Exhibit 99.1

Bank One Issuance Trust

Excess Spread Analysis

	Dec-03		Nov-03		Oct-03
Yield	14.69	%	14.15	%	14.47	%
Less: Coupon	2.00	%	1.97	%	1.97	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	6.07	%	5.75	%	5.57	%
Excess Spread	5.12	%	4.93	%	5.43	%
Three Month Average Excess Spread	5.16	%	5.58	%	6.38	%
Delinquency:
30 to 59 days	1.24	%	1.30	%	1.26	%
60 to 89 days	0.87	%	0.91	%	0.90	%
90 + days	1.91	%	1.96	%	1.90	%
Total	4.02	%	4.17	%	4.06	%
Payment Rate	18.71	%	17.19	%	18.93	%