8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 18, 2011

Central Index Key Number of issuing entity: 0001004988

CHASE CREDIT CARD MASTER TRUST

Series 2003-4

(Issuer of Securities)

Central Index Key Number of registrant: 0000869090

CHASE BANK USA, NATIONAL ASSOCIATION

(Sponsor of the Trust)

(Exact name of registrant as specified in its charter)

United States	000-28338-03, 333-103210	22-2382028
(State or other jurisdiction of incorporation)	(Commission File Number.)	(IRS Employer Identification No.)

White Clay Center Building 200, Route 273 Newark, Delaware	19711
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (302) 575-5000

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 8 – Other Events

Item 8.01 Other Events.

Chase Credit Card Master Trust, which was formerly known as Chemical Master Credit Card Trust I, is the issuer of a number of outstanding series of asset backed certificates. The asset backed certificates are serviced in accordance with the Fifth Amended and Restated Pooling and Servicing Agreement, dated as of December 19, 2007, as amended (the “Pooling and Servicing Agreement”). The parties to the Pooling and Servicing Agreement are JPMorgan Chase Bank, National Association (f/k/a The Chase Manhattan Bank), as transferor prior to June 1, 1996, Chase Bank USA, National Association (f/k/a Chase Manhattan Bank USA, National Association) (“Chase USA”), as transferor on and after June 1, 1996, and as servicer, and The Bank of New York Mellon (formerly known as The Bank of New York), as trustee.

On or about January 18, 2011, Chase USA, as servicer, distributed monthly payments to the holders of the Series 2003-4 certificates. Chase USA furnished copies of monthly certificateholders’ reports for each of those series as required by the Pooling and Servicing Agreement. Copies of those monthly certificateholders’ reports are being filed as an exhibit to this current report on Form 8-K.

Section 9 – Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Excess Spread Analysis
99.2	Monthly Reports with respect to the January 18, 2011 distribution

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CHASE BANK USA, NATIONAL ASSOCIATION, as Servicer
By:	/s/ Patricia M. Garvey
Name:	Patricia M. Garvey
Title:	Vice President

Date: January 18, 2011

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Excess Spread Analysis
99.2	Monthly Reports with respect to the distribution to certificateholders on January 18, 2011

EX-99.1

Exhibit 99.1

Chase Credit Card Master Trust

Excess Spread Analysis - December 2010

Series Deal Size Expected Maturity		2003-4 $725MM 10/15/2013
Yield			18.58	%
Less:	Coupon		0.62	%
	Servicing Fee		1.50	%
	Net Credit Losses		7.10	%
Excess Spread :
	December-10		9.36	%
	November-10		8.23	%
	October-10		8.32	%
Three Month Average Excess Spread			8.64	%
Delinquency:
	30 to 59 Days		0.91	%
	60 to 89 Days		0.76	%
	90+ Days		1.98	%
	Total		3.65	%
Principal Payment Rate			21.46	%

EX-99.2

Exhibit 99.2

Chase Bank USA, N.A.

Monthly Certificateholder’s Statement

Chase Credit Card Master Trust

Series 2003-4

Section 5.2 – Supplement					Distribution Date:	01/18/2011
					Period Type:	Revolving
(i)	Monthly Principal Distributed		0.00			0.00
(ii)	Monthly Interest Distributed
	Class A Note Interest Requirement		287,761.64
	Class B Note Interest Requirement		43,631.66
	Net Class C Note Interest Requirement		91,954.58			423,347.88
(iii)	Collections of Principal Receivables					155,557,488.30
(iv)	Collections of Finance Charge Receivables					11,882,970.17
(v)	Aggregate Amount of Principal Receivables					1,400,562,007.57
	Investor Interest					725,000,000.00
	Adjusted Interest					725,000,000.00
	Floating Investor Percentage					51.76	%
	Fixed Investor Percentage					51.76	%
(vi)	Receivables Delinquent (As % of Total Receivables)
	Current to 29 days					96.34	%
	30 to 59 days					0.91	%
	60 to 89 days					0.76	%
	90 or more days					1.99	%
	Total Receivables					100.00	%
(vii)	Investor Default Amount					4,731,773.57
(viii)	Investor Charge-Offs					0.00
(ix)	Reimbursed Investor Charge-Offs					0.00
(x)	Net Investor Servicing Fee					302,083.33
(xi)	Portfolio Yield (Net of Defaulted Receivables)					11.47	%
(xii)	Reallocated Principal Collections					0.00
(xiii)	Accumulation Shortfall					0.00
(xiv)	Principal Funding Investment Proceeds					0.00
(xv)	Principal Funding Investment Shortfall					0.00
(xvi)	Available Investor Finance Charge Collections					11,278,803.50
(xvii)	Note Rate	Class A	0.50031	%
		Class B	0.91031	%
		Class C	1.51031	%
(xviii)	Spread Account					7,250,000.00

By:	/s/ Patricia M. Garvey
Name:	Patricia M. Garvey
Title:	Vice President