Chase Bank USA, N.A.
                              Noteholders Statement

                      Chase Credit Card Owner Trust 2003-1

Section 7.3 Indenture                               Distribution Date: 3/15/2005
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(i)     Amount of the distribution allocable to principal of the Notes
               Class A Principal Payment                                    0.00
               Class B Principal Payment                                    0.00
               Class C Principal Payment                                    0.00
                       Total

        Amount of the distribution allocable to the principal on the Notes
        per $1,000 of the initial principal balance of the Notes
               Class A Principal Payment                                    0.00
               Class B Principal Payment                                    0.00
               Class C Principal Payment                                    0.00
                       Total

(ii)    Amount of the distribution allocable to the interest on the Notes
               Class A Note Interest Requirement                    2,587,200.00
               Class B Note Interest Requirement                      241,733.33
               Class C Note Interest Requirement                      387,450.00
                       Total                                        3,216,383.33

        Amount of the distribution allocable to the interest on the Notes
        per $1,000 of the initial principal balance of the Notes
               Class A Note Interest Requirement                         2.05333
               Class B Note Interest Requirement                         2.30222
               Class C Note Interest Requirement                         2.87000

(iii)   Aggregate Outstanding Principal Balance of the Notes
               Class A Note Principal Balance                      1,260,000,000
               Class B Note Principal Balance                        105,000,000
               Class C Note Principal Balance                        135,000,000

(iv)    Amount on deposit in Owner Trust Spread Account            15,000,000.00

(v)     Required Owner Trust Spread Account Amount                 15,000,000.00


                                         By:
                                                 ---------------------
                                         Name:   Patricia M. Garvey
                                         Title:  Vice President

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