UNITED STATES

SECURITIES AND EXCHANGE COMMISSION



Washington, D.C. 20549








FORM 10-K



(Mark One)



| | x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | ------------------------------------------------------------------------------------



For the fiscal year ended December 31, 2018.

or



| |  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | ----------------------------------------------------------------------------------------



For the transition
period from                                 to



333-224689; 333-224689-01



(Commission File Numbers)



SYNCHRONY CARD ISSUANCE TRUST

(Exact Name of Issuing Entity as Specified in
its Charter)



Central Index Key Number of Issuing Entity:
0001724789



SYNCHRONY CARD FUNDING, LLC

(Exact Name of Depositor as Specified in its
Charter)



Central Index Key Number of Depositor: 0001724786



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 Registrant)



82-3295851

(I.R.S. Employer Identification No. for Registrant)



777 Long Ridge Road

Stamford, CT 06902

(877) 441-5094

(Address and Telephone Number of Principal Executive
Offices of Registrant)



|Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: | None
|--------------------------------------------------------------------------------------- | ----
|Securities registered pursuant to Section 12(g) of the Securities Exchange Act of 1934: | None



Indicate by check mark if the registrant is
a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.   ̈ Yes x No



Indicate by check mark if the registrant is
not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act.   ̈ Yes x No



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
filing requirements for the past 90 days.  x Yes  ̈ No



Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files) .  x Yes  ̈ No



Indicate by check mark if disclosure of delinquent
filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s
knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment
to this Form 10-K.  x



Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth
company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting
company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one):



|Large accelerated filer  ̈                                               | Accelerated filer         |  ̈
|----------------------------------------------------------------------- | ------------------------- | -
|Non-accelerated filer   x (Do not check if a smaller reporting company) | Smaller reporting company |  ̈
|                                                                        | Emerging growth company   |  ̈



If an emerging growth company, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ̈



Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Act) .   ̈ Yes x No



State the aggregate market value of the voting
and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold,
or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed
second fiscal quarter.



Registrant does not have any voting or non-voting
common equity held by non-affiliates as of the date of this report, has not been involved in bankruptcy proceedings during the
past five years and is not a corporate registrant.



Documents Incorporated by Reference. None.
















PART
I



THE FOLLOWING ITEMS HAVE BEEN OMITTED IN
ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM 10-K:



| | (A) | Item 1:  | Business         
| | --- | -------- | -----------------
| |     |          |                  
| | (B) | Item 1A: | Risk Factors     
| |     |          |                  
| | (C) | Item 2:  | Properties       
| |     |          |                  
| | (D) | Item 3:  | Legal Proceedings



| | Item 1B. | Unresolved Staff Comments.
| | -------- | --------------------------



Not applicable.



| | Item 4. | Mine Safety Disclosures.
| | ------- | ------------------------



Not applicable.



PART
II



THE FOLLOWING ITEMS HAVE BEEN OMITTED IN
ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM 10-K:



| | (A) | Item 5   | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
| | --- | -------- | ------------------------------------------------------------------------------------------------------------
| |     |          |                                                                                                             
| | (B) | Item 6:  | Selected Financial Data                                                                                     
| |     |          |                                                                                                             
| | (C) | Item 7:  | Management’s Discussion and Analysis of Financial Condition and Results of Operations                       
| |     |          |                                                                                                             
| | (D) | Item 7A: | Quantitative and Qualitative Disclosures about Market Risk                                                  
| |     |          |                                                                                                             
| | (E) | Item 8:  | Financial Statements and Supplementary Data                                                                 
| |     |          |                                                                                                             
| | (F) | Item 9:  | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                        
| |     |          |                                                                                                             
| | (G) | Item 9A: | Controls and Procedures                                                                                     



| | Item 9B. | Other Information.
| | -------- | ------------------



None.



PART
III



THE FOLLOWING ITEMS HAVE
BEEN OMITTED IN ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM 10-K:



| | (A) | Item 10: | Directors, Executive Officers and Corporate Governance                                        
| | --- | -------- | ----------------------------------------------------------------------------------------------
| |     |          |                                                                                               
| | (B) | Item 11: | Executive Compensation                                                                        
| |     |          |                                                                                               
| | (C) | Item 12: | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
| |     |          |                                                                                               
| | (D) | Item 13: | Certain Relationships and Related Transactions, and Director Independence                     
| |     |          |                                                                                               
| | (E) | Item 14: | Principal Accountant Fees and Services                                                        











PART IV



| | Item 15. | Exhibits, Financial Statement Schedules.
| | -------- | ----------------------------------------



| | (a) | List of documents filed as part of this Report
| | --- | ----------------------------------------------



| | (1) | Not applicable.
| | --- | ---------------



| | (2) | Not applicable.
| | --- | ---------------



| | (3) | The exhibits listed below are either included or incorporated by reference as indicated.
| | --- | ----------------------------------------------------------------------------------------



|Exhibit 3.1 | Certificate of Formation of Synchrony Card Funding, LLC, dated November 2, 2017 (incorporated by reference to Exhibit 3.1 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                                                                                                                          
|----------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|            |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 3.2 | Amended and Restated Limited Liability Company Agreement of Synchrony Card Funding, LLC, dated May 1, 2018 (incorporated by reference to Exhibit 3.2 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                                                                                               
|            |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 4.1 | Amended and Restated Master Indenture, dated as of May 1, 2018, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                                  
|            |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 4.2 | SynchronySeries Indenture Supplement, dated as of September 26, 2018, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on October 2, 2018)
|            |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 4.3 | Class A(2018-1) Terms Document, dated as of September 26, 2018, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.2 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on October 2, 2018)      
|            |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 4.4 | Risk Retention Agreement, dated as of September 26, 2018, among Synchrony Bank, Synchrony Card Funding, LLC and Synchrony Card Issuance Trust (incorporated  by reference to Exhibit 4.3 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on October 2, 2018)                               
|            |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 4.5 | Class B(2018-1) Terms Document, dated as of September 26, 2018, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.4 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on October 2, 2018)      
|            |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 4.6 | Class C(2018-1) Terms Document, dated as of September 26, 2018, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.5 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on October 2, 2018)      











|Exhibit 4.7  | Class D(2018-1) Terms Document, dated as of September 26, 2018, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.6 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on October 2, 2018)                                                                                                             
|------------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Exhibit 4.8  | Class A(2019-1) Terms Document, dated as of March 15, 2019, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on March 21, 2019)                                                                                                                  
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Exhibit 4.9  | Risk Retention Agreement, dated as of March 15, 2019, among Synchrony Bank, Synchrony Card Funding, LLC and Synchrony Card Issuance Trust (incorporated  by reference to Exhibit 4.2 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on March 21, 2019)                                                                                                                                           
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Exhibit 4.10 | Amended and Restated Trust Agreement, dated as of May 1, 2018, among Synchrony Card Funding, LLC, Citibank, N.A. and Citicorp Trust Delaware, National Association (incorporated by reference to Exhibit 4.7 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                                                                                                                                              
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Exhibit 4.11 | Custody and Control Agreement, dated as of November 30, 2017, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Custodian and Indenture Trustee (incorporated by reference to Exhibit 4.8 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                                                                                                                             
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Exhibit 4.12 | Amended and Restated Receivables Sale Agreement, dated as of May 1, 2018, between Synchrony Bank, as Seller, and Synchrony Card Funding, LLC, as Buyer (incorporated by reference to Exhibit 4.9 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                                                                                                                                                          
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Exhibit 4.13 | Amended and Restated Transfer Agreement, dated as of May 1, 2018, between Synchrony Card Funding, LLC, as Transferor, and Synchrony Card Issuance Trust, as Buyer (incorporated by reference to Exhibit 4.10 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                                                                                                                                              
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Exhibit 4.14 | Amended and Restated Servicing Agreement, dated as of May 1, 2018, between Synchrony Card Issuance Trust and Synchrony Bank (incorporated by reference to Exhibit 4.11 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                                                                                                                                                                                    
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Exhibit 4.15 | Administration Agreement, dated as of November 30, 2017, between Synchrony Card Issuance Trust and Synchrony Bank (incorporated by reference to Exhibit 4.13 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                                                                                                                                                                                              
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Exhibit 10.1 | Asset Representations Review Agreement, dated as of August 15, 2018, among Synchrony Bank, as Seller and as Servicer, Synchrony Card Funding, LLC, as Transferor, Synchrony Card Issuance Trust, as Issuer, and Clayton Fixed Income Services LLC, as Asset Representations Reviewer (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on August 20, 2018)











|Exhibit 31.1 | Certification of Officer of Depositor delivered with respect to Synchrony Card Issuance Trust                                                  
|------------ | -----------------------------------------------------------------------------------------------------------------------------------------------
|             |                                                                                                                                                
|Exhibit 33.1 | Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of Synchrony Bank                                       
|             |                                                                                                                                                
|Exhibit 33.2 | Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of The Bank of New York Mellon                          
|             |                                                                                                                                                
|Exhibit 34.1 | Attestation Report on Assessment of Compliance with Servicing for Asset-Backed Securities of KPMG LLP, on behalf of Synchrony Bank             
|             |                                                                                                                                                
|Exhibit 34.2 | Attestation Report on Assessment of Compliance with Servicing for Asset-Backed Securities of KPMG LLP, on behalf of The Bank of New York Mellon
|             |                                                                                                                                                
|Exhibit 35.1 | Servicing Compliance Statement of Synchrony Bank                                                                                               



| | (b) | Exhibit list.
| | --- | -------------



|Exhibit 3.1 | Certificate of Formation of Synchrony Card Funding, LLC, dated November 2, 2017 (incorporated by reference to Exhibit 3.1 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                                                                                                                          
|----------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|            |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 3.2 | Amended and Restated Limited Liability Company Agreement of Synchrony Card Funding, LLC, dated May 1, 2018 (incorporated by reference to Exhibit 3.2 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                                                                                               
|            |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 4.1 | Amended and Restated Master Indenture, dated as of May 1, 2018, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                                  
|            |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 4.2 | SynchronySeries Indenture Supplement, dated as of September 26, 2018, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on October 2, 2018)
|            |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 4.3 | Class A(2018-1) Terms Document, dated as of September 26, 2018, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.2 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on October 2, 2018)      
|            |                                                                                                                                                                                                                                                                                                                                                     
|Exhibit 4.4 | Risk Retention Agreement, dated as of September 26, 2018, among Synchrony Bank, Synchrony Card Funding, LLC and Synchrony Card Issuance Trust (incorporated  by reference to Exhibit 4.3 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on October 2, 2018)                               











|             |                                                                                                                                                                                                                                                                                                                                               
|------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit 4.5  | Class B(2018-1) Terms Document, dated as of September 26, 2018, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.4 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on October 2, 2018)
|             |                                                                                                                                                                                                                                                                                                                                               
|Exhibit 4.6  | Class C(2018-1) Terms Document, dated as of September 26, 2018, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.5 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on October 2, 2018)
|             |                                                                                                                                                                                                                                                                                                                                               
|Exhibit 4.7  | Class D(2018-1) Terms Document, dated as of September 26, 2018, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.6 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on October 2, 2018)
|             |                                                                                                                                                                                                                                                                                                                                               
|Exhibit 4.8  | Class A(2019-1) Terms Document, dated as of March 15, 2019, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on March 21, 2019)     
|             |                                                                                                                                                                                                                                                                                                                                               
|Exhibit 4.9  | Risk Retention Agreement, dated as of March 15, 2019, among Synchrony Bank, Synchrony Card Funding, LLC and Synchrony Card Issuance Trust (incorporated  by reference to Exhibit 4.2 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on March 21, 2019)                              
|             |                                                                                                                                                                                                                                                                                                                                               
|Exhibit 4.10 | Amended and Restated Trust Agreement, dated as of May 1, 2018, among Synchrony Card Funding, LLC, Citibank, N.A. and Citicorp Trust Delaware, National Association (incorporated by reference to Exhibit 4.7 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                                 
|             |                                                                                                                                                                                                                                                                                                                                               
|Exhibit 4.11 | Custody and Control Agreement, dated as of November 30, 2017, between Synchrony Card Issuance Trust, as Issuer, and The Bank of New York Mellon, as Custodian and Indenture Trustee (incorporated by reference to Exhibit 4.8 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                
|             |                                                                                                                                                                                                                                                                                                                                               
|Exhibit 4.12 | Amended and Restated Receivables Sale Agreement, dated as of May 1, 2018, between Synchrony Bank, as Seller, and Synchrony Card Funding, LLC, as Buyer (incorporated by reference to Exhibit 4.9 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                                             
|             |                                                                                                                                                                                                                                                                                                                                               
|Exhibit 4.13 | Amended and Restated Transfer Agreement, dated as of May 1, 2018, between Synchrony Card Funding, LLC, as Transferor, and Synchrony Card Issuance Trust, as Buyer (incorporated by reference to Exhibit 4.10 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                                 
|             |                                                                                                                                                                                                                                                                                                                                               
|Exhibit 4.14 | Amended and Restated Servicing Agreement, dated as of May 1, 2018, between Synchrony Card Issuance Trust and Synchrony Bank (incorporated by reference to Exhibit 4.11 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                                                                       











|Exhibit 4.15 | Administration Agreement, dated as of November 30, 2017, between Synchrony Card Issuance Trust and Synchrony Bank (incorporated by reference to Exhibit 4.13 of the Form SF-3 Registration Statement filed on May 4, 2018 (No. 333-224689 and 333-224689-01))                                                                                                                                                                                              
|------------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Exhibit 10.1 | Asset Representations Review Agreement, dated as of August 15, 2018, among Synchrony Bank, as Seller and as Servicer, Synchrony Card Funding, LLC, as Transferor, Synchrony Card Issuance Trust, as Issuer, and Clayton Fixed Income Services LLC, as Asset Representations Reviewer (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by Synchrony Card Issuance Trust and Synchrony Card Funding, LLC on August 20, 2018)
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Exhibit 31.1 | Certification of Officer of Depositor delivered with respect to Synchrony Card Issuance Trust                                                                                                                                                                                                                                                                                                                                                              
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Exhibit 33.1 | Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of Synchrony Bank                                                                                                                                                                                                                                                                                                                                                   
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Exhibit 33.2 | Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities of The Bank of New York Mellon                                                                                                                                                                                                                                                                                                                                      
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Exhibit 34.1 | Attestation Report on Assessment of Compliance with Servicing for Asset-Backed Securities of KPMG LLP, on behalf of Synchrony Bank                                                                                                                                                                                                                                                                                                                         
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Exhibit 34.2 | Attestation Report on Assessment of Compliance with Servicing for Asset-Backed Securities of KPMG LLP, on behalf of The Bank of New York Mellon                                                                                                                                                                                                                                                                                                            
|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Exhibit 35.1 | Servicing Compliance Statement of Synchrony Bank                                                                                                                                                                                                                                                                                                                                                                                                           



Item 16. Form 10-K Summary.



Not applicable.



SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE
WITH GENERAL INSTRUCTION J TO FORM 10-K:



Item 1112(b) of Regulation AB. Significant
Obligors of Pool Assets (Financial Information).



Not applicable.



Item 1114(b)(2) of Regulation AB. Credit
Enhancement and Other Support, Except for Certain Derivatives Instruments (Information Regarding Significant Enhancement Providers).



Not applicable.



Item 1115(b) of Regulation AB. Certain Derivatives
Instruments (Financial Information).



Not applicable.



Item 1117 of Regulation AB. Legal Proceedings.



Except as disclosed in the following five paragraphs,
there are no legal proceedings pending or proceedings known to be contemplated by governmental authorities against any of Synchrony
Card Master Issuance Trust (the “Issuing Entity”), The Bank of New York Mellon (“BNY”), as
indenture trustee (the “Indenture Trustee”), Citibank, N.A. (“Citibank”), as owner trustee
(the “Owner Trustee”), Citicorp Trust Delaware, National Association, as Delaware trustee (the “Delaware
Trustee”), Synchrony Bank (the “Sponsor”) or the Depositor or of which any property of the foregoing
is subject, that are material to holders of the notes of Synchrony Card Issuance Trust.











In the ordinary course of business, BNY is
named as a defendant in or made a party to pending and potential legal actions. In connection with its role as trustee of certain
residential mortgage-backed securitization (“RMBS”) transactions, BNY has been named as a defendant in a number
of legal actions brought by RMBS investors. These lawsuits allege that the trustee had expansive duties under the governing agreements,
including the duty to investigate and pursue breach of representation and warranty claims against other parties to the RMBS transactions.
While it is inherently difficult to predict the eventual outcomes of pending actions, BNY denies liability and intends to defend
the litigations vigorously.



In the ordinary course of
business, Citibank is involved in a number of legal proceedings, including in connection with its role as trustee of certain RMBS
transactions. Certain of these Citibank as trustee-related matters are disclosed herein.



On June 18, 2014, a civil
action was filed against Citibank in the Supreme Court of the State of New York by a group of investors in 48 private-label RMBS
trusts for which Citibank allegedly serves or did serve as trustee, asserting claims for purported violations of the Trust Indenture
Act of 1939 (the “Trust Indenture Act”), breach of contract, breach of fiduciary duty and negligence based on
Citibank’s alleged failure to perform its duties as trustee for the 48 RMBS trusts. On November 24, 2014, plaintiffs sought
leave to withdraw this action. On the same day, a smaller subset of similar plaintiff investors in 27 private-label RMBS trusts
for which Citibank allegedly serves or did serve as trustee, filed a new civil action against Citibank in the United States District
Court for the Southern District of New York asserting similar claims as the prior action filed in state court. In January 2015,
the court closed plaintiffs’ original state court action. On September 8, 2015, the federal court dismissed all claims as
to 24 of the 27 trusts and allowed certain of the claims to proceed as to the other three trusts. Subsequently, plaintiffs voluntarily
dismissed all claims with respect to two of the three trusts. On April 7, 2017, Citibank filed a motion for summary judgment. Plaintiffs
filed its consolidated opposition brief and cross motion for partial summary judgment on May 22, 2017. Briefing on those motions
was completed on August 4, 2017. On March 22, 2018, the court granted Citibank’s motion for summary judgment in its entirety,
denied Plaintiffs’ motion for summary judgment and ordered the clerk to close the case. On April 20, 2018, plaintiffs filed
a notice of appeal. Plaintiffs’ opening brief was filed on August 3, 2018. Citibank filed its opposition on November 2, 2018.
Plaintiffs filed their reply on November 16, 2018.



On November 24, 2015, the
same investors that brought the federal case brought a new civil action in the Supreme Court of the State of New York related to
25 private-label RMBS trusts for which Citibank allegedly serves or did serve as trustee. This case includes the 24 trusts previously
dismissed in the federal action, and one additional trust. The investors assert claims for breach of contract, breach of fiduciary
duty, breach of duty to avoid conflicts of interest, and violation of New York's Streit Act (the “Streit Act”).
Following oral argument on Citibank's motion to dismiss, Plaintiffs filed an amended complaint on August 5, 2016. On June 27, 2017,
the state court issued a decision, dismissing the Event of Default claims, mortgage-file-related claims, the fiduciary duty claims,
and the conflict of interest claims. The decision sustained certain breach of contract claims including the claim alleging discovery
of breaches of representations and warranties, a claim related to robo-signing, and the implied covenant of good faith claim. Citibank
appealed the lower court's decision, and on January 16, 2018, the Appellate Division, First Department, dismissed the claims related
to robo-signing and the implied covenant of good faith, but allowed plaintiffs' claim alleging discovery of breaches of representations
and warranties to proceed.



On August 19, 2015, the Federal
Deposit Insurance Corporation (“FDIC”) as Receiver for a failed financial institution filed a civil action against
Citibank in the Southern District of New York. This action relates to one private-label RMBS trust for which Citibank formerly
served as trustee. FDIC asserts claims for breach of contract, violation of the Streit Act, and violation of the Trust Indenture
Act. Citibank jointly briefed a motion to dismiss with The Bank of New York Mellon and U.S. Bank, N.A., entities that have also
been sued by FDIC in their capacity as trustee, and these cases have been consolidated in front of Judge Carter. On September 30,
2016, the Court granted the motion to dismiss without prejudice for lack of subject matter jurisdiction. On October 14, 2016, FDIC
filed a motion for reargument or relief from judgment from the Court's dismissal order. On July 11, 2017, Judge Carter ruled on
the motion for reconsideration regarding his dismissal of the action. He denied reconsideration of his decision on standing, but
granted leave to amend the complaint by October 9, 2017. The FDIC subsequently requested an extension of time to file its amended
complaint, which was granted. The FDIC filed its amended complaint on December 8, 2017. Defendants jointly filed a motion to dismiss
the amended complaint on March 13, 2018. On April 18, 2018, plaintiffs filed a notice of appeal. Defendants filed their joint reply
on May 3, 2018.











Item 1119 of Regulation AB. Affiliations
and Certain Relationships and Related Transactions.



The information required by item 1119 of Regulation
AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.



Item 1122 of Regulation AB. Compliance with
Applicable Servicing Criteria.



Each of the Sponsor and BNY (in its capacity
as Indenture Trustee) (collectively, the “PPSFs”) have each been identified by the registrant as parties participating
in the servicing function with respect to more than 5% of the pool assets held by the Issuing Entity. Each of the PPSFs has completed
a report on an assessment of compliance with the servicing criteria applicable to it (each, a “Servicing Report”),
which Servicing Reports are attached as exhibits to this Form 10-K. In addition, each of the PPSFs has provided an attestation
report (each, an “Attestation Report”) by one or more registered public accounting firms, which Attestation Reports
are also attached as exhibits to this Form 10-K. Neither the Servicing Reports nor the Attestation Reports have identified any
material instances of noncompliance with the servicing criteria applicable to the PPSFs.



Item 1123 of Regulation AB. Servicer Compliance
Statement.



The Sponsor has completed a Statement of Compliance
with applicable servicing criteria (the “Compliance Statement”) signed by an authorized officer of such servicer.
The Compliance Statement is attached as an exhibit to this 10-K.











SIGNATURES



Pursuant to the requirements
of Section 13 or 15(d) 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.



Date: March 29, 2019



| | SYNCHRONY CARD FUNDING, LLC, as Depositor
| | -----------------------------------------
| |                                          
| | By:                                      
| | Name:                                    
| | Title:                                   



Supplemental Information to be Furnished
With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section
12 of the Act.



No annual report or proxy materials have been
sent to security holders and no such report or proxy materials are to be furnished to security holders subsequent to the filing
of this Annual Report on Form 10-K.