Exhibit 99.1

Bank One Issuance Trust

Excess Spread Analysis

	Aug-04		Jul-04		Jun-04
Yield	16.33	%	14.78	%	15.91	%
Less: Coupon	2.28	%	2.07	%	1.96	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	5.25	%	5.16	%	6.04	%
Excess Spread	7.30	%	6.05	%	6.41	%
Three Month Average Excess Spread	6.59	%	6.32	%	6.49	%
Delinquency:
30 to 59 days	1.14	%	1.14	%	1.10	%
60 to 89 days	0.80	%	0.76	%	0.74	%
90 + days	1.63	%	1.64	%	1.68	%
Total	3.57	%	3.54	%	3.52	%
Payment Rate	19.91	%	17.96	%	18.85	%