8-K

QuickLinks -- Click here to rapidly navigate through this document

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: July 12, 2001

TARGET RECEIVABLES CORPORATION
(Exact name of registrant as specified in its charter)

Minnesota
(State or other jurisdiction of incorporation)

0-26930
(Commission File Number) 41-1812153
(I.R.S. Employer Identification Number)

Target Receivables Corporation
80 South Eighth Street
14th Floor, Suite 1401
Minneapolis, Minnesota 55402
(612) 370-6530
(Address, including Zip Code, and Telephone Number,
Including Area Code, of Registrant's Principal Executive Office)

Item 5: Other Events

The Monthly Servicer's Certificates for the Monthly Period ended June 2, 2001 and the Monthly Certificateholders' Statements for the Monthly Period ended June 2, 2001, with respect to the Class A Asset Backed Certificates, 6.25% Series 1997-1, the Class B Asset Backed Certificates, Series 1997-1, the Class A Asset Backed Certificates, 5.90% Series 1998-1 and the Class B Asset Backed Certificates, Series 1998-1, issued by the Target Credit Card Master Trust, were delivered to the Trustee on June 20, 2001, and the Monthly Certificateholders' Statements were then distributed to Certificateholders on June 25, 2001.

The above described Monthly Servicer's Certificates are filed as Exhibits 20.1 and 20.3 to this Report. The above described Monthly Certificateholders' Statements are filed as Exhibits 20.2 and 20.4 to this Report.

The information on Net Charge-Offs found in Section VIII(a) of the Monthly Certificateholders' Statement for both Series 1997-1 and 1998-1 reflects the inclusion of proceeds from the sale of certain previously charged-off accounts receivable which occurred during the Monthly Period ended June 2, 2001. Without the inclusion of such proceeds, Net Charge-Offs for both Series for this Monthly Period would have been 7.52%.

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 thereunto duly authorized.

Dated: July 12, 2001
	TARGET RECEIVABLES CORPORATION
	By:	/s/ Stephen C. Kowalke
	Name:	Stephen C. Kowalke
	Title:	Vice President and Treasurer

EXHIBIT INDEX

Exhibit Number	Description
20.1	Series 1997-1 Monthly Servicer's Certificate for the Monthly Period ended June 2, 2001.
20.2	Series 1997-1 Monthly Certificateholders' Statement for the Monthly Period ended June 2, 2001.
20.3	Series 1998-1 Monthly Servicer's Certificate for the Monthly Period ended June 2, 2001.
20.4	Series 1998-1 Monthly Certificateholders' Statement for the Monthly Period ended June 2, 2001.

QuickLinks

SIGNATURES
EXHIBIT INDEX

EX-20.1

QuickLinks -- Click here to rapidly navigate through this document

MONTHLY SERVICER'S CERTIFICATE

RETAILERS NATIONAL BANK

TARGET CREDIT CARD MASTER TRUST
SERIES 1997-1

The undersigned, a duly authorized representative of Retailers National Bank, as Servicer ("RNB") pursuant to the Pooling and Servicing Agreement dated as of September 13, 1995 (as may be amended, from time to time, the "Agreement") as supplemented by the Series 1997-1 Supplement (as amended and supplemented, the "Series Supplement"), among RNB, Target Receivables Corporation and Wells Fargo Bank Minnesota, National Association, does hereby certify as follows:

1.	Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement or the Series Supplement, as applicable.
2.	RNB is, as of the date hereof, the Servicer under the Agreement.
3.	The undersigned is a Servicing Officer.
4.	This certificate relates to the Distribution Date occuring on June 25, 2001.
5.	As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects all its obligations under the Agreement through the Monthly Period preceding such Distribution Date.
6.	As of the date hereof, to the best knowledge of the undersigned, no Early Amortization Event occurred on or prior to such Distribution Date.
7.	The aggregate amount of Collections processed for the preceding Monthly Period was equal to $488,879,190.34.
8.	The aggregate amount of Collections of Finance Charge Receivables (including Discounted Receivables) for the preceding Monthly Period was equal to $56,230,490.23.
9.	The aggregate amount of Collections of Principal Receivables for the preceding Monthly Period was equal to $432,648,700.11.
10.	The aggregate amount of the Defaulted Amount for the preceding Monthly Period was equal to $12,720,447.83.
11.	The aggregate amount of Recoveries for the preceding Monthly Period was equal to $6,425,528.80.
12.	The Portfolio Yield for the preceding Monthly Period was equal to 21.26%.
13.	The Base Rate for the preceding Monthly Period was equal to 6.78%.
14.	The aggregate amount of Receivables as of the end of the last day of the preceding Monthly Period was equal to $2,689,134,154.80.
15.	The balance on deposit in the Collection Account with respect to Collections processed as of the end of the last day of the preceding Monthly Period was equal to $0.00.
16.	The aggregate amount of Adjustments for the preceding Monthly Period was equal to $44,143,405.28.
17.	The aggregate amount of withdrawals, drawings or payments under any Enhancement to be made with respect to the preceding Monthly Period is equal to $0.00.
18.	The total amount to be distributed to Investor Certificateholders on the Distribution Date is equal to $2,083,333.34.

19.	The amount to be distributed to Investor Certificateholders on the Distribution Date per $1,000 original principal amount is equal to:
		Class A	5.208
20.	The amount of such distribution allocable to principal is equal to $0.00.
21.	The amount of such distribution allocable to principal per $1,000 original principal amount is equal to:
		Class A	0.000
22.	The amount of such distribution allocable to interest is equal to $2,083,333.34.
23.	The amount of such distribution allocable to interest per $1,000 original principal amount is equal to:
		Class A	5.208
	IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Servicer's Certificate this 20th day of June, 2001.
	RETAILERS NATIONAL BANK,   as servicer
	By:  /s/ Thomas A. Swanson        Name: Thomas A. Swanson         Title: Vice President & Cashier

QuickLinks

MONTHLY SERVICER'S CERTIFICATE RETAILERS NATIONAL BANK TARGET CREDIT CARD MASTER TRUST SERIES 1997-1

EX-20.2

QuickLinks -- Click here to rapidly navigate through this document

MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1997-1

Pursuant to the Pooling and Servicing Agreement, dated as of September 13, 1995 (as may be amended, from time to time, the "Agreement"), as supplemented by the Series 1997-1 Supplement (as amended and Supplemented, the "Series Supplement"), each among Retailers National Bank, as Servicer, Target Receivables Corporation, as Transferor, and Wells Fargo Bank Minnesota, National Association, as Trustee, the Servicer is required to prepare certain information each month regarding distributions to Certificateholders and the performance of the Trust. The information with respect to the applicable Distribution Date and Monthly Period is set forth below.

		Monthly Period:		May 2001
		Distribution Date:		June 25, 2001
		No. of Days in Period:		28
A.	ORIGINAL DEAL PARAMETERS
(a)	Class A Initial Invested Amount		$	400,000,000.00	76.50%
(b)	Class B Initial Invested Amount			122,875,817.00	23.50%
(c)	Total Initial Invested Amount		$	522,875,817.00
(d)	Class A Certificate Rate			6.25%
(e)	Class B Certificate Rate			0.00%
(f)	Servicing Fee Rate			2.00%
(g)	Discount Percentage			0.00%
I.	RECEIVABLES IN THE TRUST
(a)	Beginning of the Period Principal Receivables		$	2,631,595,707.73
(b)	Beginning of the Period Finance Charge Receivables			73,948,973.10
(c)	Beginning of the Period Discounted Receivables			-
(d)	Beginning of the Period Total Receivables (a + b + c)		$	2,705,544,680.83
(e)	Removed Principal Receivables		$	-
(f)	Removed Finance Charge Receivables			-
(g)	Removed Total Receivables (e + f)		$	-
(h)	Supplemental Principal Receivables		$	-
(i)	Supplemental Finance Charge Receivables			-
(j)	Supplemental Total Receivables (h + i)		$	-
(k)	End of Period Principal Receivables		$	2,615,889,743.56
(l)	End of Period Finance Charge Receivables			73,244,411.24
(m)	End of Period Discounted Receivables			-
(n)	End of Period Total Receivables (k + l + m)		$	2,689,134,154.80
II.	INVESTED AMOUNTS AND ALLOCATION PERCENTAGES
(a)	Class A Initial Invested Amount		$	400,000,000.00	76.50%
(b)	Class B Initial Invested Amount			122,875,817.00	23.50%
(c)	Total Initial Invested Amount (a + b)		$	522,875,817.00
(d)	Class A Invested Amount (a - (X.a))		$	400,000,000.00	76.50%
(e)	Class B Invested Amount (b - (X.e))			122,875,817.00	23.50%
(f)	Total Invested Amount (d + e)		$	522,875,817.00
(g)	Class A Adjusted Invested Amount (a - (X.a)-(III.f))		$	400,000,000.00	76.50%
(h)	Class B Invested Amount (b - (X.e))			122,875,817.00	23.50%
(i)	Total Adjusted Invested Amount (g + h)		$	522,875,817.00
(j)	Floating Allocation Percentage			19.87%
(k)	Class A Floating Allocation Percentage			15.20%
(l)	Class B Floating Allocation Percentage			4.67%
(m)	Principal Allocation Percentage			19.87%
(n)	Class A Principal Allocation Percentage			15.20%
(o)	Class B Principal Allocation Percentage			4.67%

(p)	Servicing Fee	$	871,459.70
(q)	Investor Defaulted Amount (j * (IV.(m)))	$	2,527,445.43
III.	TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL
	FUNDING ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT
(a)	Transferor's Amount (end of month)	$	1,400,173,255.69
(b)	Required Retained Transferor Amount	$	52,317,794.87
(c)	Required Principal Balance	$	1,215,716,487.87
(e)	Funds on deposit in Special Funding Account (end of month)	$	-
(f)	Principal on deposit in Principal Funding Account (beginning of month)	$	-
(g)	Principal on deposit in Principal Funding Account (end of month)	$	-
IV.	PERFORMANCE SUMMARY
	COLLECTIONS:
(a)	Collections of Principal Receivables	$	432,648,700.11
(b)	Collections of Finance Charge Receivables (from cardholder payments)		49,043,876.08
(c)	Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest, interchange fees)		7,186,614.15
(d)	Collections of Discount Option Receivables		0.00
(e)	Total Finance Charge Collections (b + c + d)	$	56,230,490.23
(f)	Total Collections (a + e)	$	488,879,190.34
	DELINQUENCIES AND LOSSES:
(g)	2 missed payments	$	55,970,677
(h)	3 missed payments		36,149,837
(i)	4 or more missed payments		71,799,816
(j)	Total delinquencies (g + h + i)	$	163,920,331
(k)	Gross Charge-Offs during the month	$	19,145,976.63
(l)	Recoveries during the month	$	6,425,528.80
(m)	Net Charge-Offs during the month (k - l)	$	12,720,447.83
V	NON-U.S. ACCOUNTS
(a)	Non-US Accounts at end of month		141,615
(b)	as a percentage of total (a / c)		0.38%
(c)	Total number of Accounts in Trust (at end of month)		37,690,296
VI	AVAILABLE SERIES 1997-1 FINANCE CHARGE
	COLLECTIONS AND APPLICATION OF FUNDS
(a)	Floating Allocation Percentage of Collections of Finance Charge Receivables	$	11,172,522.98
(b)	Investment earnings on Principal Funding Account		-
(c)	Investment earnings in Reserve Account deposited in the Collection Account		-
(d)	Reserve draw Amount deposited into the Collection Account		-
(e)	Available Series 1997-1 Finance Charge Collections (a + b + c + d)	$	11,172,522.98
(i)	Class A Interest		2,083,333.34
(ii)	Servicing Fee		871,459.70
(iii)	Class A Investor Defaulted Amount ((IV.m * (II.k))		1,933,495.76
(iv)	Class B Investor Defaulted Amount ((IV.m * (II.l))		593,949.68
(v)	Adjustment Payment Shortfalls		- -
(vi)	Reimbursement of Class A Investor Charge-Offs		- -

(vii)	Reimbursement of Class B Investor Charge-Offs and Reallocated Class B Principal Collections		- -
(viii)	Class B Interest		- -
(ix)	Reserve Account		- -
(x)	Excess Finance Charge Collections    (e-i-ii-iii-iv-v-vi-vii-viii-ix)	$	5,690,284.51
VII	YIELD and BASE RATE
Base Rate
(a)	Base Rate (current month)		6.78%
(b)	Base Rate (prior month)		6.78%
(c)	Base Rate (2 months ago)		6.78%
(d)	3 Month Average Base Rate		6.78%
Portfolio Yield
(e)	Portfolio Yield (current month)		21.26%
(f)	Portfolio Yield (prior month)		21.31%
(g)	Portfolio Yield (2 months ago)		24.75%
(h)	3 Month Average Portfolio Yield		22.44%
VIII	PORTFOLIO PERFORMANCE RATES
(a)	Net Charge-Offs (annualized % of Principal Receivables at beginning of period)		6.21%
(b)	Monthly Payment Rate (% of Total Receivables at beginning of period (adjusted for number of days in period))		19.08%
(c)	Trust Portfolio Yield (annualized)		27.47%
(d)	Portfolio Yield (3 month average (annualized))		22.44%
(e)	Base Rate (3 month average)		6.78%
(f)	Excess Finance Charge Collections % (d - e)		15.66%
IX	PRINCIPAL COLLECTIONS
(a)	Class A Principal Allocation Percentage		15.20%
(b)	Class A Principal	$	-
(c)	Class B Principal Allocation Percentage		4.67%
(d)	Class B Principal	$	-
(e)	Total Principal (b + d)	$	-
(f)	Reallocated Principal Collections	$	- -
(g)	Shared Principal Collections allocable from other Series, Participation and Transferor Certificate	$	-
X	INVESTOR CHARGE-OFFS
	CLASS A INVESTOR CHARGE-OFFS
(a)	Class A Investor Charge-Offs	$	-
(b)	Class A Investor Charge-Offs per $1,000 original certificate principal amount	$	-
(c)	Total amount reimbursed in respect of Class A Investor Charge-Offs	$	-
(d)	The amount, if any, by which the outstanding principal balance of the Class A Certificates exceeds the Class A Invested Amount after giving effect to all transactions on such Distribution Date.	$	-
	CLASS B INVESTOR CHARGE-OFFS
(e)	Class B Investor Charge-Offs	$	-
(f)	Class B Investor Charge-Offs per $1,000 original certificate principal amount	$	-
(g)	Total amount reimbursed in respect of Class B Investor Charge-Offs	$	-
(h)	The amount, if any, by which the outstanding principal balance of the Class B Certificates exceeds the Class B Invested Amount after giving effect to all transactions on such Distribution Date.	$	-
XI	AMORTIZATION
(a)	Class A Accumulation Period Length (months)		2
(b)	Controlled Accumulation Amount	$	200,000,000.00
(c)	Deficit Controlled Accumulation Amount	$	-
(d)	Total Principal on deposit in Principal Funding Account for the benefit of Class A Certificateholders	$	-

RETAILERS NATIONAL BANK,
 as servicer

By: /s/ Thomas A. Swanson       Name: Thomas A. Swanson
       Title: Vice President & Cashier

QuickLinks

MONTHLY CERTIFICATEHOLDERS' STATEMENT RETAILERS NATIONAL BANK TARGET CREDIT CARD MASTER TRUST SERIES 1997-1

EX-20.3

QuickLinks -- Click here to rapidly navigate through this document

MONTHLY SERVICER'S CERTIFICATE

RETAILERS NATIONAL BANK

TARGET CREDIT CARD MASTER TRUST
SERIES 1998-1

The undersigned, a duly authorized representative of Retailers National Bank, as Servicer ("RNB") pursuant to the Pooling and Servicing Agreement dated as of September 13, 1995 (as may be amended, from time to time, the "Agreement") as supplemented by the Series 1998-1 Supplement (as amended and supplemented, the "Series Supplement"), among RNB, Target Receivables Corporation and Wells Fargo Bank Minnesota, National Association, does hereby certify as follows:

1.	Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement or the Series Supplement, as applicable.
2.	RNB is, as of the date hereof, the Servicer under the Agreement.
3.	The undersigned is a Servicing Officer.
4.	This certificate relates to the Distribution Date occuring on June 25, 2001.
5.	As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects all its obligations under the Agreement through the Monthly Period preceding such Distribution Date.
6.	As of the date hereof, to the best knowledge of the undersigned, no Early Amortization Event occurred on or prior to such Distribution Date.
7.	The aggregate amount of Collections processed for the preceding Monthly Period was equal to $488,879,190.34.
8.	The aggregate amount of Collections of Finance Charge Receivables (including Discounted Receivables) for the preceding Monthly Period was equal to $56,230,490.23.
9.	The aggregate amount of Collections of Principal Receivables for the preceding Monthly Period was equal to $432,648,700.11.
10.	The aggregate amount of the Defaulted Amount for the preceding Monthly Period was equal to $12,720,447.83.
11.	The aggregate amount of Recoveries for the preceding Monthly Period was equal to $6,425,528.80.
12.	The Portfolio Yield for the preceding Monthly Period was equal to 21.26%.
13.	The Base Rate for the preceding Monthly Period was equal to 6.51%.
14.	The aggregate amount of Receivables as of the end of the last day of the preceding Monthly Period was equal to $2,689,134,154.80.
15.	The balance on deposit in the Collection Account with respect to Collections processed as of the end of the last day of the preceding Monthly Period was equal to $0.00.
16.	The aggregate amount of Adjustments for the preceding Monthly Period was equal to $44,143,405.28.
17.	The aggregate amount of withdrawals, drawings or payments under any Enhancement to be made with respect to the preceding Monthly Period is equal to $0.00.
18.	The total amount to be distributed to Investor Certificateholders on the Distribution Date is equal to $1,966,666.67.

19.	The amount to be distributed to Investor Certificateholders on the Distribution Date per $1,000 original principal amount is equal to:
		Class A	4.917
20.	The amount of such distribution allocable to principal is equal to $0.00.
21.	The amount of such distribution allocable to principal per $1,000 original principal amount is equal to:
		Class A	0.000
22.	The amount of such distribution allocable to interest is equal to $1,966,666.67.
23.	The amount of such distribution allocable to interest per $1,000 original principal amount is equal to:
		Class A	4.917
	IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Servicer's Certificate this 20th day of June, 2001.
	RETAILERS NATIONAL BANK,   as servicer
	By:  /s/ Thomas A. Swanson        Name: Thomas A. Swanson         Title: Vice President & Cashier

QuickLinks

MONTHLY SERVICER'S CERTIFICATE RETAILERS NATIONAL BANK TARGET CREDIT CARD MASTER TRUST SERIES 1998-1

EX-20.4

QuickLinks -- Click here to rapidly navigate through this document

MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1998-1

Pursuant to the Pooling and Servicing Agreement, dated as of September 13, 1995 (as may be amended, from time to time, the "Agreement"), as supplemented by the Series 1998-1 Supplement (as amended and Supplemented, the "Series Supplement"), each among Retailers National Bank, as Servicer, Target Receivables Corporation, as Transferor, and Wells Fargo Bank Minnesota, National Association, as Trustee, the Servicer is required to prepare certain information each month regarding distributions to Certificateholders and the performance of the Trust. The information with respect to the applicable Distribution Date and Monthly Period is set forth below.

		Monthly Period:		May 2001
		Distribution Date:		June 25, 2001
		No. of Days in Period:		28
A.	ORIGINAL DEAL PARAMETERS
(a)	Class A Initial Invested Amount		$	400,000,000.00	76.50%
(b)	Class B Initial Invested Amount			122,875,817.00	23.50%
(c)	Total Initial Invested Amount		$	522,875,817.00
(d)	Class A Certificate Rate			5.90%
(e)	Class B Certificate Rate			0.00%
(f)	Servicing Fee Rate			2.00%
(g)	Discount Percentage			0.00%
I.	RECEIVABLES IN THE TRUST
(a)	Beginning of the Period Principal Receivables		$	2,631,595,707.73
(b)	Beginning of the Period Finance Charge Receivables			73,948,973.10
(c)	Beginning of the Period Discounted Receivables			-
(d)	Beginning of the Period Total Receivables (a + b + c)		$	2,705,544,680.83
(e)	Removed Principal Receivables		$	-
(f)	Removed Finance Charge Receivables			-
(g)	Removed Total Receivables (e + f)		$	-
(h)	Supplemental Principal Receivables		$	-
(i)	Supplemental Finance Charge Receivables			-
(j)	Supplemental Total Receivables (h + i)		$	-
(k)	End of Period Principal Receivables		$	2,615,889,743.56
(l)	End of Period Finance Charge Receivables			73,244,411.24
(m)	End of Period Discounted Receivables			-
(n)	End of Period Total Receivables (k + l + m)		$	2,689,134,154.80
II.	INVESTED AMOUNTS AND ALLOCATION PERCENTAGES
(a)	Class A Initial Invested Amount		$	400,000,000.00	76.50%
(b)	Class B Initial Invested Amount			122,875,817.00	23.50%
(c)	Total Initial Invested Amount (a + b)		$	522,875,817.00
(d)	Class A Invested Amount (a - (X.a))		$	400,000,000.00	76.50%
(e)	Class B Invested Amount (b - (X.e))			122,875,817.00	23.50%
(f)	Total Invested Amount (d + e)		$	522,875,817.00
(g)	Class A Adjusted Invested Amount (a - (X.a)-(III.f))		$	400,000,000.00	76.50%
(h)	Class B Invested Amount (b - (X.e))			122,875,817.00	23.50%
(i)	Total Adjusted Invested Amount (g + h)		$	522,875,817.00
(j)	Floating Allocation Percentage			19.87%
(k)	Class A Floating Allocation Percentage			15.20%
(l)	Class B Floating Allocation Percentage			4.67%
(m)	Principal Allocation Percentage			19.87%
(n)	Class A Principal Allocation Percentage			15.20%
(o)	Class B Principal Allocation Percentage			4.67%

(p)	Servicing Fee	$	871,459.70
(q)	Investor Defaulted Amount (j * (IV.(m)))	$	2,527,445.43
III.	TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL
	FUNDING ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT
(a)	Transferor's Amount (end of month)	$	1,400,173,255.69
(b)	Required Retained Transferor Amount (end of month)	$	52,317,794.87
(c)	Required Principal Balance (end of month)	$	1,215,716,487.87
(e)	Funds on deposit in Special Funding Account (end of month)	$	-
(f)	Principal on deposit in Principal Funding Account (beginning of month)	$	-
(g)	Principal on deposit in Principal Funding Account (end of month)	$	-
IV.	PERFORMANCE SUMMARY
	COLLECTIONS:
(a)	Collections of Principal Receivables	$	432,648,700.11
(b)	Collections of Finance Charge Receivables (from cardholder payments)		49,043,876.08
(c)	Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest, interchange fees)		7,186,614.15
(d)	Collections of Discount Option Receivables		0.00
(e)	Total Finance Charge Collections (b + c + d)	$	56,230,490.23
(f)	Total Collections (a + e)	$	488,879,190.34
	DELINQUENCIES AND LOSSES:
(g)	2 missed payments	$	55,970,677
(h)	3 missed payments		36,149,837
(i)	4 or more missed payments		71,799,816
(j)	Total delinquencies (g + h + i)	$	163,920,331
(k)	Gross Charge-Offs during the month	$	19,145,976.63
(l)	Recoveries during the month	$	6,425,528.80
(m)	Net Charge-Offs during the month (k - l)	$	12,720,447.83
V	NON-U.S. ACCOUNTS
(a)	Non-US Accounts at end of month		141,615
(b)	as a percentage of total (a / c)		0.38%
(c)	Total number of Accounts in Trust (at end of month)		37,690,296
VI	AVAILABLE SERIES 1998-1 FINANCE CHARGE
	COLLECTIONS AND APPLICATION OF FUNDS
(a)	Floating Allocation Percentage of Collections of Finance Charge Receivables	$	11,172,522.98
(b)	Investment earnings on Principal Funding Account		-
(c)	Investment earnings in Reserve Account deposited in the Collection Account		-
(d)	Closing Date deposit into the Collection Account		-
(e)	Available Series 1998-1 Finance Charge Collections (a + b + c + d)	$	11,172,522.98
(i)	Class A Interest		1,966,666.67
(ii)	Servicing Fee		871,459.70
(iii)	Class A Investor Defaulted Amount ((IV.m * (II.k))		1,933,495.76
(iv)	Class B Investor Defaulted Amount ((IV.m * (II.l))		593,949.68
(v)	Adjustment Payment Shortfalls		- -
(vi)	Reimbursement of Class A Investor Charge-Offs		- -

(vii)	Reimbursement of Class B Investor Charge-Offs and Reallocated Class B Principal Collections		- -
(viii)	Class B Interest		- -
(ix)	Reserve Account		- -
(x)	Excess Finance Charge Collections    (e-i-ii-iii-iv-v-vi-vii-viii-ix)	$	5,806,951.18
VII	YIELD and BASE RATE
Base Rate
(a)	Base Rate (current month)		6.51%
(b)	Base Rate (prior month)		6.51%
(c)	Base Rate (2 months ago)		6.51%
(d)	3 Month Average Base Rate		6.51%
Portfolio Yield
(e)	Portfolio Yield (current month)		21.26%
(f)	Portfolio Yield (prior month)		21.31%
(g)	Portfolio Yield (2 months ago)		24.75%
(h)	3 Month Average Portfolio Yield		22.44%
VIII	PORTFOLIO PERFORMANCE RATES
(a)	Net Charge-Offs (annualized % of Principal Receivables at beginning of period)		6.21%
(b)	Monthly Payment Rate (% of Total Receivables at beginning of period (adjusted for number of days in period))		19.08%
(c)	Trust Portfolio Yield (annualized)		27.47%
(d)	Portfolio Yield (3 month average (annualized))		22.44%
(e)	Base Rate (3 month average)		6.51%
(f)	Excess Finance Charge Collections % (d - e)		15.93%
IX	PRINCIPAL COLLECTIONS
(a)	Class A Principal Allocation Percentage		15.20%
(b)	Class A Principal	$	-
(c)	Class B Principal Allocation Percentage		4.67%
(d)	Class B Principal	$	-
(e)	Total Principal (b + d)	$	-
(f)	Reallocated Principal Collections	$	- -
(g)	Shared Principal Collections allocable from other Series and Participation	$	-
X	INVESTOR CHARGE-OFFS
	CLASS A INVESTOR CHARGE-OFFS
(a)	Class A Investor Charge-Offs	$	-
(b)	Class A Investor Charge-Offs per $1,000 original certificate principal amount	$	-
(c)	Total amount reimbursed in respect of Class A Investor Charge-Offs	$	-
(d)	The amount, if any, by which the outstanding principal balance of the Class A Certificates exceeds the Class A Invested Amount after giving effect to all transactions on such Distribution Date.	$	-
	CLASS B INVESTOR CHARGE-OFFS
(e)	Class B Investor Charge-Offs	$	-
(f)	Class B Investor Charge-Offs per $1,000 original certificate principal amount	$	-
(g)	Total amount reimbursed in respect of Class B Investor Charge-Offs	$	-
(h)	The amount, if any, by which the outstanding principal balance of the Class B Certificates exceeds the Class B Invested Amount after giving effect to all transactions on such Distribution Date.	$	-
XI	AMORTIZATION
(a)	Class A Accumulation Period Length (months)		12
(b)	Controlled Accumulation Amount	$	33,333,333.34
(c)	Deficit Controlled Accumulation Amount	$	-
(d)	Total Principal on deposit in Principal Funding Account for the benefit of Class A Certificateholders (end of month)	$	-

RETAILERS NATIONAL BANK,
 as servicer

By: /s/ Thomas A. Swanson       Name: Thomas A. Swanson
       Title: Vice President & Cashier

QuickLinks

MONTHLY CERTIFICATEHOLDERS' STATEMENT RETAILERS NATIONAL BANK TARGET CREDIT CARD MASTER TRUST SERIES 1998-1