Exhibit 99.1

Bank One Issuance Trust

Excess Spread Analysis

	Feb-04		Jan-04		Dec-03
Yield	16.19	%	13.80	%	14.69	%
Less: Coupon	1.92	%	1.96	%	2.00	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	5.75	%	5.66	%	6.07	%
Excess Spread	7.02	%	4.68	%	5.12	%
Three Month Average Excess Spread	5.61	%	4.91	%	5.16	%
Delinquency:
30 to 59 days	1.22	%	1.27	%	1.24	%
60 to 89 days	0.89	%	0.89	%	0.87	%
90 + days	1.97	%	1.95	%	1.91	%
Total	4.08	%	4.11	%	4.02	%
Payment Rate	17.98	%	18.23	%	18.71	%