Exhibit 99.1

Chase Issuance Trust

Excess Spread Analysis

	Oct-04		Sep-04		Aug-04
Yield	16.40	%	15.03	%	16.33	%
Less: Coupon	2.46	%	2.38	%	2.28	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	5.53	%	5.13	%	5.25	%
Excess Spread	6.91	%	6.02	%	7.30	%
Three Month Average Excess Spread	6.74	%	6.46	%	6.59	%
Delinquency:
30 to 59 days	1.24	%	1.24	%	1.14	%
60 to 89 days	0.87	%	0.82	%	0.80	%
90 + days	1.77	%	1.70	%	1.63	%
Total	3.88	%	3.76	%	3.57	%
Payment Rate	16.15	%	17.35	%	19.91	%