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    <TD COLSPAN="6" STYLE="border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">UNITED STATES</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">SECURITIES AND EXCHANGE COMMISSION</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">Washington, D.C.&nbsp; 20549</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">FORM 8-K</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">Current Report Pursuant</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">to Section 13 or 15(d) of the</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">Securities Exchange Act of 1934</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Date of Report (Date of Earliest Event Reported)</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">April 4, 2012</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GE Capital Credit Card Master Note Trust</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RFS Holding, L.L.C.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GE Capital Retail Bank</P></TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Exact Name of Issuing Entity, Depositor/Registrant and Sponsor <BR> as Specified in their respective Charters)</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
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    <TD COLSPAN="6" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">Delaware</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(State or Other Jurisdiction of Incorporation of Issuing Entity and Registrant)</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">333-107495, 333-130030, 333-144945, 333-169151,
        333-107495-02,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">333-130030-01, 333-144945-01,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">333-169151-01</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">57-1173164 (RFS Holding, L.L.C.)<BR> 20-0268039 (GE Capital Credit Card Master Note Trust)</TD></TR>
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    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-style: italic; text-align: center">(Commission File Numbers for Registrant and Issuing Entity, respectively)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-style: italic; text-align: center">(Registrants&rsquo; I.R.S. Employer Identification Nos. for Registrant and Issuing Entity, respectively)</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">777 Long Ridge Road</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Stamford, Connecticut</P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">06927</TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-style: italic; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-style: italic; text-align: center">(Zip Code)</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
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    <TD COLSPAN="6" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(877) 441-5094</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-style: italic; text-align: center">(Registrant&rsquo;s Telephone Number, Including Area Code)</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
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    <TD COLSPAN="6" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">Not Applicable</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-style: italic; text-align: center">(Former Name or Former Address, if Changed Since Last Report)</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">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:</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8.01. &#9;Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have set forth additional
information below regarding the composition of the GE Capital Credit Card Master Note Trust portfolio by FICO<SUP>&reg;</SUP> score.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A FICO<SUP>&reg; </SUP>score
is a measurement derived from a proprietary credit scoring method owned by Fair Isaac Corporation to determine the likelihood
that credit users will pay their credit obligations in accordance with the terms of their accounts. Although Fair Isaac
Corporation discloses only limited information about the variables it uses to assess credit risk, those variables likely
include, but are not limited to, debt level, credit history, payment patterns (including delinquency experience), and level
of utilization of available credit. FICO<SUP>&reg; </SUP>scores range from 300 to 850, and a borrower with a higher score is
statistically expected to be less likely to default in payment than a borrower with a lower score. FICO<SUP>&reg;</SUP>
scores for any one individual may be determined by up to three independent credit bureaus. In determining whether to grant
credit to a potential account holder, GE Capital Retail Bank uses a FICO<SUP>&reg; </SUP>score as reported by one of the
three major credit bureaus. Therefore, certain FICO<SUP>&reg; </SUP>scores for an individual account holder based upon
information collected by other credit bureaus could be different from the FICO<SUP>&reg; </SUP>score used by the bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FICO<SUP>&reg;</SUP>
scores are based on independent, third-party information, the accuracy of which we cannot verify. FICO<SUP>&reg;</SUP> scores were
not developed specifically for use in connection with credit card accounts, but for consumer credit products in general. The bank
does not use standardized credit scores, such as a FICO<SUP>&reg;</SUP> score, alone to determine the credit limit or other terms
that are approved or applied on an account. Rather, each application is scored based on the applicant&rsquo;s credit bureau report
using industry and proprietary credit models and bankruptcy scorecards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FICO<SUP>&reg; </SUP>scores
of an individual may change over time, depending on the conduct of the individual, including the individual&rsquo;s usage of his
or her available credit, and changes in credit score technology used by Fair Isaac Corporation. To the extent available, FICO<SUP>&reg;</SUP>
scores are generally obtained at origination of the account and at least quarterly thereafter. Because the composition of the accounts
designated for the trust may change over time, this table is not necessarily indicative of FICO<SUP>&reg;</SUP> scores at origination
of the accounts or the composition of the accounts in the trust at any specific time thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
reflects receivables balances as of March 31, 2012, and the composition of accounts by FICO<SUP>&reg;</SUP> score as most recently
refreshed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Composition by FICO<SUP>&reg; </SUP>Score</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>FICO</B></FONT><SUP>&reg;
    </SUP><FONT STYLE="font-size: 10pt"><B>Credit Score Range<SUP>(1)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<BR> Receivables<BR> Outstanding</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage<BR> of Total Receivables <BR>Outstanding</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 62%; text-align: justify; text-indent: 0in; padding-left: 5.75pt">Less than or equal to 599</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">1,815,331,238.09</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">9.9</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0in; padding-left: 5.75pt">600 to 659</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,903,740,169.31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.4</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify; text-indent: 0in; padding-left: 5.75pt">660 to 719</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,723,225,224.12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36.8</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0in; padding-left: 5.75pt">720 and above</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,667,863,651.74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: 0in; padding-left: 5.75pt">No Score</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">143,475,881.32</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; text-indent: 0in; padding-left: 5.75pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">18,253,636,164.58</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.00</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">________</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD>FICO<SUP>&reg;</SUP> is a federally registered trademark of Fair Isaac Corporation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">April 4, 2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">RFS Holding, L.L.C., as depositor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 42%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">/s/ Vishal
    Gulati&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Vishal Gulati</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Vice President</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
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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)
April 4, 2012
GE Capital Credit Card Master Note Trust
RFS Holding, L.L.C.
GE Capital Retail Bank
(Exact Name of Issuing Entity, Depositor/Registrant and Sponsor
as Specified in their respective Charters)
Delaware
(State or Other Jurisdiction of Incorporation of Issuing Entity and Registrant)
333-107495, 333-130030, 333-144945, 333-169151,
        333-107495-02,
333-130030-01, 333-144945-01,
333-169151-01
57-1173164 (RFS Holding, L.L.C.)
20-0268039 (GE Capital Credit Card Master Note Trust)
(Commission File Numbers for Registrant and Issuing Entity, respectively)
(Registrants' I.R.S. Employer Identification Nos. for Registrant and Issuing Entity, respectively)
777 Long Ridge Road
Stamford, Connecticut
06927
(Address of Principal Executive Offices)
(Zip Code)
(877) 441-5094
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(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:
[ ] 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))
Item 8.01. 	Other Events.
We have set forth additional
information below regarding the composition of the GE Capital Credit Card Master Note Trust portfolio by FICO
®
score.
A FICO
®
score
is a measurement derived from a proprietary credit scoring method owned by Fair Isaac Corporation to determine the likelihood
that credit users will pay their credit obligations in accordance with the terms of their accounts. Although Fair Isaac
Corporation discloses only limited information about the variables it uses to assess credit risk, those variables likely
include, but are not limited to, debt level, credit history, payment patterns (including delinquency experience), and level
of utilization of available credit. FICO
®
scores range from 300 to 850, and a borrower with a higher score is
statistically expected to be less likely to default in payment than a borrower with a lower score. FICO
®
scores for any one individual may be determined by up to three independent credit bureaus. In determining whether to grant
credit to a potential account holder, GE Capital Retail Bank uses a FICO
®
score as reported by one of the
three major credit bureaus. Therefore, certain FICO
®
scores for an individual account holder based upon
information collected by other credit bureaus could be different from the FICO
®
score used by the bank.
FICO
®
scores are based on independent, third-party information, the accuracy of which we cannot verify. FICO
®
scores were
not developed specifically for use in connection with credit card accounts, but for consumer credit products in general. The bank
does not use standardized credit scores, such as a FICO
®
score, alone to determine the credit limit or other terms
that are approved or applied on an account. Rather, each application is scored based on the applicant's credit bureau report
using industry and proprietary credit models and bankruptcy scorecards.
FICO
®
scores
of an individual may change over time, depending on the conduct of the individual, including the individual's usage of his
or her available credit, and changes in credit score technology used by Fair Isaac Corporation. To the extent available, FICO
®
scores are generally obtained at origination of the account and at least quarterly thereafter. Because the composition of the accounts
designated for the trust may change over time, this table is not necessarily indicative of FICO
®
scores at origination
of the accounts or the composition of the accounts in the trust at any specific time thereafter.
The following table
reflects receivables balances as of March 31, 2012, and the composition of accounts by FICO
®
score as most recently
refreshed:
Composition by FICO
®
Score
FICO
®
Credit Score Range
(1)
Total
Receivables
Outstanding
Percentage
of Total Receivables
Outstanding
Less than or equal to 599
$
1,815,331,238.09
9.9
%
600 to 659
$
3,903,740,169.31
21.4
%
660 to 719
$
6,723,225,224.12
36.8
%
720 and above
$
5,667,863,651.74
31.1
%
No Score
$
143,475,881.32
0.8
%
Total
$
18,253,636,164.58
100.00
%
________
(1)
FICO
®
is a federally registered trademark of Fair Isaac Corporation.
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.
April 4, 2012
RFS Holding, L.L.C., as depositor
By:
/s/ Vishal
    Gulati
Name:
Vishal Gulati
Title:
Vice President