Jpmorgan Chase Bank, National Association 8-K Other Events

First USA Credit Card Master Trust

Excess Spread Analysis - April 2005

Series Deal Size Expected Maturity	1996-4 $602MM 8/10/2006		1997-4 $602MM 6/17/2007		1997-8 $939MM 9/17/2007		1998-4 $843MM 7/18/2005		1998-6 $964MM 8/18/2008
Yield	15.08	%	15.08	%	15.08	%	15.08	%	15.08	%
Less: Coupon	3.22	%	3.27	%	3.22	%	3.14	%	3.43	%
Servicing Fee	1.50	%	1.50	%	1.50	%	1.50	%	1.50	%
Net Credit Losses	5.53	%	5.53	%	5.53	%	5.53	%	5.53	%
Excess Spread:
April-05	4.83	%	4.78	%	4.83	%	4.91	%	4.62	%
March-05	7.38	%	7.33	%	7.38	%	7.46	%	7.15	%
February-05	5.82	%	5.83	%	5.88	%	5.96	%	5.63	%
Three Month Average Excess Spread	6.01	%	5.98	%	6.03	%	6.11	%	5.80	%
Delinquency:
30 to 59 Days	1.20	%	1.20	%	1.20	%	1.20	%	1.20	%
60 to 89 Days	0.83	%	0.83	%	0.83	%	0.83	%	0.83	%
90+ Days	1.71	%	1.71	%	1.71	%	1.71	%	1.71	%
Total	3.74	%	3.74	%	3.74	%	3.74	%	3.74	%
Payment Rate	13.91	%	13.91	%	13.91	%	13.91	%	13.91	%
Series Deal Size Expected Maturity	1998-8 $602MM 9/18/2005		1999-2 $602MM 2/21/2006		2001-1 $893MM 1/19/2006		2001-3 $750MM 3/20/2006		2001-4 $714MM 8/10/2006
Yield	15.08	%	15.08	%	15.08	%	15.08	%	15.08	%
Less: Coupon	3.21	%	3.52	%	3.23	%	3.22	%	3.15	%
Servicing Fee	1.50	%	1.50	%	1.50	%	1.50	%	1.50	%
Net Credit Losses	5.53	%	5.53	%	5.53	%	5.53	%	5.53	%
Excess Spread:
April-05	4.84	%	4.53	%	4.82	%	4.83	%	4.90	%
March-05	7.39	%	7.06	%	7.36	%	7.37	%	7.45	%
February-05	5.89	%	5.55	%	5.87	%	5.88	%	5.89	%
Three Month Average Excess Spread	6.04	%	5.71	%	6.02	%	6.03	%	6.08	%
Delinquency:
30 to 59 Days	1.20	%	1.20	%	1.20	%	1.20	%	1.20	%
60 to 89 Days	0.83	%	0.83	%	0.83	%	0.83	%	0.83	%
90+ Days	1.71	%	1.71	%	1.71	%	1.71	%	1.71	%
Total	3.74	%	3.74	%	3.74	%	3.74	%	3.74	%
Payment Rate	13.91	%	13.91	%	13.91	%	13.91	%	13.91	%