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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 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-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 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-align: center"><B>Current Report Pursuant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>to Section 13 or 15(d) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 42%; font-size: 10pt">Date of Report (Date of Earliest Event Reported)</TD>
    <TD STYLE="width: 58%; border-bottom: windowtext 1pt solid; font-size: 10pt; text-align: center">May 22, 2012</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">GE Capital Credit Card Master Note Trust</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">RFS Holding, L.L.C.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt; text-align: center">GE Capital Retail Bank</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><I>(Exact Name of Issuing Entity, Depositor/Registrant and Sponsor <BR> as
    Specified in their respective Charters)</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
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    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-size: 10pt; text-align: center">Delaware</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><I>(State or Other Jurisdiction of Incorporation of Issuing Entity and Registrant)</I></TD></TR>
</TABLE>
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<TR>
    <TD STYLE="width: 44%; vertical-align: bottom; text-align: center">333-107495, 333-130030, 333-144945,</TD>
    <TD STYLE="width: 7%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="width: 49%; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center">333-169151, 333-107495-02,</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">57-1173164 (RFS Holding, L.L.C.)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center">333-130030-01, 333-144945-01,</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">20-0268039 (GE Capital Credit Card Master</TD></TR>
<TR>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: center">333-169151-01</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; vertical-align: bottom; text-align: center">Note Trust)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font-style: italic; text-align: center">(Commission File Numbers for Registrant<BR>
and Issuing Entity, respectively)</TD>
    <TD STYLE="vertical-align: bottom; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-style: italic; text-align: center">(Registrants&rsquo; I.R.S. Employer Identification Nos.<BR>
for Registrant and Issuing Entity, respectively)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-align: center">777 Long Ridge Road, Stamford, Connecticut</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: center">06927</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: center; width: 55%">(Address of Principal Executive Offices)</TD>
    <TD STYLE="font-style: italic; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center; width: 43%">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; text-align: center">(203) 585-6190</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: center">(Registrant&rsquo;s Telephone Number, Including Area Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-size: 10pt; text-align: center">Not Applicable</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">(Former Name or Former Address, if Changed Since Last Report)</TD></TR>
</TABLE>
<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">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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

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

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Item 1.01.</TD><TD STYLE="text-align: justify">Entry into Material Definitive Agreements.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">RFS Holding, L.L.C. entered into an
Underwriting Agreement, dated May 22, 2012 (&ldquo;2011-1 Underwriting Agreement&rdquo;), among RFS Holding, L.L.C., RFS
Holding,&nbsp;Inc. and RBS Securities Inc. relating to the Series&nbsp;2011-1, Class&nbsp;B Asset Backed Notes (the
&ldquo;Class B Series&nbsp;2011-1 Notes&rdquo;) by GE Capital Credit Card Master Note Trust described in the Prospectus dated
May 22, 2012 and the Prospectus Supplement dated May 22, 2012.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">RFS Holding, L.L.C. entered into an
Underwriting Agreement, dated May 22, 2012 (&ldquo;2012-1 Underwriting Agreement&rdquo;), among RFS Holding, L.L.C., RFS
Holding,&nbsp;Inc. and RBS Securities Inc. relating to the Series&nbsp;2012-1, Class&nbsp;B Asset Backed Notes (the
&ldquo;Class B Series&nbsp;2012-1 Notes&rdquo;) by GE Capital Credit Card Master Note Trust described in the Prospectus dated
May 22, 2012 and the Prospectus Supplement dated May 22, 2012.</P>

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

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 8.01</B></TD><TD STYLE="text-align: justify"><B>Other Events.</B></TD>
</TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Registrant is filing Exhibits 5.1 and 8.1 in connection
with the issuance of the Class B Series 2011-1 Notes and Exhibits 5.2 and 8.2 in connection with the issuance of the Class B Series
2012-1 Notes.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Item 9.01.</TD><TD STYLE="text-align: justify">Financial Statements and Exhibits.</TD>
</TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Not applicable.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Exhibits.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid"><B>Exhibit No.</B></TD>
    <TD STYLE="width: 1%; text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 86%; text-decoration: none; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><B>Document
    Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>1.1</TD>
    <TD>&nbsp;</TD>
    <TD>2011-1 Underwriting Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>1.2</TD>
    <TD>&nbsp;</TD>
    <TD>2012-1 Underwriting Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>5.1</TD>
    <TD>&nbsp;</TD>
    <TD>2011-1 Opinion of Mayer Brown LLP with respect to legality</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>5.2</TD>
    <TD>&nbsp;</TD>
    <TD>2012-1 Opinion of Mayer Brown LLP with respect to legality</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>8.1</TD>
    <TD>&nbsp;</TD>
    <TD>2011-1 Opinion of Mayer Brown LLP with respect to tax matters</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>8.2</TD>
    <TD>&nbsp;</TD>
    <TD>2012-1 Opinion of Mayer Brown LLP with respect to tax matters</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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">&nbsp;</P>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>May 23, 2012</TD>
    <TD COLSPAN="2">RFS Holding, L.L.C., as depositor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">&nbsp;&nbsp;/s/ Vishal Gulati</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>&nbsp;&nbsp;&nbsp;Vishal Gulati</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;&nbsp;&nbsp;Vice President</TD></TR>
</TABLE>


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

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

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[{"company-data": {"conformed-name": "RFS HOLDING LLC", "cik": "0001226006", "assigned-sic": "6189", "irs-number": "571173164", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-107495", "film-number": "12865031"}, "business-address": {"street1": "777 LONG RIDGE RD,BUILDING B, 3RD FLOOR", "city": "STAMFORD", "state": "CT", "zip": "06902", "phone": "2035856669"}, "mail-address": {"street1": "777 LONG RIDGE RD,BUILDING B, 3RD FLOOR", "city": "STAMFORD", "state": "CT", "zip": "06902"}}, {"company-data": {"conformed-name": "GE Capital Credit Card Master Note Trust", "cik": "0001290098", "assigned-sic": "6189", "irs-number": "200268039", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-107495-02", "film-number": "12865030"}, "business-address": {"street1": "777 LONG RIDGE RD,BUILDING B, 3RD FLOOR", "city": "STAMFORD", "state": "CT", "zip": "06902", "phone": "2035852351"}, "mail-address": {"street1": "777 LONG RIDGE RD,BUILDING B, 3RD FLOOR", "city": "STAMFORD", "state": "CT", "zip": "06902"}}]
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 22, 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,
57-1173164 (RFS Holding, L.L.C.)
333-130030-01, 333-144945-01,
20-0268039 (GE Capital Credit Card Master
333-169151-01
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)
(203) 585-6190
(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 1.01.
Entry into Material Definitive Agreements.
RFS Holding, L.L.C. entered into an
Underwriting Agreement, dated May 22, 2012 ("2011-1 Underwriting Agreement"), among RFS Holding, L.L.C., RFS
Holding, Inc. and RBS Securities Inc. relating to the Series 2011-1, Class B Asset Backed Notes (the
"Class B Series 2011-1 Notes") by GE Capital Credit Card Master Note Trust described in the Prospectus dated
May 22, 2012 and the Prospectus Supplement dated May 22, 2012.
RFS Holding, L.L.C. entered into an
Underwriting Agreement, dated May 22, 2012 ("2012-1 Underwriting Agreement"), among RFS Holding, L.L.C., RFS
Holding, Inc. and RBS Securities Inc. relating to the Series 2012-1, Class B Asset Backed Notes (the
"Class B Series 2012-1 Notes") by GE Capital Credit Card Master Note Trust described in the Prospectus dated
May 22, 2012 and the Prospectus Supplement dated May 22, 2012.
Item 8.01
Other Events.
The Registrant is filing Exhibits 5.1 and 8.1 in connection
with the issuance of the Class B Series 2011-1 Notes and Exhibits 5.2 and 8.2 in connection with the issuance of the Class B Series
2012-1 Notes.
Item 9.01.
Financial Statements and Exhibits.
(a)
Not applicable.
(b)
Not applicable.
(c)
Not applicable.
(d)
Exhibits.
Exhibit No.
Document
    Description
1.1
2011-1 Underwriting Agreement
1.2
2012-1 Underwriting Agreement
5.1
2011-1 Opinion of Mayer Brown LLP with respect to legality
5.2
2012-1 Opinion of Mayer Brown LLP with respect to legality
8.1
2011-1 Opinion of Mayer Brown LLP with respect to tax matters
8.2
2012-1 Opinion of Mayer Brown LLP with respect to tax matters
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.
May 23, 2012
RFS Holding, L.L.C., as depositor
By:
/s/ Vishal Gulati
Name:
Vishal Gulati
Title:
Vice President