UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER

DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from ~~December~~January 1, ~~2022~~2023 to ~~December~~January 31, ~~2022~~2023

Commission File Number of issuing entity:

333-206176-01, 333-181466,

333-229815-01

Central Index Key Number of issuing entity:

0001290098

	Synchrony Credit Card Master Note Trust
	(Exact Name of issuing entity as specified in its charter)

Commission File Number of depositor:

333-206176,

333-181466-01, 333-229815

Central Index Key Number of depositor:

0001226006

	RFS Holding, L.L.C.
	(Exact Name of Registrant as Specified in its Charter)

	Synchrony Bank
	(Exact Name of Sponsor as Specified in its Charter)
	Central Index Key Number of Sponsor: 0001602566

	Delaware
	(State or Other Jurisdiction of Incorporation or organization of the issuing entity)

	57-1173164 (RFS Holding, L.L.C.) 20-0268039 (Synchrony Credit Card Master Note Trust)
	(I.R.S. Employer Identification No.)

c/o Synchrony Financial
777 Long Ridge Rd, Building S, 3rd Floor
Stamford, CT		06902
(Address of Principal Executive Office of the issuing entity)		(Zip Code)

	(877) 441-5094
	(Telephone Number, Including Area Code)

	(Former Name or Former Address, if Changed Since Last Report)

Registered reporting pursuant to (check one)

	Section 12(b)	Section 12(g)	Section 15(d)	Name of Exchange (If Section 12(b))
Title of Class
Series 2018-2, Class A	¨	¨	x	_________
Series 2018-2, Class B	¨	¨	x	_________
Series 2018-2, Class C	¨	¨	x	_________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days. Yes: x No: ¨

PART I - Distribution Information.

Item 1. Distribution and Pool Performance Information.

The response to Item 1 is set forth herein and in Exhibit 99.1.

Trust Performance

	December 2022			November 2022			October 2022			3-Month Avg
	January 2023			December 2022			November 2022			3-Month Avg
Gross Trust Yield		2425.5165	%		2524.3751	%		25.4437	%		25.1118	%
Gross Charge-Off Rate		3.2477	%		3.4024	%		3.5240	%		3.3947	%
Gross Charge-Off Rate Excluding Fraud		3.0757	%		3.2407	%		3.3924	%		3.2329	%
Net Charge-Off Rate Excluding Fraud		2.3269	%		2.4732	%		2.6147	%		2.4649	%
Trust Excess Spread Percentage		1617.1105	%		1716.2311	%		17.5323	%		16.9680	%
Payment Rate		21.0089	%		2021.6200	%		20.4762	%		2021.6917	%
Delinquency Data
1-29 Days Delinquent		21.1393	%		12.9613	%		1.9296	%		2.01	%
30-59 Days Delinquent		0.5554	%		0.5255	%		0.5552	%		0.54	%
60-89 Days Delinquent		0.3841	%		0.4038	%		0.3840	%		0.39	%
90-119 Days Delinquent		0.3435	%		0.3234	%		0.32	%		0.33	%
120-149 Days Delinquent		0.2830	%		0.2728	%		0.2627	%		0.2728	%
150-179 Days Delinquent		0.24	%		0.2224	%		0.2022	%		0.2223	%
180 or Greater Days Delinquent		0.00	%		0.00	%		0.00	%		0.00	%
BOP Principal Receivables ($B)	$	5.01		$	45.90		$	4.9		$	45.90

Charge-offs are executed on charge-off cycle dates which occur on various days during each distribution period. The number of different charge-off cycle dates in each distribution period varies based on such factors as the calendar and the timing of billing cycles. As a result, the amount of charged-off receivables can vary between distribution periods with no corresponding change in the performance of the trust portfolio. The following table sets forth the number of different charge-off cycle dates for each distribution period ending in the months indicated. Each distribution period begins on the first calendar day and ends on the last calendar day of the calendar month indicated below.

	2021		2022		2023
	2022		2023
January		28		2830		30
February		28		28		28
March		2928		28		28
April		2726		2628		28
May		2830		3029		29
June		2928		2827		27
July		2528		28		28
August		3029		2928		28
September		2827		2726		26
October		28		2830		30
November		2829		2928		28
December		2825		2528		28

No assets securitized by RFS Holding, L.L.C. (the “Securitizer”) and held by Synchrony Credit Card Master Note Trust were ~~the~~ the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period ~~December~~January 1, ~~2022~~2023 through ~~December~~January 31, ~~2022~~2023. The most recent Form ABS-15G filed by the Securitizer was filed on February 71, ~~2022~~2023. The CIK ~~number~~ number of the Securitizer is 0001226006.

ITEM 1A – Asset-Level Information.

Inapplicable.

ITEM 1B – Asset Representations Reviewer and Investor Communication.

Nothing to report.

PART II - Other Information

ITEM 2 – Legal Proceedings.

Nothing to report.

ITEM 3 – Sales of Securities and Use of Proceeds.

Nothing to report.

ITEM 4 – Defaults Upon Senior Securities.

Nothing to report.

ITEM 5 – Submission of Matters to a Vote of Security Holders.

Nothing to report.

ITEM 6 – Significant Obligors of Pool Assets.

Nothing to report.

ITEM 7 – Change in Sponsor Interest in the Securities.

Nothing to report.

ITEM 8 – Significant Enhancement Provider Information.

Inapplicable.

ITEM 9 – Other Information.

Nothing to report.

ITEM 10 – Exhibits

(a)

The exhibit listed below is filed as a part of this report.

Exhibit No.		Document Description
99.1		Monthly Noteholder'’s Statement for Synchrony Credit Card Master Note Trust, Series 2018-2, for ~~January~~February 1715, 2023 Payment Date.

(b)

See (a) above for the exhibit filed in response to Item 601 of Regulations S-K.

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 thereunto duly authorized.

	RFS Holding, L.L.C., as depositor
Dated: January 17, 2023	By:	/s/ Chris Coffey
Dated: February 15, 2023	By:	/s/ Chris Coffey
	Name: Chris Coffey
	Title: Vice President

Filing Compare · RFS HOLDING LLC