Exhibit 99.1

Bank One Issuance Trust

Excess Spread Analysis

	May-04		Apr-04		Mar-04
Yield	15.88	%	15.62	%	15.58	%
Less: Coupon	1.90	%	1.92	%	1.91	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	5.97	%	5.66	%	5.70	%
Excess Spread	6.51	%	6.54	%	6.47	%
Three Month Average Excess Spread	6.51	%	6.68	%	6.06	%
Delinquency:
30 to 59 days	1.09	%	1.10	%	1.20	%
60 to 89 days	0.79	%	0.85	%	0.83	%
90 + days	1.83	%	1.88	%	1.89	%
Total	3.71	%	3.83	%	3.92	%
Payment Rate	19.02	%	18.17	%	18.65	%