On Friday, October 25, 2002, the Payment Cards Center of the Federal Reserve Bank of Philadelphia held a workshop that focused on credit card asset-backed securities. Mark Adelson, head of structured finance research at Nomura Securities International, led the workshop. A veteran analyst of the ABS market, Adelson has written numerous articles and special reports on securitization. During the workshop, Adelson explained the growth, pricing, and mechanics of credit card asset-backed securities. He also discussed some key issues currently facing ABS markets. This paper supplements material from Adelson's presentation with additional information on the development of credit card ABS and the securitization process.