Exhibit 99.1

Chase Issuance Trust

Excess Spread Analysis

	Mar-05		Feb-05		Jan-05
Yield	17.18	%	15.97	%	14.73	%
Less:   Coupon	3.17	%	3.01	%	2.92	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	4.61	%	5.07	%	5.33	%
Excess Spread	7.90	%	6.39	%	4.98	%
Three Month Average Excess Spread	6.42	%	5.57	%	5.24	%
Delinquency:
30 to 59 days	1.11	%	1.07	%	1.08	%
60 to 89 days	0.72	%	0.74	%	0.78	%
90 + days	1.66	%	1.69	%	1.71	%
Total	3.49	%	3.50	%	3.57	%
Payment Rate	19.09	%	16.53	%	18.21	%