Most credit card ABS use a revolving master trust as the primary securitization structure. Under this structure, one common pool of assets collateralizes all of the outstanding securities. The originator designates credit card accounts that meet certain eligibility criteria as eligible accounts and the outstanding balances on such accounts are sold to the trust, as well as new receivables (the interest payments, principal payments, and fees associated with such account) generated from such accounts. Additional accounts may be allocated to a particular securitization over time. Such new accounts must conform to strict parameters set forth in the securitization documents that are designed to maintain the credit rating of the securities.

The master trust receivables are split between the "investor's interest" and the "seller's interest." The receivables in the investor's interest collateralize the outstanding notes. The seller's interest component absorbs fluctuations in the monthly outstanding loan balances. The seller's interest is a vertical slice of all the receivables in the master trust and receives principal and interest payments in proportion to the share it represents of the master trust. Rating agencies typically require that the seller's interest component be around 4 to 12 percent of the receivables for the ABS to receive an AAA rating.

The credit card ABS issued by the master trust generally have maturities ranging from 1 to 10 years. Initially, investors in these securities receive only interest payments, and the securitizer uses the principal payments to purchase new receivables from the accounts designated to the master trust. Toward the end of the security's life, the principal payments accumulate in an account and are released to the investor in one "bullet" payment at the end.