8-K

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:  January 20, 2005

TARGET RECEIVABLES CORPORATION

(Exact name of registrant as specified in its charter)

Minnesota

(State or other jurisdiction of incorporation)

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

Target Receivables Corporation

1000 Nicollet Mall

31^st Floor, Suite 3136

Minneapolis, Minnesota 55403

(612) 696-3102

(Address, including Zip Code, and Telephone Number,

Including Area Code, of Registrant’s Principal Executive Office)

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 Monthly Servicer’s Certificate for the Monthly Period ended January 1, 2005 and the Monthly Certificateholders’ Statement for the Monthly Period ended January 1, 2005, with respect to the Floating Rate Class A Asset Backed Certificates, Series 2002-1, and the Class B Asset Backed Certificates, Series 2002-1, issued by the Target Credit Card Master Trust (the “Trust”), were delivered to the Trustee on January 20, 2005, and the Monthly Certificateholders’ Statement will be distributed to Certificateholders on January 25, 2005.

The above described Monthly Servicer’s Certificate is filed as Exhibit 20.1 to this Report. The above described Monthly Certificateholders’ Statement is filed as Exhibit 20.2 to this Report.

Item 9.01:  Financial Statements and Exhibits

(c)Exhibits

20.1Series 2002-1 Monthly Servicer’s Certificate for the
Monthly Period ended January 1, 2005.

20.2Series 2002-1 Monthly Certificateholders’ Statement
for the Monthly Period ended January 1, 2005.

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.

Dated:  January 20, 2005

TARGET RECEIVABLES CORPORATION
By:	/s/ Terrence J. Scully
Name:	Terrence J. Scully
Title:	Vice President

EXHIBIT INDEX

Exhibit	Description	Method of Filing
20.1	Series 2002-1 Monthly Servicer’s Certificate for the Monthly Period ended January 1, 2005.	Filed Electronically
20.2	Series 2002-1 Monthly Certificateholders’ Statement for the Monthly Period ended January 1, 2005.	Filed Electronically

EX-20.1

Exhibit 20.1

MONTHLY SERVICER’S CERTIFICATE

TARGET NATIONAL BANK (FORMERLY RETAILERS NATIONAL BANK)

TARGET CREDIT CARD MASTER TRUST

SERIES 2002-1

The undersigned, a duly authorized representative of Target National Bank, as Servicer (“TNB”) pursuant to the Amended and Restated Pooling and Servicing Agreement, dated as of April 28, 2000  (as may be amended, from time to time, the “Agreement”), as supplemented by the Series 2002-1 Supplement (as amended and supplemented, the “Series Supplement”), among TNB, 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.	TNB 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 January 25, 2005.
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 $1,019,727,501.57.
8.	The aggregate amount of Collections of Finance Charge Receivables (including Discounted Receivables) for the preceding Monthly Period was equal to $119,278,705.61.
9.	The aggregate amount of Collections of Principal Receivables for the preceding Monthly Period was equal to $900,448,795.96.
10.	The aggregate amount of the Defaulted Amount for the preceding Monthly Period was equal to $33,569,875.74.
11.	The aggregate amount of Recoveries for the preceding Monthly Period was equal to $4,083,526.39.
12.	The Portfolio Yield for the preceding Monthly Period was equal to 16.83%.
13.	The Base Rate for the preceding Monthly Period was equal to 4.01%.
14.	The aggregate amount of Receivables as of the end of the last day of the preceding Monthly Period was equal to $5,527,916,129.21.

Exhibit 20.1

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 $74,337,690.55.
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 $0.00.
19.	The amount to be distributed to Investor Certificateholders on the Distribution Date per $1,000 original principal amount is equal to:
		Class A	0.000
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 $0.00.
23.	The amount of such distribution allocable to interest per $1,000 original principal amount is equal to:
		Class A	0.000
	IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Servicer’s Certificate this 20th day of January, 2005.
	TARGET NATIONAL BANK,
	as servicer
	By:  /s/ Thomas A. Swanson
	Name:  Thomas A. Swanson
	Title:  Vice President & Cashier

EX-20.2

Exhibit 20.2

MONTHLY CERTIFICATEHOLDERS’ STATEMENT

TARGET NATIONAL BANK (FORMERLY RETAILERS NATIONAL BANK)

TARGET CREDIT CARD MASTER TRUST

SERIES 2002-1

Pursuant to the Amended and Restated Pooling and Servicing Agreement, dated as of April 28, 2000 (as may be amended, from time to time, the “Agreement”), as supplemented by the Series 2002-1 Supplement (as amended and Supplemented, the “Series Supplement”), each among Target 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:	December 2004
		Distribution Date:	January 25, 2005
		No. of Days in Period:	35
A.	ORIGINAL DEAL PARAMETERS
(a)	Class A Initial Invested Amount		$	750,000,000.00	75.00%
(b)	Class B Initial Invested Amount		250,000,000.00		25.00%
(c)	Total Initial Invested Amount		$	1,000,000,000.00
(d)	Class A Certificate Rate		2.67%
(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		$	4,895,276,848.72
(b)	Beginning of the Period Finance Charge Receivables		124,692,441.52
(c)	Beginning of the Period Discounted Receivables		-
(d)	Beginning of the Period Total Receivables (a + b + c)		$	5,019,969,290.24
(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		$	5,406,014,173.05
(l)	End of Period Finance Charge Receivables		121,901,956.16
(m)	End of Period Discounted Receivables		-
(n)	End of Period Total Receivables (k + l + m)		$	5,527,916,129.21

Exhibit 20.2

MONTHLY CERTIFICATEHOLDERS’ STATEMENT

TARGET NATIONAL BANK (FORMERLY RETAILERS NATIONAL BANK)

TARGET CREDIT CARD MASTER TRUST

SERIES 2002-1

II.	INVESTED AMOUNTS AND ALLOCATION PERCENTAGES
(a)	Class A Initial Invested Amount	$	750,000,000.00	75.00%
(b)	Class B Initial Invested Amount	250,000,000.00		25.00%
(c)	Total Initial Invested Amount (a + b)	$	1,000,000,000.00
(d)	Class A Invested Amount (a - (X.a))	$	750,000,000.00	75.00%
(e)	Class B Invested Amount (b - (X.e))	250,000,000.00		25.00%
(f)	Total Invested Amount (d + e)	$	1,000,000,000.00
(g)	Class A Adjusted Invested Amount (a - (X.a)-(III.f))	$	750,000,000.00	75.00%
(h)	Class B Invested Amount (b - (X.e))	250,000,000.00		25.00%
(i)	Total Adjusted Invested Amount (g + h)	$	1,000,000,000.00
(j)	Floating Allocation Percentage	20.43%
(k)	Class A Floating Allocation Percentage	15.32%
(l)	Class B Floating Allocation Percentage	5.11%
(m)	Principal Allocation Percentage	20.43%
(n)	Class A Principal Allocation Percentage	15.32%
(o)	Class B Principal Allocation Percentage	5.11%
(p)	Servicing Fee	$	1,666,666.67
(q)	Investor Defaulted Amount (j * (IV.(m)))	$	6,857,605.15
III.	TRANSFEROR’S INTEREST, RETAINED INTEREST, SPECIAL FUNDING ACCOUNT, PRINCIPAL FUNDING ACCOUNT, AND INTEREST FUNDING ACCOUNT
(a)	Transferor’s Amount (end of month)	$	4,297,893,889.59
(b)	Required Retained Transferor Amount (end of month)	$	108,120,283.46
(c)	Required Principal Balance (end of month)	$	1,108,120,283.46
(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)	$	-
(h)	Funds on deposit in Interest Funding Account (end of month)	$	-

Exhibit 20.2

MONTHLY CERTIFICATEHOLDERS’ STATEMENT

TARGET NATIONAL BANK (FORMERLY RETAILERS NATIONAL BANK)

TARGET CREDIT CARD MASTER TRUST

SERIES 2002-1

IV.	PERFORMANCE SUMMARY
	COLLECTIONS:
(a)	Collections of Principal Receivables	$	900,448,795.96
(b)	Collections of Finance Charge Receivables (from cardholder payments)	100,454,187.62
(c)	Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest, interchange fees)	18,824,517.99
(d)	Collections of Discount Option Receivables	0.00
(e)	Total Finance Charge Collections (b + c + d)	$	119,278,705.61
(f)	Total Collections (a + e)	$	1,019,727,501.57
	DELINQUENCIES AND LOSSES:
(g)	2 missed payments	$	80,786,257
(h)	3 missed payments	56,253,651
(i)	4 or more missed payments	129,479,419
(j)	Total delinquencies (g + h + i)	$	266,519,327
(k)	Gross Charge-Offs during the month	$	37,653,402.13
(l)	Recoveries during the month	$	4,083,526.39
(m)	Net Charge-Offs during the month (k - l)	$	33,569,875.74
V.	NON-U.S. ACCOUNTS
(a)	Non-US Accounts at end of month	79,824
(b)	as a percentage of total (a / c)	0.28%
(c)	Total number of Accounts in Trust (at end of month)	28,410,418

Exhibit 20.2

MONTHLY CERTIFICATEHOLDERS’ STATEMENT

TARGET NATIONAL BANK (FORMERLY RETAILERS NATIONAL BANK)

TARGET CREDIT CARD MASTER TRUST

SERIES 2002-1

VI.	AVAILABLE SERIES 2002-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS
(a)	Floating Allocation Percentage of Collections of Finance Charge Receivables	$	24,366,079.65
(b)	Investment earnings on Principal Funding Account	-
(c)	Investment earnings in Reserve Account deposited in the Collection Account	-
(d)	Investment earnings on Interest Funding Account	$	-
(e)	Closing Date deposit into the Collection Account	$	-
(f)	Available Series 2002-1 Finance Charge Collections (a + b + c + d + e)	$	24,366,079.65
(i)	Class A Interest	1,615,390.63
(ii)	Servicing Fee	1,666,666.67
(iii)	Class A Investor Defaulted Amount ((IV.m * (II.k))	5,143,203.86
(iv)	Class B Investor Defaulted Amount ((IV.m * (II.l))	1,714,401.29
(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 (f-i-ii-iii-iv-v-vi-vii-viii-ix)	$	14,226,417.20

Exhibit 20.2

MONTHLY CERTIFICATEHOLDERS’ STATEMENT

TARGET NATIONAL BANK (FORMERLY RETAILERS NATIONAL BANK)

TARGET CREDIT CARD MASTER TRUST

SERIES 2002-1

VII.	YIELD and BASE RATE
Base Rate
(a)	Base Rate (current month)	4.01%
(b)	Base Rate (prior month)	3.56%
(c)	Base Rate (2 months ago)	3.56%
(d)	3 Month Average Base Rate	3.71%
Portfolio Yield
(e)	Portfolio Yield (current month)	16.83%
(f)	Portfolio Yield (prior month)	15.72%
(g)	Portfolio Yield (2 months ago)	17.68%
(h)	3 Month Average Portfolio Yield	16.74%
VIII.	PORTFOLIO PERFORMANCE RATES
(a)	Net Charge-Offs (annualized % of Principal Receivables at beginning of period)	8.23%
(b)	Monthly Payment Rate (% of Total Receivables at beginning of period (adjusted for number of days in period))	17.09%
(c)	Trust Portfolio Yield (annualized)	25.06%
(d)	Portfolio Yield (3 month average (annualized))	16.74%
(e)	Base Rate (3 month average)	3.71%
(f)	Excess Finance Charge Collections % (d - e)	13.04%

Exhibit 20.2

MONTHLY CERTIFICATEHOLDERS’ STATEMENT

TARGET NATIONAL BANK (FORMERLY RETAILERS NATIONAL BANK)

TARGET CREDIT CARD MASTER TRUST

SERIES 2002-1

IX.	PRINCIPAL COLLECTIONS
(a)	Class A Principal Allocation Percentage	15.32%
(b)	Class A Principal	$	-
(c)	Class B Principal Allocation Percentage	5.11%
(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	$	62,500,000.00
(c)	Deficit Controlled Accumulation Amount	$	-
(d)	Total Principal on deposit in Principal Funding Account for the benefit of Class A Certificateholders (end of month)	$	-
	TARGET NATIONAL BANK,
	as servicer
	By:  /s/ Thomas A. Swanson
	Name:  Thomas A. Swanson
	Title:  Vice President & Cashier