Exhibit 99.1

Bank One Issuance Trust

Excess Spread Analysis

	Sep-04		Aug-04		Jul-04
Yield	15.03	%	16.33	%	14.78	%
Less: Coupon	2.38	%	2.28	%	2.07	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	5.13	%	5.25	%	5.16	%
Excess Spread	6.02	%	7.30	%	6.05	%
Three Month Average Excess Spread	6.46	%	6.59	%	6.32	%
Delinquency:
30 to 59 days	1.24	%	1.14	%	1.14	%
60 to 89 days	0.82	%	0.80	%	0.76	%
90 + days	1.70	%	1.63	%	1.64	%
Total	3.76	%	3.57	%	3.54	%
Payment Rate	17.35	%	19.91	%	17.96	%