Exhibit 99.1

Bank One Issuance Trust

Excess Spread Analysis

	Jun-04		May-04		Apr-04
Yield	15.91	%	15.88	%	15.62	%
Less: Coupon	1.96	%	1.90	%	1.92	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	6.04	%	5.97	%	5.66	%
Excess Spread	6.41	%	6.51	%	6.54	%
Three Month Average Excess Spread	6.49	%	6.51	%	6.68	%
Delinquency:
30 to 59 days	1.10	%	1.09	%	1.10	%
60 to 89 days	0.74	%	0.79	%	0.85	%
90 + days	1.68	%	1.83	%	1.88	%
Total	3.52	%	3.71	%	3.83	%
Payment Rate	18.85	%	19.02	%	18.17	%