Exhibit 99.1

Chase Issuance Trust

Excess Spread Analysis

	May-05		Apr-05		Mar-05
Yield	16.52	%	15.54	%	17.18	%
Less: Coupon	3.34	%	3.28	%	3.17	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	5.37	%	5.10	%	4.61	%
Excess Spread	6.31	%	5.66	%	7.90	%
Three Month Average Excess Spread	6.62	%	6.65	%	6.42	%
Delinquency:
30 to 59 days	1.08	%	1.12	%	1.11	%
60 to 89 days	0.71	%	0.77	%	0.72	%
90 + days	1.44	%	1.59	%	1.66	%
Total	3.23	%	3.48	%	3.49	%
Payment Rate	19.12	%	16.90	%	19.09	%