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):     May 16, 2005

                  CHASE CREDIT CARD OWNER TRUST, SERIES 2003-5
                             (Issuer of Securities)

                      CHASE BANK USA, NATIONAL ASSOCIATION
                      ------------------------------------
             (Exact name of registrant as specified in its charter)

United States                       333-103210-05        22-2382028
-------------------------------     ----------------     ---------------------
(State or other jurisdiction        (Commission          (IRS Employer
of incorporation)                   File Number)         Identification No.)

White Clay Center, Building 200, Newark, DE          19711
------------------------------------------------------------------------
(Address of principal executive offices)             (Zip Code)

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


---------------------------------------------------
(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))

<PAGE>

Section 8 - Other Events

Item 8.01 Other Events.

Chase Bank USA, National  Association  (f/k/a Chase Manhattan Bank USA, National
Association)  is the  registrant  of the Chase Credit Card Owner  Trust,  Series
2003-5 ("Series  2003-5"),  which issued multiple classes of Asset Backed Notes.
On or about  May 16,  2005,  JPMorgan  Chase  Bank,  as Paying  Agent,  made the
distributions  to  holders  of its Notes of Series  2003-5  contemplated  by the
related indenture.

A copy of the Monthly  Noteholders  Statement with respect to such distribution,
delivered pursuant to Section 7.3 of the related indenture, is being filed as an
exhibit to this Current Report on Form 8-K.

The Office of the Comptroller of the Currency ("OCC") has recently  provided new
interpretive  guidance  to Chase  USA and other OCC  regulated  banks  that will
result in an increase in the minimum  payments  due on a portion of the accounts
in Chase USA's servicing  portfolio when fully implemented by Chase USA. The OCC
guidance  is  intended  to be  responsive  to  concerns  raised  by the  Federal
Financial  Institutions  Examination  Council that minimum payment  requirements
currently  used by credit card lenders  increase  credit risk and mask portfolio
quality and that credit card  lenders  ought to require  minimum  payments  that
amortize outstanding account balances over a reasonable period of time.

Chase USA expects to implement  the increased  minimum  payment  requirement  in
stages commencing in the third quarter of 2005 with full implementation expected
by the end of the first  quarter of 2006.  Chase USA expects that such change in
the  minimum  payment  requirement  is  likely  to  result  in  an  increase  in
delinquencies  and  charge-offs  in the accounts in each of the First USA Master
Trust,  the Chase Master Trust and the master  owner trust,  although  Chase USA
cannot predict with any degree of certainty the effect of any such increase.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

Exhibit No.      Description
-----------      -----------

     99.1        Monthly Reports with respect to the May 16, 2005 distribution.

<PAGE>

                                   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 Administrator

                                          By: /s/  Patricia M. Garvey
                                             -------------------------------
                                          Name: Patricia M. Garvey
                                          Title: Vice President
                                          Date: May 19, 2005

<PAGE>

                                INDEX TO EXHIBITS

Exhibit No.      Description
-----------      -----------
     99.1        Monthly Reports with respect to the distribution to Noteholders
                 on May 16, 2005.
{"company-data": {"conformed-name": "CHASE CREDIT CARD OWNER TRUST 2003-5", "cik": "0001264359", "assigned-sic": "6189", "irs-number": "000000000", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-103210-05", "film-number": "05863263"}, "business-address": {"street1": "WHITE CLAY CTR BLDG 200", "street2": "RTE 273 1ST FL", "city": "NEWARK", "state": "DE", "zip": "19711"}}
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):     May 16, 2005

                  CHASE CREDIT CARD OWNER TRUST, SERIES 2003-5
                             (Issuer of Securities)

                      CHASE BANK USA, NATIONAL ASSOCIATION
                      ------------------------------------
             (Exact name of registrant as specified in its charter)

United States                       333-103210-05        22-2382028
-------------------------------     ----------------     ---------------------
(State or other jurisdiction        (Commission          (IRS Employer
of incorporation)                   File Number)         Identification No.)

White Clay Center, Building 200, Newark, DE          19711
------------------------------------------------------------------------
(Address of principal executive offices)             (Zip Code)

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

---------------------------------------------------
(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 Bank USA, National  Association  (f/k/a Chase Manhattan Bank USA, National
Association)  is the  registrant  of the Chase Credit Card Owner  Trust,  Series
2003-5 ("Series  2003-5"),  which issued multiple classes of Asset Backed Notes.
On or about  May 16,  2005,  JPMorgan  Chase  Bank,  as Paying  Agent,  made the
distributions  to  holders  of its Notes of Series  2003-5  contemplated  by the
related indenture.

A copy of the Monthly  Noteholders  Statement with respect to such distribution,
delivered pursuant to Section 7.3 of the related indenture, is being filed as an
exhibit to this Current Report on Form 8-K.

The Office of the Comptroller of the Currency ("OCC") has recently  provided new
interpretive  guidance  to Chase  USA and other OCC  regulated  banks  that will
result in an increase in the minimum  payments  due on a portion of the accounts
in Chase USA's servicing  portfolio when fully implemented by Chase USA. The OCC
guidance  is  intended  to be  responsive  to  concerns  raised  by the  Federal
Financial  Institutions  Examination  Council that minimum payment  requirements
currently  used by credit card lenders  increase  credit risk and mask portfolio
quality and that credit card  lenders  ought to require  minimum  payments  that
amortize outstanding account balances over a reasonable period of time.

Chase USA expects to implement  the increased  minimum  payment  requirement  in
stages commencing in the third quarter of 2005 with full implementation expected
by the end of the first  quarter of 2006.  Chase USA expects that such change in
the  minimum  payment  requirement  is  likely  to  result  in  an  increase  in
delinquencies  and  charge-offs  in the accounts in each of the First USA Master
Trust,  the Chase Master Trust and the master  owner trust,  although  Chase USA
cannot predict with any degree of certainty the effect of any such increase.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

Exhibit No.      Description
-----------      -----------

     99.1        Monthly Reports with respect to the May 16, 2005 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 Administrator

                                          By: /s/  Patricia M. Garvey
                                             -------------------------------
                                          Name: Patricia M. Garvey
                                          Title: Vice President
                                          Date: May 19, 2005
INDEX TO EXHIBITS

Exhibit No.      Description
-----------      -----------
     99.1        Monthly Reports with respect to the distribution to Noteholders
                 on May 16, 2005.