Exhibit 99.1

Chase Issuance Trust

Excess Spread Analysis

	Apr-05		Mar-05		Feb-05
Yield	15.54	%	17.18	%	15.97	%
Less: Coupon	3.28	%	3.17	%	3.01	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	5.10	%	4.61	%	5.07	%
Excess Spread	5.66	%	7.90	%	6.39	%
Three Month Average Excess Spread	6.65	%	6.42	%	5.57	%
Delinquency:
30 to 59 days	1.12	%	1.11	%	1.07	%
60 to 89 days	0.77	%	0.72	%	0.74	%
90 + days	1.59	%	1.66	%	1.69	%
Total	3.48	%	3.49	%	3.50	%
Payment Rate	16.90	%	19.09	%	16.53	%