Exhibit 99.1

Bank One Issuance Trust

Excess Spread Analysis

	Jan-04		Dec-03		Nov-03
Yield	13.80	%	14.69	%	14.15	%
Less: Coupon	1.96	%	2.00	%	1.97	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	5.66	%	6.07	%	5.75	%
Excess Spread	4.68	%	5.12	%	4.93	%
Three Month Average Excess Spread	4.91	%	5.16	%	5.58	%
Delinquency:
30 to 59 days	1.27	%	1.24	%	1.30	%
60 to 89 days	0.89	%	0.87	%	0.91	%
90 + days	1.95	%	1.91	%	1.96	%
Total	4.11	%	4.02	%	4.17	%
Payment Rate	18.23	%	18.71	%	17.19	%