Certificates of Amortized Revolving Debt

Certificates of Amortized Revolving Debt (CARD)

Pass-through securities backed by credit card receivables.

Certificates for Amortizing Revolving Debts

Pass-through securities backed by the receivables on credit cards. That is, they are debt securities in which the holders are entitled to the principal and interest on the credit card payments underlying them. CARDs are structured in a similar way to mortgage-backed securities.