FORM 8-K

Current Report Pursuant

to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Item 1.01.           Entry into Material Definitive Agreement.

Issuance of Series 2016-1 Notes

On March 18, 2016, Synchrony Credit Card Master Note Trust (the “Trust”) entered into the Series 2016-1 Indenture Supplement (the “Series 2016-1 Indenture Supplement”), between the Trust and Deutsche Bank Trust Company Americas, as indenture trustee, a copy of which is filed with this Current Report on Form 8-K as Exhibit 4.1, pursuant to which the Trust issued $750,000,000 of Series 2016-1 Class A Asset Backed Notes (the “Class A Notes”), $71,917,808 of Series 2016-1 Class B Asset Backed Notes (the “Class B Notes”), $61,643,836 of Series 2016-1 Class C Asset Backed Notes (the “Class C Notes”) and $92,465,753 of Series 2016-1 Class D Asset Backed Notes (the “Class D Notes”), described in a Prospectus dated March 14, 2016.

Use of Proceeds – Series 2016-1 Notes

The public offering of the Class A Notes was made under the registration statement (the “Registration Statement”) on Form SF-3 (File No. 333-206176 and File No. 333-206176-01) filed with the Securities and Exchange Commission on August 6, 2015 (as amended by pre-effective amendment no. 1 on December 30, 2015, pre-effective amendment no. 2 on February 5, 2016 and pre-effective amendment no. 3 on February 19, 2016) and declared effective on February 26, 2016.

The public offering of the Class A Notes terminated on March 18, 2016 upon the sale of all of the Class A Notes. The depositor retained all of the Class B Notes, the Class C Notes and the Class D Notes.  The underwriters of the Class A Notes were Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Securities USA Inc., Mischler Financial Group, Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC. No underwriting discount was paid to the underwriters with respect to the Class B Notes, the Class C Notes or the Class D Notes retained by the depositor.

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 with respect to underwriting commissions and discounts was $1,875,000.  After deducting the underwriting commissions and discounts described in the preceding sentence, the net offering proceeds to the Trust before expenses for the Class A Notes are $747,967,500. Other expenses, including legal fees and other costs and expenses, are reasonably estimated to be $800,000 and net proceeds to the Trust, after deduction of expenses, are reasonably estimated to be $747,167,500. 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 Trust, or (b) owners of 10 percent or more of any class of securities of the Trust.

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 Trust or (b) owners of 10 percent or more of any class of securities of the Trust.

Item 6.05.           Securities Act Updating Disclosure.

The tables set forth in the attached Exhibit 99.1 summarize the trust portfolio by various criteria as of the date specified therein.

Item 9.01.           Financial Statements and Exhibits.

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.