     Omitted pursuant to the No-Action Letter.


                                       4




Item 9. Changes in and Disagreements with Accountants on Accounting and
        Financial Disclosure.

     None.

Item 9A. Controls and Procedures.

     Not Applicable.

Item 9B. Other Information.

     None.


                                    PART III
                                    --------

Item 10. Directors and Executive Officers of the Registrant.

     Omitted pursuant to the No-Action Letter.

Item 11. Executive Compensation.

     Omitted pursuant to the No-Action Letter.

Item 12. Security Ownership of Certain Beneficial Owners and Management and
         Related Stockholder Matters.

     Each subclass of the issuance trust's notes that is publicly offered in the
U.S. is represented by one or more certificates registered in the name of Cede,
the nominee of DTC, and an investor holding an interest in such subclasses of
notes is not entitled to receive a note representing such interest except in
limited circumstances set forth in the indenture. Accordingly, Cede is the sole
holder of record of such notes, which it holds on behalf of brokers, dealers,
banks, and other direct participants in the DTC system. Such direct participants
may hold notes for their own accounts or for the accounts of their customers.
The name and address of Cede is Cede & Co., c/o The Depository Trust Company, 55
Water Street, New York, NY 10041.

Item 13. Certain Relationships and Related Transactions.

     There have not been, and there are not currently proposed, to the best
knowledge of the registrant, any transaction or series of transactions, to which
the issuance trust, the master trust, Citibank (South Dakota), as managing
beneficiary, or the trustee, on behalf of the issuance trust, is a party with
any noteholder who owns of record or beneficially more than five percent of the
notes.

Item 14. Principal Accountant Fees and Services.

     Not applicable.


                                       5




                                     PART IV
                                     -------

Item 15. Exhibits and Financial Statement Schedules.

(a) 31.1 Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
         and relevant rules and regulations of the Commission.

    99.1 Annual Accountant's Report, prepared by KPMG LLP.

    99.2 Annual Compliance Certificate of an Issuer Authorized Officer delivered
         pursuant to Section 1104 of the Indenture.

    99.3 The issuance trust's reports containing information regarding the
         notes of the Citiseries, the master trust's assets and the collateral
         certificate for the due periods ending in January 2005 through December
         2005 are incorporated by reference from the registrant's Current
         Reports on Form 8-K filed with the Commission on February 15, 2005,
         March 15, 2005, April 15, 2005, May 16, 2005, June 15, 2005, July 15,
         2005, August 15, 2005, September 15, 2005, October 17, 2005, November
         15, 2005, December 14, 2005, and January 17, 2006, respectively.

    99.4 The Current Report on Form 8-K filed by the master trust with the
         Commission on January 26, 2006 containing financial information with
         regard to the master trust, the receivables and the accounts as of, and
         for the year ended in, December 2005 is incorporated by reference.

    99.5 The report issued by KPMG LLP relating to the servicing activities of
         Citibank (South Dakota), as servicer of the master trust, is
         incorporated by reference from Exhibit 99.1 of the Annual Report on
         Form 10-K filed by the master trust with the Commission on March 29,
         2006.

    99.6 The annual compliance certificate delivered to the trustee of the
         master trust by a servicing officer of the master trust is incorporated
         by reference from Exhibit 99.2 of the Annual Report on Form 10-K filed
         by the master trust with the Commission on March 29, 2006.

 (b) Omitted pursuant to the No-Action Letter.

 (c) Omitted pursuant to the No-Action Letter.


                                       6




                                   SIGNATURES
                                   ----------

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                             CITIBANK (SOUTH DAKOTA),
                             NATIONAL ASSOCIATION,
                             as Managing Beneficiary of Citibank Credit Card
                             Issuance Trust and as Servicer of
                             Citibank Credit Card Master Trust I
                                  (Registrant)


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

Dated:  March 29, 2006


                                       7

EX-31

                                                                    EXHIBIT 31.1


                                  Certification
                                  -------------

I, Douglas C. Morrison, certify that:

1.   I have reviewed this annual report on Form 10-K, and all reports on Form
     8-K containing distribution or servicing reports filed in respect of
     periods included in the year covered by this annual report, of Citibank
     Credit Card Issuance Trust (issuing entity in respect of the Citiseries
     Class A notes, Class B notes and Class C notes) and Citibank Credit Card
     Master Trust I (issuing entity in respect of the Collateral Certificate);

2.   Based on my knowledge, the information in these reports, taken as a whole,
     does not contain any untrue statement of a material fact or omit to state a
     material fact necessary to make the statements made, in light of the
     circumstances under which such statements were made, not misleading as of
     the last day of the period covered by this annual report;

3.   Based on my knowledge, (a) the distribution or servicing information
     required to be provided to the trustee by the servicer under the pooling
     and servicing, or similar, agreement, with respect to Citibank Credit Card
     Master Trust I for inclusion in these reports is included in these reports
     and (b) the distribution or servicing information required to be provided
     to the trustee by the issuance trust under the indenture with respect to
     Citibank Credit Card Issuance Trust for inclusion in these reports is
     included in these reports;

4.   I am responsible for reviewing the activities performed by the servicer
     under the pooling and servicing, or similar, agreement and by the issuance
     trust under the indenture and based upon my knowledge and the annual
     compliance review required under each of those agreements, and except as
     disclosed in the reports, each of the servicer and the issuance trust has
     fulfilled its obligations under the respective agreement; and

5.   The reports disclose all significant deficiencies relating to the
     servicer's compliance with the minimum servicing standards based upon the
     report provided by an independent public accountant, after conducting a
     review in compliance with the Uniform Single Attestation Program for
     Mortgage Bankers or similar procedure, as set forth in the pooling and
     servicing, or similar, agreement, that is included in these reports.


Date:  March 29, 2006


/s/ Douglas C. Morrison
- -----------------------------
Douglas C. Morrison
Vice President and Chief Financial Officer
Citibank (South Dakota), National Association

EX-99

                                                                    EXHIBIT 99.1


       Attestation Report of Independent Registered Public Accounting Firm


Citibank Credit Card Issuance Trust, as Issuer
   c/o Deutsche Bank Trust Company Americas
   (formerly Bankers Trust Company), as Trustee

Citibank (South Dakota), National Association, as Managing Beneficiary

We have examined the accompanying assertion made by Citibank (South Dakota),
National Association's ("CBSD") management on Citibank Credit Card Issuance
Trust's ("Issuer") compliance with Article IX, Section 907 of the Indenture,
dated as of September 26, 2000 (filed with the Securities and Exchange
Commission on Form S-3 on December 29, 2000) and amended as of November 14,
2001, between the Issuer and Deutsche Bank Trust Company Americas (formerly
Bankers Trust Company), as Trustee for the year ended December 31, 2005.
Management is responsible for the Issuer's compliance with Article IX, Section
907 of the Indenture, including the accuracy of the mathematical calculations of
each amount set forth in the Issuer's Report, delivered each month pursuant to
Section 907, using CBSD's computer reports which were the source of such
amounts. Our responsibility is to express an opinion based on our examination.

Our examination was conducted in accordance with attestation standards
established by the Public Company Accounting Oversight Board (United States)
and, accordingly, included examining, on a test basis, evidence supporting
management's assertion and performing such other procedures as we considered
necessary in the circumstances. We believe that our examination provides a
reasonable basis for our opinion.

In our opinion, management's assertion referred to above is fairly stated, in
all material respects, based upon the stated criteria in the Indenture.


/s/ KPMG LLP

New York, New York
March 21, 2006





           Management Report on Citibank Credit Card Issuance Trust's
            Compliance with Article IX, Section 907 of the Indenture


Citibank (South Dakota), National Association ("CBSD") is the Managing
Beneficiary of Citibank Credit Card Issuance Trust ("Issuer") and the Servicer
of Citibank Credit Card Master Trust I ("Master Trust").

Management of CBSD, as Managing Beneficiary of the Issuer and as Servicer of the
Master Trust, is responsible for the preparation of the monthly Issuer's Report
in compliance with Article IX, Section 907 of the Indenture, dated as of
September 26, 2000 and amended as of November 14, 2001, between the Issuer and
Deutsche Bank Trust Company Americas (formerly Bankers Trust Company), as
Trustee. Management is also responsible for the accuracy of the mathematical
calculations of each amount set forth in the Issuer's Report, delivered each
month pursuant to Section 907, using CBSD's computer reports which were the
source of such amounts.

Management has performed an evaluation of the Issuer's compliance with Article
IX, Section 907 of the Indenture, including the accuracy of the related
mathematical calculations, for year ended December 31, 2005. Based upon this
evaluation, management believes that, for the year ended December 31, 2005, the
Issuer was materially in compliance with Article IX, Section 907 of the
Indenture.


/s/ Kendall Stork
- ----------------------------
Kendall Stork
President

March 21, 2006

EX-99

                                                                    EXHIBIT 99.2


                       CITIBANK CREDIT CARD ISSUANCE TRUST

                   CERTIFICATE OF AN ISSUER AUTHORIZED OFFICER
               DELIVERED PURSUANT TO SECTION 1104 OF THE INDENTURE


                  Reference is hereby made to the Indenture dated as of
September 26, 2000 (as amended and supplemented through the date hereof, the
"Indenture") between Citibank Credit Card Issuance Trust (the "Issuer") and
Deutsche Bank Trust Company Americas (formerly Bankers Trust Company), as
Trustee (the "Trustee"). Capitalized terms used but not defined herein have
their respective meanings as set forth in the Indenture.

                  Pursuant to Section 1104 of the Indenture, the undersigned
Issuer Authorized Officer does hereby certify that:

                  1. The undersigned is an Issuer Authorized Officer who is duly
authorized pursuant to the Indenture to execute and deliver this certificate to
the Trustee and the Rating Agencies and who has read the Indenture as it relates
to the matters set forth herein.

                  2. A review of the activities of the Issuer during the
calendar year ended December 31, 2005 and of the Issuer's performance under the
Indenture and under the terms of the Notes was conducted under my supervision.
Such review was conducted to the extent I deemed necessary to enable me to
express an informed opinion as to the matters set forth herein.

                  3. To the best of my knowledge, based on such review, the
Issuer has complied in all material respects with all conditions and covenants
under the Indenture throughout such year and no default in the fulfillment of
any such condition or covenant has occurred or is continuing except as set forth
in paragraph 4 below.

                  4. The following is a description of each default in the
fulfillment by the Issuer of conditions and covenants under the Indenture known
to me to have been made by the Issuer during the year ended December 31, 2005,
which description sets forth in detail (i) the nature of each such default, (ii)
the action taken, if any, by the Issuer to remedy each such default and (iii)
the current status of each such default:

                                      None.


                  IN WITNESS WHEREOF, the undersigned has duly executed this
certificate this 8th day of March, 2006.


                                     /s/ Susan J. Sexton
                                     ---------------------------
                                     Susan J. Sexton
                                     Issuer Authorized Officer