Exhibit 99.1

Chase Issuance Trust

Excess Spread Analysis

	Dec-04		Nov-04		Oct-04
Yield	15.79	%	15.19	%	16.40	%
Less: Coupon	2.87	%	2.63	%	2.46	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	6.07	%	5.66	%	5.53	%
Excess Spread	5.35	%	5.40	%	6.91	%
Three Month Average Excess Spread	5.89	%	6.11	%	6.74	%
Delinquency:
30 to 59 days	1.09	%	1.20	%	1.24	%
60 to 89 days	0.79	%	0.84	%	0.87	%
90 + days	1.65	%	1.80	%	1.77	%
Total	3.53	%	3.84	%	3.88	%
Payment Rate	18.30	%	18.80	%	16.15	%