Exhibit
4.8


CONFIRMATION


	
  Date:

  	
   

  	
  March 29, 2007

  
	
   

  	
   

  	
   

  
	
  To:

  	
   

  	
  GE Capital Credit Card Master Note Trust (“Party
  B”)

  
	
   

  	
   

  	
   

  
	
  From:

  	
   

  	
  ABN AMRO Bank N.V. (“Party A”)

  
	
   

  	
   

  	
   

  
	
  Transaction Reference Number:

  	
   

  	
  5659970

  



 


The purpose of this letter agreement is to set forth
the terms and conditions of the Transaction entered into between us on the
Trade Date referred to below.  This
letter constitutes a “Confirmation” as referred to in the Master Agreement
specified below.


The definitions and provisions contained in the 2000
ISDA Definitions (as published by the International Swaps and Derivatives
Association, Inc., as such definitions are modified and amended by the Schedule
to the Master Agreement) (the “Definitions”)
are incorporated into this Confirmation. 
In the event of any inconsistency between those definitions and
provisions and this Confirmation, this Confirmation will govern.


This Confirmation supplements, forms a part of, and is
subject to, the ISDA Master Agreement dated as of March 29, 2007, as amended or
supplemented from time to time (the “Master
Agreement”) between you and us. 
All provisions contained in the Master Agreement shall govern this
Confirmation except as expressly modified below.


The capitalized terms used herein and not otherwise
defined herein, in the Master Agreement or in the Definitions shall have the
meanings assigned to them in the Master Indenture, dated as of September 25,
2003, between Party B, as Issuer, and Deutsche Bank Trust Company Americas, as
Indenture Trustee, as supplemented by the Series 2007-2 Indenture Supplement,
dated as of March 29, 2007, between Party B, as Issuer, and the Indenture
Trustee, both as amended or supplemented from time to time (collectively, the “Indenture”).


The terms of the particular Transaction to which this
Confirmation relates are as follows:


	
  Type of Transaction:

  	
   

  	
  Class A Notes Interest Rate Swap

  
	
   

  	
   

  	
   

  
	
  Notional Amount:

  	
   

  	
  As of any date, USD 871,000,000.00, minus the
  aggregate amount of principal payments made to the Class A Noteholders on or
  prior to such date.

  
	
   

  	
   

  	
   

  
	
  Trade Date:

  	
   

  	
  March 27, 2007

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  March 29, 2007

  
	
   

  	
   

  	
   

  
	
  Termination Date:

  	
   

  	
  The earlier of (i) the Payment Date in March 2015;
  (ii) the date on which the Notional Amount is reduced to zero and (iii) an
  Early Termination Date.

  














 


	
  Payment Date:

  	
   

  	
  May 15, 2007 and the 15th day of each calendar month thereafter,
  subject to the Business Day Convention.

  
	
   

  	
   

  	
   

  
	
  Calculation Period:

  	
   

  	
  Initially, the period from and including the Effective
  Date to but excluding, May 15, 2007, and for each period thereafter, from and
  including each Payment Date to but excluding the following Payment Date.

  
	
   

  	
   

  	
   

  
	
  Business Day Convention:

  	
   

  	
  Following

  
	
   

  	
   

  	
   

  
	
  Business Day:

  	
   

  	
  New York and Connecticut

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fixed Rate
  Payer:

  	
   

  	
  Party B

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer
  Payment Date:

  	
   

  	
  Each Payment Date

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer
  Period End Dates:

  	
   

  	
  Last day of each Calculation Period, with No
  Adjustment to Period End Date.

  
	
   

  	
   

  	
   

  
	
  Fixed Rate:

  	
   

  	
  4.906% per annum

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Day Count
  Fraction:

  	
   

  	
  30/360

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating Rate Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating Rate
  Payer:

  	
   

  	
  Party A

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating Rate
  Payer Payment Dates:

  	
   

  	
  Each Payment Date

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating Rate
  Payer Period End Dates:

  	
   

  	
  The last day of each Calculation Period, with
  Business Day Convention applicable.

  
	
   

  	
   

  	
   

  
	
  Reset Date:

  	
   

  	
  The first day of each Calculation Period

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating Rate:

  	
   

  	
  USD-LIBOR-BBA

  
	
   

  	
   

  	
   

  
	
  Initial LIBOR Setting:

  	
   

  	
  5.33067%

  
	
   

  	
   

  	
   

  
	
  Designated Maturity:

  	
   

  	
  One month, except for the first Calculation Period,
  which shall be determined by Linear Interpolation.

  
	
   

  	
   

  	
   

  
	
  Spread:

  	
   

  	
  None

  




 2
 









 


	
  LIBOR Floating Rate Day Count
  Fraction:

  	
   

  	
  Actual/360

  
	
   

  	
   

  	
   

  
	
  Compounding:

  	
   

  	
  N/A

  
	
   

  	
   

  	
   

  
	
  Calculation
  Agent:

  	
   

  	
  Party A

  
	
   

  	
   

  	
   

  
	
  Account Details

  	
   

  	
   

  



 


Payments to Party A: 
To be provided in written instructions.


Payments to Party B: 
To be provided in written instructions.


[Signature Page Follows]



 3

















Please confirm that the foregoing correctly sets forth
the terms of our agreement by executing the copy of this Confirmation enclosed
for that purpose and returning it to us.


	
  

  	
   

  	
  ABN AMRO BANK N.V.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert Furlong

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  Robert Furlong

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  Authorised Signature

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Stuart Ware-Lane

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  Stuart Ware-Lane

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  Authorised Signature

  
							



 



 S-1
 









Accepted and confirmed as
of

the date first above written:


GE CAPITAL CREDIT CARD MASTER NOTE TRUST
     By: 
The Bank of New York
(Delaware), not in its individual capacity, but solely as 

Trustee


	
  By:

  	
   

  	
  /s/ JoAnn C. DiOssi

  	
   

  
	
   

  	
   

  	
  Name: 

  	
  JoAnn C. DiOssi

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					



 



 S-2