Sponsor: Synchrony Bank ·
Servicer: — ·
Trustee: —
Capital Structure
Class
Size ($MM)
% of Notes
Total CE
CPN / Spread
WAL
Legal Final
Moody's
Fitch
Class A
750.0
100.0%
20.0%
+57 bps
3.00
2032-11-15
Aaa
AAA
Transaction Parties
Sponsor
Synchrony Bank
Servicer
—
Depositor / Transferor
Synchrony Card Funding, LLC
Indenture Trustee
—
Owner Trustee
—
Asset Rep. Reviewer
—
Underwriters
—
Issuer Track Record
Series
Closed
Size
MPR at close
Net CO at close
Excess Spread at close
Synchrony Card Issuance Trust 2026-2
2026-08-12
$1,000.0MM
25.3%
4.11%
16.6%
Synchrony Card Issuance Trust Class A(2026-1)
2026-03-20
$500.0MM
22.5%
4.26%
17.4%
Synchrony Card Issuance Trust SynchronySeries Class A(2025-3)
2025-11-17
$500.0MM
23.1%
4.35%
18.6%
Synchrony Card Issuance Trust Class A(2025-2
2025-06-09
$500.0MM
23.3%
4.85%
15.3%
Synchrony Card Issuance Trust SynchronySeries Class A(2025-1)
2025-02-18
$500.0MM
23.8%
4.81%
15.6%
Peer Set
Trust
Most-Recent
Size
Class A CPN/Spread
Min Seller
Class A Total CE
Exp→Legal
Structure
MPR
Net CO
Excess Spread
Wells Fargo
2026-11-12
$1,000.0MM
4.95% fxd
5.0%
20.0%
24 mo
De-linked
36.3%
1.92%
22.3%
Cap One
2026-10-08
$850.0MM
5.22% fxd
5.0%
21.0%
24 mo
De-linked
46.0%
1.69%
18.0%
AmEx
2026-09-22
$1,250.0MM
4.99% fxd
7.0%
12.5%
24 mo
Linked
50.0%
0.95%
26.3%
First Nat'l (Omaha)
2026-05-28
$641.0MM
4.61% fxd
7.0%
22.0%
24 mo
De-linked
32.3%
4.23%
12.9%
Chase
2026-05-28
$1,250.0MM
4.40% fxd
5.0%
14.0%
24 mo
De-linked
51.0%
1.68%
16.8%
Trust Subordination Comps
How to read this for de-linked trusts. Most credit card master trusts are de-linked, meaning Class A, B and C don’t need to be co-issued — they may have been issued in different series across multiple years, or held by the seller as required retained tranches. The figures below are the required minimum subordination the indenture mandates remain outstanding to support each class’s rating, NOT the cap stack of the subject series’ new issuance.
Trust
Structure
Class A
Class B
Class C
Retained First-Loss
Min Seller
Size
CE
Size
CE
Size
CE
Size
Indenture Name
AmEx
Linked
87.50%
12.50%
3.75%
8.75%
—
—
8.75%
Collateral Interest
7.0%
Barclays
De-linked
82.00%
18.00%
18.00%
0.00%
—
—
—
none
6.0%
BofA
De-linked
70.48%
29.52%
10.07%
19.45%
8.95%
10.50%
10.50%
Class D Req’d Investor Interest
4.0%
Cap One
De-linked
79.01%
20.99%
9.00%
11.99%
8.99%
3.00%
—
none
5.0%
Chase
De-linked
86.00%
14.00%
7.00%
7.00%
7.00%
0.00%
—
none
5.0%
Citi
De-linked
88.10%
11.90%
5.27%
6.63%
6.63%
0.00%
—
none
—
Comenity (WFN)
De-linked
73.00%
27.00%
6.50%
20.50%
3.75%
16.75%
16.75%
Required Excess Collateral
—
First Nat'l (Omaha)
De-linked
78.00%
22.00%
10.50%
11.50%
11.50%
0.00%
—
none
7.0%
Synchrony
De-linked
80.00%
20.00%
6.00%
14.00%
9.00%
5.00%
—
none
5.0%
Wells Fargo
De-linked
80.00%
20.00%
10.00%
10.00%
6.50%
3.50%
—
none
5.0%
Size and CE both expressed as % of total invested amount. CE for each class equals the cumulative subordination + retained first-loss positioned below it. Class B / C reflect seniority position, so for trusts with non-standard naming (WFN A / M / B), the row maps the position to the column header. The Retained First-Loss column captures the unrated piece each trust requires the seller to hold — its indenture name varies and is shown alongside the size.
Trust Performance Comps
Synchrony master trust (red, bold) vs. peer master trusts. Window: 36 months ending 2026-11-16 — point-in-time view at the subject’s issuance. Charge-offs are net of recoveries where the trust reports a net rate (First National reports a gross rate only). For current trust performance, see the live Credit Card ABS — Trust Performance page.