Exhibit 99.1

Bank One Issuance Trust

Excess Spread Analysis

	Apr-04		Mar-04		Feb-04
Yield	15.62	%	15.58	%	16.19	%
Less: Coupon	1.92	%	1.91	%	1.92	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	5.66	%	5.70	%	5.75	%
Excess Spread	6.54	%	6.47	%	7.02	%
Three Month Average Excess Spread	6.68	%	6.06	%	5.61	%
Delinquency:
30 to 59 days	1.10	%	1.20	%	1.22	%
60 to 89 days	0.85	%	0.83	%	0.89	%
90 + days	1.88	%	1.89	%	1.97	%
Total	3.83	%	3.92	%	4.08	%
Payment Rate	18.17	%	18.65	%	17.98	%