Exhibit 99.1

Chase Issuance Trust

Excess Spread Analysis

	Jul-05		Jun-05		May-05
Yield	15.92	%	15.82	%	16.52	%
Less: Coupon	3.59	%	3.44	%	3.34	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	5.13	%	5.03	%	5.37	%
Excess Spread	5.70	%	5.85	%	6.31	%
Three Month Average Excess Spread	5.95	%	5.94	%	6.62	%
Delinquency:
30 to 59 days	1.08	%	1.08	%	1.08	%
60 to 89 days	0.74	%	0.71	%	0.71	%
90 + days	1.48	%	1.45	%	1.44	%
Total	3.30	%	3.24	%	3.23	%
Payment Rate	18.93	%	18.38	%	19.12	%