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, 2007

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 numbers:          33-41055, 33-43576, 33-62180, 33-77802, 33-84834, 33-97664,

33-99328 and 333-38803

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

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

 (collectively, the "Certificates"))

-----------------------------------

(Exact name of registrant as specified in its charter)

UNITED STATES OF AMERICA	46-0358360
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

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:

Forms 8-A were filed with the Securities and Exchange Commission (the "Commission") registering each Series of the Certificates pursuant to Section 12(g) of the Securities Exchange Act of 1934 (the "Act").

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.

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]

[Item 405 of Regulation S-K is not applicable.]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer

Accelerated filer

Non-accelerated filer  [X]  (Do not check if a smaller reporting company)

Smaller reporting company

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, the registrant was issued a no-action letter (the "No-Action Letter") by the Commission with respect to certain of the registrant's reporting requirements pursuant to Section 13 or 15(d) of the Act. This Form 10-K has been prepared in accordance with the terms of such No-Action

Letter.

2

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.

Pursuant to Section 3.06 of the Pooling and Servicing Agreement dated as of May 29, 1991, as Amended and Restated as of October 5, 2001 (as amended through the date hereof, the "Pooling Agreement"), relating to the Citibank Credit Card Master Trust I (the "Trust") between Citibank (South Dakota), National Association ("CBSD"), as seller, servicer and successor by merger to Citibank (Nevada), National Association, as seller, and Deutsche Bank Trust Company Americas (formerly Bankers Trust Company), as trustee (the "Trustee"), KPMG LLP, an independent registered public accounting firm, has performed certain procedures in connection with the Monthly Servicer's Certificates (the "Monthly Certificates") for the months of January 2007 through December 2007. The Monthly Certificates contain information relating to the receivables (the "Receivables") and the accounts from which the Receivables arise (the "Accounts") and are prepared by the Servicer and delivered to the Trustee pursuant to Section 3.04(b) of the Pooling Agreement. The report issued by KPMG LLP concerning CBSD's compliance as servicer (in such capacity, the "Servicer") with Section 3.04(b) of the Pooling Agreement, is attached hereto as Exhibit 99.1. The Monthly Certificates containing information relating to the Receivables and the Accounts for the Due Periods ending in January 2007 through December 2007 are incorporated by reference from the registrant's Current Reports on Form 8-K filed with the Commission on February 15, 2007, March 15, 2007, April 16, 2007, May 15, 2007, June 15, 2007, July 13, 2007, August 15, 2007, September 17, 2007, October 15, 2007, November 15, 2007, December 14, 2007, and January 15, 2008, respectively. In addition, the registrant's Current Report on Form 8-K filed with the Commission on February 11, 2008 containing financial information with regard to the Trust, the Receivables and the Accounts as of, and for the year ended in, December 2007 is incorporated by reference.

Pursuant to Section 3.06 of the Pooling Agreement, KPMG LLP also issued a report concerning CBSD's compliance, as Servicer, with the servicing requirements of the Pooling Agreement.  This report is attached hereto as Exhibit 99.2.

Pursuant to Section 3.05 of the Pooling Agreement, the Servicer has certified to the Trustee as to the performance of its obligations under the Pooling Agreement throughout the calendar year ended December 31, 2007.  This certificate is attached hereto as Exhibit 99.3.

3

Item 3. Legal Proceedings.

CBSD, some of its affiliates, 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, originally 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 CBSD, 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 CBSD. 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 CBSD 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. In July 2006, without admitting any liability, all defendants, including the Citigroup defendants, agreed to settle the IN RE CURRENCY CONVERSION FEE ANTITRUST LITIGATION for a total of $336 million, subject to court approval. The Citigroup defendants’ share of the settlement, which has been paid into an escrow account, was covered by existing reserves.  As part of the settlement, the class was expanded to include not only credit cardholders, but also debit cardholders.  The District Court preliminarily approved the settlement, and the final approval hearing is scheduled for March 31, 2008.

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 Certificates.

Each class of Certificates is represented by one or more certificates 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.

4

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.

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, Executive Officers and Corporate Governance.

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 class of Certificates 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 classes of Certificates is not entitled to receive a certificate representing such interest except in limited circumstances set forth in the Pooling Agreement. Accordingly, Cede is the sole holder of record of such Certificates, which it holds on behalf of brokers, dealers, banks, and other direct participants in the DTC system. Such direct participants may hold Certificates 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, and Director Independence.

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 Trust, CBSD, as seller or servicer, or the Trustee, on behalf of the Trust, is a party with any Certificateholder who owns of record or beneficially more than five percent of the Certificates.

The Trust does not have any directors.

5

Item 14. Principal Accounting Fees and Services.

Not applicable.

PART IV

-------

Item 15. Exhibits, Financial Statement Schedules.

The following documents are filed as exhibits to this report:

(a)(1)  Omitted pursuant to the No-Action Letter.

(a)(2)  Omitted pursuant to the No-Action Letter.

(a)(3)  Omitted pursuant to the No-Action Letter.

(b) Exhibits:

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

99.1 Report issued by KPMG LLP concerning CBSD's compliance as Servicer with Section 3.04(b) of the Pooling Agreement.

99.2 Report issued by KPMG LLP concerning CBSD's compliance as Servicer with the servicing requirements of the Pooling Agreement.

99.3 Annual Compliance Certificate of the Servicer delivered pursuant to Section 3.05 of the Pooling Agreement.

99.4 The Monthly Certificates containing information relating to the Receivables and the Accounts for the Due Periods ending in January 2007 through December 2007 are incorporated by reference from the registrant's Current Reports on Form 8-K filed with the Commission on February 15, 2007, March 15, 2007, April 16, 2007, May 15, 2007, June 15, 2007, July 13, 2007, August 15, 2007, September 17, 2007, October 15, 2007, November 15, 2007, December 14, 2007, and January 15, 2008, respectively.

99.5 The registrant's Current Report on Form 8-K filed with the Commission on February 11, 2008 containing financial information with regard to the Trust, the Receivables and the Accounts as of, and for the year ended in, December 2007 is incorporated by reference.

(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 Servicer

(Registrant)

By: /s/ Douglas C. Morrison

-------------------------------------------------

Douglas C. Morrison

Vice President and Chief Financial Officer

Dated:  March 27, 2008

7

Index to Exhibits

Exhibit

Number                      Description

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

99.1 Report issued by KPMG LLP concerning CBSD's compliance as Servicer with Section 3.04(b) of the Pooling Agreement.

99.2 Report issued by KPMG LLP concerning CBSD's compliance as Servicer with the servicing requirements of the Pooling Agreement.

99.3 Annual Compliance Certificate of the Servicer delivered pursuant to Section 3.05 of the Pooling Agreement.

99.4 The Monthly Certificates containing information relating to the Receivables and the Accounts for the Due Periods ending in January 2007 through December 2007 are incorporated by reference from the registrant's Current Reports on Form 8-K filed with the Commission on February 15, 2007, March 15, 2007, April 16, 2007, May 15, 2007, June 15, 2007, July 13, 2007, August 15, 2007, September 17, 2007, October 15, 2007, November 15, 2007, December 14, 2007, and January 15, 2008, respectively.

99.5 The registrant's Current Report on Form 8-K filed with the Commission on February 11, 2008 containing financial information with regard to the Trust, the Receivables and the Accounts as of, and for the year ended in, December 2007 is incorporated by reference.

8

EX-31.1

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 Master Trust I;

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

3. Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement, for inclusion in these reports is included in these reports;

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

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

Date:  March 27, 2008

/s/ Douglas C. Morrison

_____________________________

Douglas C. Morrison

Vice President and Chief Financial Officer

Citibank (South Dakota), National Association

EX-99.1

Exhibit 99.1

Attestation Report of Independent Registered Public Accounting Firm

Citibank Credit Card Master Trust I

c/o Deutsche Bank Trust Company Americas (formerly Bankers Trust Company), as Trustee

Corporate Trust & Agency Services – Structured Finance Services

60 Wall Street, 26^th Floor – MS NYC60-2606

New York, NY 10005

Citibank (South Dakota), National Association, as Servicer

701 East 60^th Street, North

Sioux Falls, South Dakota 57117

We have examined the accompanying management’s assertion that Citibank (South Dakota), National Association (“CBSD”) complied, as Servicer, with Article III, Section 3.04 (b) of the Amended and Restated Pooling and Servicing Agreement, for the Citibank Credit Card Master Trust I, formerly known as the Standard Credit Card Master Trust I (the “Trust”), dated as of October 5, 2001 (filed with the Securities and Exchange Commission on Form 8-K on October 19, 2001) and amended as of December 31, 2003 and December 19, 2005, including the supplements for each series issued from the Trust, among CBSD, as Seller and Servicer, and Deutsche Bank Trust Company Americas (formerly Bankers Trust Company), as Trustee (the “Agreement”) for the year ended December 31, 2007.  Management is responsible for CBSD’s compliance with Article III, Section 3.04 (b) of the Agreement, including the accuracy of the mathematical calculations of each amount set forth in the Monthly Servicer Certificates, delivered pursuant to Section 3.04 (b), using CBSD’s computer reports which were the source of such amounts.  Our responsibility is to express an opinion on management’s assertions about CBSD’s compliance 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.  Our examination does not provide a legal determination on CBSD’s compliance with specified requirements.

In our opinion, management’s assertion that CBSD complied with the aforementioned section of the Agreement for the year ended December 31, 2007 is fairly stated, in all material respects.

/s/ KPMG LLP

New York, New York

March 25, 2008

[Citibank (South Dakota) Letterhead]

Management Report on Citibank (South Dakota), National Association’s Compliance, as

 Servicer, with Article III, Section 3.04 (b) of the Pooling and Servicing Agreement

Management of Citibank (South Dakota), National Association (“CBSD”), as Servicer, is responsible for the preparation of the Monthly Servicer Certificates in compliance with Article III, Section 3.04 (b) of the Amended and Restated Pooling and Servicing Agreement for the Citibank Credit Card Master Trust I, formerly known as the Standard Credit Card Master Trust I (the “Trust”), dated as of October 5, 2001 and amended as of December 31, 2003 and December 19, 2005, including the supplements for each series issued from the Trust, among CBSD, as Seller and Servicer, and Deutsche Bank Trust Company Americas (formerly Bankers Trust Company), as Trustee (the “Agreement”).  Management is also responsible for the accuracy of the mathematical calculations of each amount set forth in the Monthly Servicer Certificates, delivered pursuant to Section 3.04 (b), using CBSD’s computer reports which were the source of such amounts.

Management has performed an evaluation of CBSD’s compliance with Article III, Section 3.04 (b) of the Agreement, including the accuracy of the related mathematical calculations, for the year ended December 31, 2007.  Based upon this evaluation, management believes that, for the year ended December 31, 2007, CBSD, as Servicer, was materially in compliance with Article III, Section 3.04 (b) of the Agreement.

/s/ Kendall Stork

-----------------------

Kendall Stork

President

March 25, 2008

EX-99.2

Exhibit 99.2

Attestation Report of Independent Registered Public Accounting Firm

Citibank Credit Card Master Trust I

c/o Deutsche Bank Trust Company Americas (formerly Bankers Trust Company), as Trustee

Corporate Trust & Agency Services – Structured Finance Services

60 Wall Street, 26^th Floor – MS NYC60-2606

New York, NY 10005

Citibank (South Dakota), National Association, as Servicer

701 East 60^th Street, North

Sioux Falls, South Dakota 57117

We have examined the accompanying management’s assertion that Citibank (South Dakota), National Association (“CBSD”) complied, as Servicer, with the servicing requirements in Article III, Sections 3.01, 3.02, 3.04, 3.05, 3.06, and 3.09, Article IV, and Section 8.08 of the Amended and Restated Pooling and Servicing Agreement for the Citibank Credit Card Master Trust I, formerly known as the Standard Credit Card Master Trust I (the “Trust”), dated as of October 5, 2001 (filed with the Securities and Exchange Commission on Form 8-K on October 19, 2001) and amended as of December 31, 2003 and December 19, 2005, including the supplements for each series issued from the Trust, among CBSD, as Seller and Servicer, and Deutsche Bank Trust Company Americas (formerly Bankers Trust Company), as Trustee (the “Agreement”) for the year ended December 31, 2007.  Management is responsible for CBSD’s compliance with the aforementioned sections of the Agreement.  Our responsibility is to express an opinion on management’s assertions about CBSD’s compliance 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.  Our examination does not provide a legal determination on CBSD’s compliance with specified requirements.

In our opinion, management’s assertion that CBSD complied with the aforementioned sections of the Agreement for the year ended December 31, 2007 is fairly stated, in all material respects.

/s/ KPMG LLP

New York, New York

March 25, 2008

[Citibank (South Dakota) Letterhead]

Management Report on Citibank (South Dakota), National Association’s Compliance, as

 Servicer, with the Servicing Requirements of the Pooling and Servicing Agreement

Management of Citibank (South Dakota), National Association (“CBSD”), as Servicer, is responsible for compliance with the servicing requirements in Article III, Sections 3.01, 3.02, 3.04, 3.05, 3.06, and 3.09, Article IV, and Section 8.08 of the Amended and Restated Pooling and Servicing Agreement (the “Agreement”) for the Citibank Credit Card Master Trust I, formerly known as the Standard Credit Card Master Trust I (the “Trust”), dated as of October 5, 2001 and amended as of December 31, 2003 and December 19, 2005, including the supplements for each series issued from the Trust, among CBSD, as Seller and Servicer, and Deutsche Bank Trust Company Americas (formerly Bankers Trust Company), as Trustee.

Management has performed an evaluation of CBSD’s compliance with the aforementioned sections of the Agreement for the year ended December 31, 2007.  Based upon this evaluation, management believes that, for the year ended December 31, 2007, CBSD, as Servicer, was materially in compliance with the aforementioned sections of the Agreement.

/s/ Kendall Stork

-----------------------

Kendall Stork

President

March 25, 2008

EX-99.3

Exhibit 99.3

CITIBANK CREDIT CARD MASTER TRUST I

SERVICING OFFICER CERTIFICATE

The undersigned, a duly authorized representative of Citibank (South Dakota), National Association, as Servicer (the "Bank"), pursuant to a Pooling and Servicing Agreement dated as of May 29, 1991, as Amended and Restated as of October 5, 2001 (as amended and supplemented through the date hereof, the "Agreement"), between the Bank, as Seller, Servicer and successor by merger to Citibank (Nevada), National Association, as Seller, and Deutsche Bank Trust Company Americas, as Trustee (the "Trustee"), does hereby certify that:

1.  The Bank is, as of the date hereof, the Servicer under the Agreement.  Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement.

2.  The undersigned is a Servicing Officer who is duly authorized pursuant to the Agreement to execute and deliver this Certificate to the Trustee.

3.  A review of the activities of the Servicer during the calendar year ended December 31, 2007 and of its performance under the Agreement was conducted under my supervision.

4.  Based on such review, the Servicer has, to the best of my knowledge, performed in all material respects its obligations under the Agreement throughout such year and no default in the performance of such obligations has occurred or is continuing except as set forth in paragraph 5 below.

5.  The following is a description of each default in the performance of the Servicer's obligations under the provisions of the Agreement known to me to have been made by the Servicer during the year ended December 31, 2007, which description sets forth in detail (i) the nature of each such default, (ii) the action taken, if any, by the Servicer 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 25th day of February, 2008.

/s/ Andrew J. Lubliner

___________________________

Andrew J. Lubliner

Servicing Officer