Exhibit 99.1

Chase Credit Card Master Trust

Excess Spread Analysis - May 2007

Series Deal Size Expected Maturity	2002-3 $1,500MM 6/15/2009		2002-5 $1,000MM 7/15/2007		2002-7 $750MM 11/15/2007		2003-2 $1,340MM 4/15/2008		2003-3 $1,425MM 7/15/2008		2003-4 $725MM 10/15/2013
Yield	17.45	%	17.45	%	17.45	%	17.45	%	17.45	%	17.45	%
Less: Coupon	5.54	%	5.46	%	5.51	%	5.50	%	5.48	%	5.63	%
Servicing Fee	1.50	%	1.50	%	1.50	%	1.50	%	1.50	%	1.50	%
Net Credit Losses	3.92	%	3.92	%	3.92	%	3.92	%	3.92	%	3.92	%
Excess Spread:
May-07	6.49	%	6.57	%	6.52	%	6.53	%	6.55	%	6.40	%
April-07	5.92	%	5.99	%	5.94	%	5.95	%	5.97	%	5.82	%
March-07	6.94	%	7.01	%	6.97	%	6.98	%	6.99	%	6.85	%
Three Month Average Excess Spread	6.45	%	6.52	%	6.48	%	6.49	%	6.50	%	6.36	%
Delinquency:
30 to 59 Days	0.84	%	0.84	%	0.84	%	0.84	%	0.84	%	0.84	%
60 to 89 Days	0.64	%	0.64	%	0.64	%	0.64	%	0.64	%	0.64	%
90+ Days	1.45	%	1.45	%	1.45	%	1.45	%	1.45	%	1.45	%
Total	2.93	%	2.93	%	2.93	%	2.93	%	2.93	%	2.93	%
Principal Payment Rate	18.72	%	18.72	%	18.72	%	18.72	%	18.72	%	18.72	%
Series Deal Size Expected Maturity	2003-5 $1,000MM 10/15/2008		2003-6 $2,000MM 11/15/2008		2004-2 $1,750MM 6/15/2007
Yield	17.45	%	17.45	%	17.45	%
Less: Coupon	5.48	%	5.46	%	5.41	%
Servicing Fee	1.50	%	1.50	%	1.50	%
Net Credit Losses	3.92	%	3.92	%	3.92	%
Excess Spread:
May-07	6.55	%	6.57	%	6.62	%
April-07	5.98	%	5.99	%	6.08	%
March-07	7.00	%	7.02	%	7.11	%
Three Month Average Excess Spread	6.51	%	6.53	%	6.60	%
Delinquency:
30 to 59 Days	0.84	%	0.84	%	0.84	%
60 to 89 Days	0.64	%	0.64	%	0.64	%
90+ Days	1.45	%	1.45	%	1.45	%
Total	2.93	%	2.93	%	2.93	%
Principal Payment Rate	18.72	%	18.72	%	18.72	%