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

Issuance of Series 2014-1 Notes

On November 20, 2014, Synchrony Credit Card Master Note Trust (the “Trust”) issued $700,000,000 of Series 2014-1 Class A Asset Backed Notes (the “Class A Notes”), $68,055,555 of Series 2014-1 Class B Asset Backed Notes (the “Class B Notes”), $58,333,334 of Series 2014-1 Class C Asset Backed Notes (the “Class C Notes”) and $97,222,222 of Series 2014-1 Class D Asset Backed Notes (the “Class D Notes”), described in a Prospectus Supplement dated November 14, 2014 to a Prospectus dated November 12, 2014.

Use of Proceeds – Series 2014-1 Notes

The public offering of the Class A Notes, Class B Notes and Class C Notes was made under the registration statement (the “Registration Statement”) on Form S-3 (File No. 333-181466 and File No. 333-181466-01) filed with the Securities and Exchange Commission on May 16, 2012 (as amended by pre-effective amendment no. 1 on July 16, 2012 and pre-effective amendment no. 2 on August 6, 2012) and declared effective on August 10, 2012.

The public offering of the Class A Notes, Class B Notes and Class C Notes terminated on November 14, 2014 upon the sale of all of the Class A Notes, Class B Notes and Class C Notes. An affiliate of the depositor purchased all of the Class D Notes.  The underwriters of the Class A Notes, Class B Notes and Class C Notes were RBC Capital Markets, LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Natixis Securities Americas LLC, Scotia Capital (USA) Inc., The Williams Capital Group, L.P. and Wells Fargo Securities LLC. No underwriting discount was paid to the underwriters with respect to the Class D Notes purchased by such affiliate.

During the period from the effective date of the Registration Statement through the current reporting period, the amount of expenses incurred in connection with the issuance and distribution of the Class A Notes, Class B Notes and Class C Notes with respect to underwriting commissions and discounts was $1,750,000 for the Class A Notes, $221,181 for the Class B Notes and $218,750 for the Class C Notes.  After deducting the underwriting commissions and discounts described in the preceding sentence, the net offering proceeds to the Issuer before expenses for the Class A Notes are $698,055,820, the net offering proceeds to the Issuer before expenses for the Class B Notes are $67,818,375 and the net offering proceeds to the Issuer before expenses for the Class C Notes are $58,102,206. Other expenses, including legal fees and other costs and expenses, are reasonably estimated to be $800,000 and net proceeds to the Issuer, after deduction of expenses, are reasonably estimated to be $823,176,401. With respect to the payment of these other expenses and costs, all direct or indirect payments were made to persons other than persons who are (a) directors or officers of the Issuer, or (b) owners of 10 percent or more of any class of securities of the Issuer.

The net proceeds to RFS Holding, L.L.C., after deducting the underwriting commissions and discounts, and expenses above, were used to purchase credit card receivables from Synchrony Bank (the “Bank”), an affiliate of RFS Holding, L.L.C., and to repay intercompany indebtedness owed by RFS Holding, L.L.C. to RFS Holding, Inc., another affiliate, which indebtedness was incurred primarily to finance prior purchases of credit card receivables from the Bank. Except as provided in the previous sentence, none of the proceeds were used for payments to (a) any directors or officers of the Issuer or (b) owners of 10 percent or more of any class of securities of the Issuer.

The tables set forth in the attached Exhibit 99.1 summarize the trust portfolio by various criteria as of October 31, 2014.

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.