The Trust Cashback Card launched in August 2024 with game-changing benefits for travel and foreign currency spending that were not offered by any other credit cards in Singapore at that time. It was Suitesmile’s card of the year for 2024, and still one of the best cashback credit cards today.
This updated review takes the recent nerf (effective 1 Mar 2026) into consideration, with cashback awarded on foreign currency spending dropped from 1% to 0.5%.
At a glance: Trust Cashback Card review
The Trust Cashback Card is a low-stress credit card that doesn’t come with any annual fee and complicated hoops to enjoy its key benefits. With no foreign transaction fees, uncapped 0.5% cashback and free unlimited overseas ATM cash withdrawals, this card is absolutely essential for travel, even if you’re into Miles.
Understand the specific steps to take when making overseas ATM withdrawals to ensure that it’s 100% free.
❌ Avoid using this card for local spending in Singapore Dollars as it awards only 1% cashback, when other general spending cashback cards offer as much as twice that amount.
❌ This card advertises “up to 15% cashback on your preferred category” benefit that is impossible to achieve (you get a maximum 5.17% cashback in a best-case scenario). It’s best to completely ignore this misleading “benefit” and focus on the useful ones.
Key information
Here’s a quick rundown of the important details of the Trust Cashback Card.
Trust Cashback Card
Card tier
Visa Signature
Annual fee
None
Income requirement
S$15,000/year
(Singaporean, PR
aged 56 years and above)
S$30,000/year
(Singaporean, PR
aged 55 years and below)
S$60,000/year
(Foreigner)
Foreign transaction fee
None
General earn rate
1% cashback
(local)
0.5% cashback
(foreign currency)
Bonus earn rate
5.17% cashback
(best case)
Earning block
Every S$1
Calendar/Statement month
Calendar
Transaction/Posting date
Posting
Sign-up promo
Check here
Pros and cons
Here are the pros and cons of the Trust Cashback Card, as compared to other Singapore credit cards.
Pros
✅ No annual fee, ever
✅ No foreign transaction fee
✅ Unlimited free overseas ATM cash withdrawals (follow specific steps)
✅ Uncapped 0.5% cashback on foreign currency spending
Cons
❌ Low 1% cashback on local spending (SGD)
No annual fee
Most Singapore credit cards are not worth their annual fees, and cardholders are encouraged to request for a waiver every single year. An annual fee waiver may get rejected every now and then, making it troublesome to cancel the card and modify your credit card strategy.
The Trust Cashback Card, on the other hand, is 1 of only 3 useful credit cards in Singapore that does not come with any annual fee, making it really easy for anyone to manage.
Even though this is a low-maintenance card, cardholders should still keep track of basic information like statement date, due date and credit limit; use the free template below if needed.
Free Google Sheet Template: Suitesmile’s Credit Card Management Sheet
No foreign transaction fee
Singapore credit cards are generally bad for foreign currency spending as the majority of banks charge over 3% in foreign transaction junk fees. This hefty fee eats away a lot of value from credit card rewards (miles/cashback) that cardholders receive from their overseas spending. This is probably why specialized multi-currency debit cards like YouTrip and Wise are so popular.
Trust Bank does not charge any foreign transaction fee on its credit cards, including the Trust Cashback Card.
Related: Best Credit Cards with No Foreign Transaction Fees
As a reminder, here’s what other credit card providers in Singapore are charging for foreign currency spending:
| Credit Card Provider | Foreign Transaction Fee |
|---|---|
| Trust Bank | 0% |
| MariBank | 0% |
| GXS Bank | 0% |
| ICBC | 2.5% |
| CIMB | 3% |
| BOC | 3% |
| DBS | AMEX: 3% Others: 3.25% |
| UOB | EVOL/Singtel-UOB: 0% Others: 3.25% |
| OCBC | 3.25% |
| Citibank | 3.25% |
| HSBC | 3.25% |
| Maybank | 3.25% |
| DCS | 3.25% |
| American Express | 3.25% |
| Standard Chartered | 3.5% |
Free overseas ATM withdrawals
To enjoy unlimited free overseas ATM withdrawals, Trust Cashback cardholders need a Trust Savings account, which is also low-stress, with no minimum balance, no monthly fee and no lock-in period to worry about.
Once you have the Trust Cashback Card and a Trust Savings Account, follow these easy steps to withdraw cash overseas at no charge:
- Apply for the Trust Cashback Card with code V1WB7T8A
- Apply for a Trust Savings Account through the Trust app (instant approval)
- Deposit enough money into your Trust Savings Account
- Withdraw cash from an overseas ATM with your Trust Cashback Card:
- Select Savings Account on the ATM screen (i.e. not Current Account, not Credit Card)
- Never allow the ATM to do any currency conversion for you as the markups are insane (i.e. always choose to be charged in the foreign currency, not SGD)
⚠️ ATMs in some countries (e.g. Thailand and Japan) charge a fee when withdrawing cash using a foreign-issued card, and there is no way to avoid this.
Related: Best Cards for Overseas ATM Withdrawals
0.5% cashback on foreign currency spending
For a card with zero foreign transaction fee, getting an additional unlimited 0.5% cashback on almost everything is a nice bonus, when it comes to foreign currency spending (online or overseas).
In simpler terms, by choosing the Trust Cashback Card for foreign currency spending, you are paying about 3.75% less (save 3.25% FX fee, get 0.5% cashback) than others who use different credit cards with FX junk fees.
Mari Credit Card is better
It’s also worth pointing out that the Mari Credit Card now offers zero FX fees and 1.5% cashback, up to S$1,500 per calendar month, making it the best option for foreign currency spending, but only until the monthly cap is reached.
(Apply with code: 6JAC91WK)
More information
Key details of the Mari Credit Card
Ease of use :
Minimum annual income: S$15,000 – S$30,000
Annual fee: No annual fee, ever
Get 1.5% cashback on foreign transactions, up to S$1,500 per calendar month (till 31 Dec 2026)
No minimum spending
No foreign transaction fees
⚠️ Low earn rates on local and Shopee spending (spend with better cashback cards instead)
• 1.5% cashback on local spending
• 1.5% coins on Shopee spending
🎁
1% cashback on local spending
The Trust Cashback Card is univocally a bad card for local spending with an uncapped earn rate of just 1%. Consider using a better general spending cashback credit card for as much as 2% cashback.
Even if you prefer a card with no annual fee, the Mari Credit Card is easily the better option, offering an uncapped 1.5% cashback on local spending.
Remember: The Trust Cashback Card is only competitive for foreign currency transactions.
“Up to 15% cashback” on chosen bonus category
tl;dr: Cardholders can receive a maximum of 4.9% cashback at best (not 15% cashback), upon meeting the extremely complicated conditions. Don’t feel bad about skipping this section of the guide and using this card only for the real benefits (foreign currency spending, overseas ATM withdrawals).
The Trust Cashback Card also advertises an “up to 15% cashback” benefit on 1 preferred category, which unfortunately, is impossible to achieve.
Cardholders can choose a preferred category before the quarter starts. To choose your preferred bonus category in the Trust mobile app, navigate as follows: Rewards > Cashback.
Here are the bonus categories and eligible Merchant Category Codes (MCCs):
| Category | Merchant Category Codes (MCCs) |
|---|---|
| Dining | 5462: Bakeries 5499: Miscellaneous Food Stores – Convenience Stores and Specialty Markets 5811: Caterers 5812: Eating Places and Restaurants 5814: Fast Food Restaurants |
| Shopping | 4812: Telecommunication Equipment Including Telephone Sales 5137: Men’s, Women’s and Children’s Uniforms and Commercial Clothing 5262: Marketplaces 5309: Duty Free Stores 5310: Discount Stores 5311: Department Stores 5331: Variety Stores 5399: Miscellaneous General Merchandise 5611: Men’s and Boys’ Clothing and Accessories Stores 5621: Women’s Ready-To-Wear Stores 5631: Women’s Accessory and Specialty Shops 5641: Children’s and Infants’ Wear Stores 5651: Family Clothing Stores 5655: Sports and Riding Apparel Stores 5661: Shoe Stores 5681: Furriers and Fur Shops 5691: Men’s and Women’s Clothing Stores 5699: Miscellaneous Apparel and Accessory Shops 5712: Equipment, Furniture and Home Furnishings Stores (except Appliances) 5732: Electronics Sales 5940: Bicycle Shops – Sales and Service 5941: Sporting Goods Stores 5942: Book Stores 5944: Jewellery Stores, Watches, Clocks, and Silverware Stores 5946: Camera and Photographic Supply Stores 5947: Gift, Card, Novelty and Souvenir Shops 5948: Luggage and Leather Goods Stores |
| Travel | 3000–3308: Various Airlines 3501–3839: Various Hotels 4411: Steamship and Cruise Lines 4511: Airlines and Air Carriers (Not Elsewhere Classified) 4582: Airports, Flying Fields, and Airport Terminals 4722: Travel Agencies and Tour Operators 4723: Package Tour Operators – Germany Only 5962: Direct Marketing – Travel-Related Arrangement Services 7011: Lodging – Hotels, Motels, Resorts, Central Reservation Services (Not Elsewhere Classified) 7012: Timeshares 7033: Trailer Parks and Campgrounds |
| Wellness | 5912: Drug Stores and Pharmacies 5977: Cosmetic Stores 5997: Electric Razor Stores – Sales and Service 7230: Beauty and Barber Shops 7297: Massage Parlors 7298: Health and Beauty Spas 7997: Membership Clubs (Sports, Recreation, Athletic), Country Clubs, and Private Golf Courses 8031: Osteopaths 8041: Chiropractors 8049: Podiatrists and Chiropodists |
| Transport | 3351–3441: Various Car Rentals 4111: Local and Suburban Commuter Passenger Transportation, Including Ferries 4112: Passenger Railways 4121: Taxicabs and Limousines 4131: Bus Lines 4457: Boat Rentals and Leasing 4784: Tolls and Bridge Fees 4789: Transportation Services (Not Elsewhere Classified) 5521: Car and Truck Dealers (Used Only) Sales, Service, Repairs, Parts, and Leasing 5541: Service Stations (with or without Ancillary Services) 5542: Automated Fuel Dispensers 5552: Electric Vehicle Charging 5983: Fuel Dealers – Fuel Oil, Wood, Coal, and Liquefied Petroleum 7512: Automobile Rental Agency 7513: Truck and Utility Trailer Rentals 7519: Motor Home and Recreational Vehicle Rentals 7523: Parking Lots, Parking Meters and Garages |
| Entertainment | 4899: Cable, Satellite and Other Pay Television/Radio/Streaming Services 5733: Music Stores – Musical Instruments, Pianos, and Sheet Music 5735: Record Stores 5813: Drinking Places (Alcoholic Beverages) – Bars, Taverns, Nightclubs, Cocktail Lounges, and Discotheques 5815: Digital Goods Media – Books, Movies, Music 5816: Digital Goods – Games 5945: Hobby, Toy, and Game Shops 7832: Motion Picture Theatres 7841: DVD/Video Tape Rental Stores 7922: Ticket Agencies and Theatrical Producers (Except Motion Pictures) |
Trust Bank has updated the wording and illustrations in the product page a number of times since launch, to probably sound less misleading, but personally, a lot more can be done. Here’s why:
To receive “up to 15% cashback”, cardholders would need to spend at least S$2,000 per month, for 3 consecutive months in a quarter (that’s a total of S$6,000 in 3 months). You would then be credited with a S$250 lump sum in cashback; that is, IF you had spent an average of at least S$555 each month, on the chosen category.
Here’s the problem: To unlock that “15% cashback” on just S$555 worth of spending, you would need to spend at least S$1,445 per month on other things (non-chosen categories), while earning a mere 0.5% or 1% cashback on them. That’s a massive opportunity cost of not using superior miles or cashback credit cards with better earn rates.
Here are the key points that you should note about the “get up to 15% cashback” scheme:
- Get 5% bonus cashback on your chosen category, when you spend at least S$500 per month, for 3 consecutive calendar months, in a quarter. This cashback is capped at S$30 per quarter (S$10 per month)
- Get 15% bonus cashback on your chosen category, when you spend at least S$2,000 per month, for 3 consecutive calendar months, in a quarter. This cashback is capped at S$250 per quarter (S$83.33 per month)
- Get the usual uncapped 1% cashback on all local spending, 0.5% cashback in foreign currencies
- Track bonus cashback targets in real-time in the mobile app
- Bonus cashback will be credited on the first day after the quarter ends
I’ve broken down the numbers to see the true cashback that you can earn through the bonus category:
| Monthly Spend (for 3 months in a quarter) | Cashback Cap (on bonus category) | Spending Cap (on bonus category) | True Bonus Cashback | True Total Cashback (+1% on everything) |
|---|---|---|---|---|
| S$500 (5% bonus) | S$30 per quarter (S$10/month) | S$200 per month | 2% | S$15 per month (3%) |
| S$2,000 (15% bonus) | S$250 per quarter (S$83/month) | S$555 per month | 4.17% | S$103 per month (5.17%) |
Told you it’s not worth it. There are much easier ways to earn 5% cashback, or even more than that. And remember, you can only get the best-case 5.17% cashback when you spend exactly S$555 on your bonus category and S$1,445 on others per month, for 3 consecutive months.
To iterate, I suggest using the Trust Cashback Card for it’s true strengths: Zero fX fees, uncapped 0.5% cashback on foreign currencies, unlimited free overseas ATM withdrawals.
Can I check the MCC before paying?
It requires a little trick, but you can! To do this, you’ll need an Amaze card to intentionally get a payment declined.
Here are the steps:
- Make sure that you have S$0 or low balance in your Amaze wallet
- Link your Amaze card to the Amaze wallet (instead of a credit card)
- Next, attempt to pay for the online transaction using your Amaze card details
- The transaction will not go through (due to insufficient balance), but you can now check the MCC of the transaction in the ‘Activity’ tab in your Amaze app
Related: How to Check Merchant Category Code (MCC) Before You Pay
Transaction date or posting date?
Credit card providers determine monthly qualifying spend based on either:
- Transaction date (date of the transaction, in Singapore time)
- Posting date (date when the transaction is posted in your credit card account, usually 1 to 3 days after the transaction)
The Trust Cashback Card considers the posting date, but this is only important to know if, for some strange reasons, you’re keen on the “up to 15% cashback” benefit.
Cashback exclusions
Trust Bank shares a list of transactions that are excluded from earning cashback. Using the Trust Cashback Card for the following transactions will not earn any cashback:
- Any cash advance.
- Transactions on your cashback card that are subsequently cancelled, voided, refunded or reversed or incurred by you but aren’t submitted or posted to your cashback card.
- AXS, SAM or ATM transactions made using your cashback card.
- Any insurance premiums.
- Any Instant Loan.
- Any Balance Transfer.
- Any monthly instalment of a split purchase transaction.
- Any fees/recurring payments (for example annual card fees, service fees, interest, administrative fees, finance fees, and/or late payment fees).
- Amounts which have been rolled over from any preceding month’s statement.
- Any top-ups or payment of funds to any accounts.
- Tax refunds credited to your cashback card.
- Any transaction classified under any of the following Merchant Category Codes:
- Utilities, Rentals and Cleaning Services – 4900, 6513, 7349.
- Financial Institutions, Securities – Brokers, Quasi Cash, Insurance, Stored Value Card Purchase/Load and Wire Transfer – 4829, 5960, 6010, 6011, 6012, 6051, 6211, 6300, 6540.
- Gambling – 7995.
- Educational Institutions – 8211, 8220, 8241, 8244, 8249, 8299.
- Charitable services, political organisations, religious organisations, and government payments – 8398, 8651, 8661, 9211, 9222, 9223, 9311, 9399, 9402, 9405.
- Other services – 7299, 7399, 8999.
- Any other transactions, fees or payments as we may decide.
When is cashback credited?
Cardholders will receive their base cashback (0.5% or 1%) immediately when the transactions are posted.
However, beware of the following clause in the terms and conditions which states that the bank may claw back your cashback if not used within 6 months from date of issuance.
“Please note: We may clawback your cashback reward if it remains unused for a period of six (6) months from date of issuance. You will not be entitled to any payment or compensation in respect of such retraction.”
Trust Cashback Card’s competitors
So, are there any alternatives to the Trust Cashback Card when it comes to foreign currency spending and overseas ATM withdrawals? Let’s have a quick look at its key competitors:
| Card | Annual Fee | FX Fee | Cashback Rate | Overseas Cash |
|---|---|---|---|---|
Trust Cashback | None | 0% | 0.5% (foreign) 1% (local) | Free (unlimited) |
 Trust Link | None | 0% | 0.22% | Free (unlimited) |
 Mari Credit | None | 0% | 1.5% (foreign capped at 1.5k/m) | Chargeable |
 YouTrip (debit) | None | 0% | None | Free (max. S$400/m) |
 Wise (debit) | None | 0% | None | Free (max. S$100/m) |
 HSBC Revolution | None | 3.25% | 0.4 – 4 mpd or 0.25 – 2.5% cashback | Chargeable |
 GXS FlexiCard | S$54.50 | 0% | None | Chargeable |
 UOB EVOL | S$196.20 | 0% | 0.3% – 6.4% | Chargeable |
 UOB Absolute Cashback | S$196.20 | 3.25% | 1.7% | Chargeable |
It’s pretty clear, isn’t it? No other card checks all the boxes like the Trust Cashback Card does.
With the introduction of the Trust Cashback Card, general spending Cashback credit cards are now irrelevant for foreign currency usage, as all of them come with a hefty foreign transaction fee and low earn rates; aside from the Mari Credit Card, of course.
It simply doesn’t make sense to pay 3.25% in FX fee to earn 1.7% cashback on these cards; you’re supposed to earn something (miles/cashback) from your spending, not pay more than the price of the product/service!
Should you still use Miles cards overseas?
With the introduction of the Trust Cashback Card, using a Miles credit card for foreign currency spending is now more expensive, with an opportunity cost of 3.75%. This comes in the form of a 3.25% FX fee + uncapped 0.5% cashback in opportunity cost for not using the Trust Cashback Card.
In simpler terms, when using a Miles card for foreign currency spending, you’d be paying 3.75% more than those who are using the Trust Cashback Card, just to earn miles. So, the million-dollar question is, are you earning enough miles to justify the additional cost?
tl;dr: Miles are not priceless. With award devaluations everywhere, miles redemptions are becoming more expensive and difficult. Always aim to use Miles credit cards that earn 4 miles per dollar.
Here’s a breakdown of how much you’d be “paying” per mile on foreign currency transactions, based on a 3.75% opportunity cost:
| Earn Rate | Example Cards | Cost per Mile (3.75% opportunity cost) |
|---|---|---|
| 1.1 mpd | AMEX KrisFlyer | 3.41 cents |
| 1.2 mpd | AMEX KrisFlyer Ascend | 3.13 cents |
| 2 mpd | Citi Prestige StanChart Journey | 1.88 cents |
| 2.1 mpd | OCBC 90°N | 1.79 cents |
| 2.2 mpd | Citi PremierMiles DBS Altitude DBS Vantage | 1.70 cents |
| 2.4 mpd | HSBC TravelOne UOB PRVI Miles | 1.56 cents |
| 2.8 mpd | Maybank Horizon Maybank World | 1.34 cents |
| 3 mpd | UOB PRVI Miles | 1.25 cents |
| 3.2 mpd | Maybank World | 1.17 cents |
| 4 mpd | Citi Rewards UOB Pref. Plat. Maybank XL Rewards UOB Lady’s …and more | 0.94 cents |
What’s a good price to pay for miles?
Firstly, you need to understand that there is no “correct” valuation of miles. Miles currencies have different pros and cons and each traveller has different wants and needs.
For example, some Frequent Flyer Program (FFP) requires over 100k miles to fly Business Class to Europe, while others require as little as 62.5k (even as low as 45k), while some travellers don’t even want to visit Europe!
If you don’t have your own valuation of miles yet, I suggest using miles cards for foreign currency spending only when the earn rate is 4 miles per dollar.
Thanks to the Trust Cashback Card, general spending Miles credit cards (under 3 mpd) have also become irrelevant for foreign currency use, due to hefty FX fees and low earn rates.
Sign-up promotion
New cardholders of Trust Bank can often get scratch cards and/or vouchers worth up to S$3,000 when applying for a Trust credit card.
🎁 Check latest sign-up promotion for the Trust Cashback Card
Should you get the Trust Cashback Card?
The Trust Cashback Card is part of my credit card strategy in 2026. It’s really easy to recommend a card that has zero annual fee and game-changing benefits that are not found on most other Singapore credit cards.
Unless if you don’t travel much or can’t meet the minimum income requirement, you should absolutely get this low-stress card.
✅ Get the card if you:
- Travel regularly
- Want to save on foreign currency spending
- Ran out of 4 mpd miles cards for foreign currency spending
- Want convenient access to cash overseas, with no fees and great exchange rates
- Don’t like carrying large amounts of cash to/from money changers
❌ Don’t get the card if you:
- Don’t travel much
- Are looking for a cashback card for local spending
✍️ Apply for the Trust Cashback Card (use code V1WB7T8A)
Terms and conditions
Check out the official terms and conditions of the Trust Cashback Card and key facts sheet of Trust credit cards.
Hi Fai, you might want to sound out that there is no 1% cashback when one uses this card to buy Finnair Avios points.
Thanks for the suggestion, I’ve added a note under the Trust Cashback Card in the miles/points promo pages.