In Regards to Credit Card Receivable-Backed Securities, Which of the Below

In regards to credit card receivable-backed securities, which of the below statements is FALSE?

A) Credit card receivable-backed securities are backed by the cash flow of a pool of credit card receivables.
B) The cash flow consists of finance charges collected, fees, and principal.
C) Finance charges collected represent the periodic interest the credit card borrower is charged based on the unpaid balance after the grace period but these fees do not include late payment fees and any annual membership fees.
D) Interest to the bond classes is paid periodically (e.g., monthly, quarterly, or semiannually) and may be fixed or floating.