Trust Bank has launched a new credit card today – the Trust Cashback Card (Visa Signature).
This is not the same card as the Trust Link card, which I see as a must-have card for free unlimited overseas ATM withdrawals.
Apply for the new Trust Cashback Card here and use code V1WB7T8A during the sign-up process.
No annual fee, ever
Like the Trust Link card, the Trust Cashback card does not come with any annual fee.
It’s pretty rare for useful credit cards to be free of annual fees; HSBC Revolution and Standard Chartered Smart are two such cards.
No foreign currency fees
It is also very rare, in Singapore, to have good credit cards without foreign currency fees; the Trust Link card another one.
Singapore credit cards usually come with over 3% in foreign currency fees.
General Spending Cashback
From now till 31 December 2024, cardholders get unlimited 1.5% cashback on all spendings of at least S$1, if they are new to Trust Bank. This cashback amount drops to 1% from 1 January 2025.
Existing Trust Bank customers get unlimited 1% cashback.
This Cashback amount is credited instantly, once the transaction posts (usually in 2 to 4 days), another brilliant feature of the card.
Bonus Cashback on chosen category
Cardholders can choose 1 preferred spending category, to earn bonus cashback on. All 6 categories cover both online and in-person transactions, in any currency.
Choose your preferred category before the quarter starts. In the Trust mobile app, navigate as follows: Rewards > Cashback > Next Quarter
To check your existing selected category in the app, navigate as follows: Rewards > Cashback
- Dining
Cafés, restaurants, fast foods, bakeries, caterers, food deliveries - Shopping
Retail outlets, department stores, marketplace, fashion apparels, jewellery and watch stores - Travel
Airlines, hotels, cruises, travel agencies - Wellness
Beauty shops, spa, pharmacies, fitness centres - Transport
Taxis, ride-hailing vehicles, public transport, car-sharing, car rental, tolls, EV charging, parking, petrol - Entertainment
Bars, movies, musical theatres, music stores, streaming services
📄 List of MCCs for each category
Trust headlines the ability to earn “up to 15% cashback” on this card.
However, looking into the fine print, you’d be rolling your eyes upon finding out that it’s just a UOB-style, almost-misleading-but-legally-correct marketing wordplay.
Here are the key points that you should note:
- Get 5% bonus cashback on your chosen category, when you spend at least $500 per month, for 3 consecutive calendar months, in a quarter. This cashback is capped at $30 per quarter ($10 per month).
- Get 10% bonus cashback on your chosen category, when you spend at least $1,000 per month, for 3 consecutive calendar months, in a quarter. This cashback is capped at $100 per quarter ($33.33 per month).
- Get 15% bonus cashback on your chosen category, when you spend at least $2,000 per month, for 3 consecutive calendar months, in a quarter. This cashback is capped at $250 per quarter ($83.33 per month).
- Spendings on bonus categories will not receive the 1 – 1.5% unlimited cashback.
- Track bonus cashback targets in real-time.
- Bonus cashback will be credited on the first day after the quarter ends.
For easy reading, I’ve broken down the numbers in the following table:
| Monthly Spend (3 months in a quarter) | Cashback Cap (on Bonus category) | Spending Cap (on Bonus Category) | Real Cashback (on Bonus Category) | True Total Cashback (+1% on other spending) |
|---|---|---|---|---|
| $500 (5% bonus) | $30 per quarter ($10/month) | $200 per month | 2% | $13 per month (2.6%) |
| $1,000 (10% bonus) | $100 per quarter ($33/month) | $333 per month | 3.33% | $40 per month (4%) |
| $2,000 (15% bonus) | $250 per quarter ($83/month) | $555 per month | 4.17% | $98 per month (4.9%) |
The cashback figures are a lot less appealing, when broken down in the table above.
Let me quickly summarize the above, with an example:
To receive “15% cashback”, one would need to spend at least $2,000 per month, for 3 consecutive months in a quarter, for a total of at least $6,000. The cardholder would then be credited with $250 in cashback; that is, IF he/she had spent an average of at least $555 per month, on the chosen category.
This also means that, to unlock the “15% cashback” on $555 worth of spending, one would need to spend $1,445 per month on other things (non-preferred categories), and only earn 1% cashback on them. So, there’s definitely an opportunity cost of not using other superior cards on this amount.
Extra savings with Exclusive Partners
Cardholders can also get up to 20% savings at the following “exclusive” partners.
The CDG Zig, KFC and Deliveroo offers may be useful to some, but I wouldn’t bother with the Caltex and Agoda ones, as there are better options for fuel spending and hotel bookings.
So, is this a good card?
I think this is a very good cashback credit card, once you decomplicate the conditions.
Personally, I would treat it as a card with 2 use cases:
- Earn about 4 or 4.9% in nett cashback on preferred category, when spending $1,000 or $2000 per month, for 3 consecutive months in a quarter
- Get 1 – 1.5% cashback on foreign currency spending on non-preferred categories, with no foreign currency fees
And yes, this card confidently beats multi-currency cards/wallets like YouTrip, Wise and Revolut.
Foreign currency spending
This card is best for foreign currency spending, as there are no hefty foreign currency fees, as compared to other credit cards. Plan your travel spending well, and you’d be getting 2.6% to 4.9% nett cashback on your spending.
The Shopping and Travel categories are perhaps the most useful for foreign currency spending.
SGD spending
I think that it is a pretty ookayy card for SGD spending, where the competition is a lot fiercer. The “3 consecutive months” condition will always give everyone a good reason to pick another simpler card that’s offering a similar cashback amount.
Get 3 scratch cards
Cardholders will receive up to 3 scratch cards in the Trust app, upon hitting each of the following milestones, within 30 days from the day the Trust Cashback card is approved.
- Milestone 1: Spend once (any amount) on the card
- Milestone 2: Spend at least S$500 on the card, in 1 or more transactions
- Milestone 3: Spend at least S$2,000 on the card, in 1 or more transactions
Each scratch card contains $5, $15, $25, $100, $250 or $1,000 in cashback.
To find the scratch card in the Trust App, navigate as follows: Rewards > Quests
Pro tip: Clear the first milestone just by adding your Trust Cashback Card into your Grab app. The verification hold would trigger as “first spend”. 😉
Win 1 Million Dollars
Sign up for the Trust Cashback card from 27 August till 31 December 2024, for a chance to win 1 Million Singapore Dollars. Get 10 additional chances when you successfully refer a friend.
The winner will be randomly selected by an automated computerized system, on 16 January 2025.
📄 T&Cs
How to apply?
Apply for the new Trust Cashback Card using this link, and use code V1WB7T8A during the sign-up process.
As an existing Trust Bank customer, I got my application approved instantly.
I also received the digital credit card immediately, and could select my preferred bonus category on the Trust app.
Bottom line
The Trust Cashback card is great for receiving 4 to 4.9% cashback on your chosen spending category, upon spending $1,000 or $2,000 per month, for 3 consecutive months in a quarter.
This card is especially great for foreign currency spending on the chosen category, as there are no better cards out there, that does not charge over 3% in foreign currency fees.
I like where Trust is going, with both its credit cards so far (minus the complications), and I hope to see a Miles/Rewards card without foreign currency fees in future. That’s because, the opportunity cost of using Miles cards for foreign currency spending currently stands at around 4.25%; pretty crazy if you look at it that way.
Apply for the new Trust Cashback Card here and use code V1WB7T8A during the sign-up process.