Exhibit 99.1

Chase Issuance Trust

Excess Spread Analysis

	Feb-05		Jan-05		Dec-04
Yield	15.97	%	14.73	%	15.79	%
Less: Coupon	3.01	%	2.92	%	2.87	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	5.07	%	5.33	%	6.07	%
Excess Spread	6.39	%	4.98	%	5.35	%
Three Month Average Excess Spread	5.57	%	5.24	%	5.89	%
Delinquency:
30 to 59 days	1.07	%	1.08	%	1.09	%
60 to 89 days	0.74	%	0.78	%	0.79	%
90 + days	1.69	%	1.71	%	1.65	%
Total	3.50	%	3.57	%	3.53	%
Payment Rate	16.53	%	18.21	%	18.30	%