Exhibit 99.1

Chase Issuance Trust

Excess Spread Analysis

	Jun-05		May-05		Apr-05
Yield	15.82	%	16.52	%	15.54	%
Less: Coupon	3.44	%	3.34	%	3.28	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	5.03	%	5.37	%	5.10	%
Excess Spread	5.85	%	6.31	%	5.66	%
Three Month Average Excess Spread	5.94	%	6.62	%	6.65	%
Delinquency:
30 to 59 days	1.08	%	1.08	%	1.12	%
60 to 89 days	0.71	%	0.71	%	0.77	%
90 + days	1.45	%	1.44	%	1.59	%
Total	3.24	%	3.23	%	3.48	%
Payment Rate	18.38	%	19.12	%	16.90	%