Exhibit 99.1

Bank One Issuance Trust

Excess Spread Analysis

	Mar-04		Feb-04		Jan-04
Yield	15.58	%	16.19	%	13.80	%
Less: Coupon	1.91	%	1.92	%	1.96	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	5.70	%	5.75	%	5.66	%
Excess Spread	6.47	%	7.02	%	4.68	%
Three Month Average Excess Spread	6.06	%	5.61	%	4.91	%
Delinquency:
30 to 59 days	1.20	%	1.22	%	1.27	%
60 to 89 days	0.83	%	0.89	%	0.89	%
90 + days	1.89	%	1.97	%	1.95	%
Total	3.92	%	4.08	%	4.11	%
Payment Rate	18.65	%	17.98	%	18.23	%