Exhibit 99.1

Chase Issuance Trust

Excess Spread Analysis

	Nov-05		Oct-05		Sep-05
Yield	15.30	%	15.29	%	15.60	%
Less: Coupon	4.20	%	4.09	%	3.89	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	6.84	%	4.91	%	4.42	%
Excess Spread	2.76	%	4.79	%	5.79	%
Three Month Average Excess Spread	4.45	%	5.35	%	5.65	%
Delinquency:
30 to 59 days	0.93	%	1.10	%	1.02	%
60 to 89 days	0.55	%	0.70	%	0.68	%
90 + days	1.04	%	1.41	%	1.36	%
Total	2.52	%	3.21	%	3.06	%
Principal Payment Rate	19.54	%	18.54	%	18.64	%