Chase Bank USA, N.A.
                              Noteholders Statement

                      Chase Credit Card Owner Trust 2003-1


Section 7.3 Indenture               Distribution Date:                 5/16/2005
- --------------------------------------------------------------------------------

(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                      3,259,068.75
            Class B Note Interest Requirement                        300,522.40
            Class C Note Interest Requirement                        471,248.44
                     Total                                         4,030,839.58

      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                           2.58656
            Class B Note Interest Requirement                           2.86212
            Class C Note Interest Requirement                           3.49073

(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


- --------------------------------------------------------------------------------