Key Takeaways
- The Trust Card is a cashback/ stockback credit card from Trust Bank, backed by Standard Chartered and FairPrice Group.
- It offers 1.5% unlimited cashback on local spend, with no minimum spend and no annual fees.
- If cashback doesn’t interest you, you may choose to earn Stockback instead, with no minimum spend requirement as always.
- Overseas benefits include uncapped 0.5% cashback, no foreign currency transaction fee, competitive exchange rates, and free unlimited overseas ATM withdrawals.
- The cashback structure for FCY spend has dropped from 1% to 0.5% as of 1 March 2026.
- Best suited for travellers or those seeking a low-maintenance cashback card.
The Trust Card (also known as the Trust Freedom Card or Trust Credit Card) is Trust Bank’s flagship cashback/ stockback credit card.
It has long been a favourite among travellers for overseas spending due to its fuss-free cashback, competitive exchange rates, zero currency conversion fees, and no annual fees.
However, significant changes took effect on 1 March 2026 and 13 August 2026, altering its value proposition. This guide covers everything you need to know about the Trust Freedom Card, including how the new cashback mechanic works, eligibility, pros and cons, and whether this Trust Freedom Credit Card is still a solid option for travellers or for overseas spending.
What Is Trust Bank?
Trust Bank is a digital-only bank launched in 2022, a collaboration between Standard Chartered and FairPrice Group. It offers a fully digital banking experience with no physical branches, but is a fully licensed bank that’s regulated by the Monetary Authority of Singapore (MAS).
Trust Bank operates alongside other digital banks in the local market, such as GXS Bank and MariBank.
Besides the Trust Freedom Card, Trust Bank offers a suite of banking services, including:
- Savings accounts
- Credit cards
- Personal loans
- Insurance products
- Investment products
The Trust Card is its flagship cashback credit card, designed for utmost simplicity and zero fees.
Important Changes to the Trust Card (From 13 August 2026)
The Trust Card underwent several updates on 13 August 2026, impacting cashback rates and rewards structure.
Here’s a summary of the key changes:
| Feature | Before 1 March 2026 | From 1 March 2026 | From 13 August 2026 |
| Foreign currency spend cashback (non-preferred category) | 1% unlimited | 0.5% unlimited | 0.5% unlimited |
| Foreign currency spend cashback (preferred category) | 0% | 0.5% unlimited | 0.5% unlimited |
| Local spend cashback (non-preferred category) | 1% unlimited (unchanged) | 1% unlimited (unchanged) | 1.5% unlimited (bumped up) |
| Local spend cashback (preferred category) | Up to 15% bonus cashback (0% additional cashback) | Up to 15% bonus cashback (1% additional unlimited cashback) | Up to 15% bonus cashback (1% additional unlimited cashback) |
| Shopping category | Limited Merchant Category Codes (MCCs) | MCCs expanded to include telcos, electronics, and furniture retailers | MCCs expanded to include telcos, electronics, and furniture retailers |
| Monthly spending tiers (for 3 consecutive months) | S$500/month
S$1,000/month S$2,000/month |
S$500/month
S$2,000/month |
S$500/month
S$2,000/month |
| Quarterly cashback cap | S$30 (min. spend of S$500/month)
S$100 (min. spend of S$1,000/month) S$250 (min. spend of S$2,000/month) |
S$30 (min. spend of S$500/month)
S$250 (min. spend of S$2,000/month) |
S$30 (min. spend of S$500/month)
S$250 (min. spend of S$2,000/month) |
| Alternative rewards instead of cashback (i.e. Stockback) | N.A | N.A | Earn 3% Stockback
on eligible local and FCY spends toward your selected stock or ETF in your investment portfolio, no min. spend required, till 31 Dec 2026 Thereafter, from 1 Jan 2027, earn 2% Stockback on one selected stock or ETF on eligible local spends, 0.5% Stockback on eligible FCY spends Stockback is capped at S$500 per membership quarter Watch your portfolio grow—automatically. Every time your Stockback hits S$10, it converts into fractional shares, so you’re always investing without extra effort |
Buffs:
- Expanded ‘Shopping’ category: categories now expanded and include the following Merchant Category Codes (MCCs):
- MCC 4812 (Singtel, StarHub, and more)
- MCC 5137 (ECCO shoes, Fred Perry, and more)
- MCC 5712 (IKEA, Courts, and more)
- MCC 5732 (Apple, Best Denki, and more)
- MCC 5942 (Popular, Amazon, and more)
- MCC 5977 (Sephora, Venus Beauty, and more)
Note that MCC 5977 has been recategorised from the ‘Wellness’ category to the ‘Shopping’ category.
- Base cashback now applies to preferred categories: cardholders can now earn unlimited 1% cashback (local spend) or 0.5% cashback (foreign spend) on top of the quarterly cashback for preferred categories (see below).
Prior to the changes, the base cashback was only awarded to non-preferred categories.
Nerfs:
- Reduced cashback for foreign currency transactions. From 1 March 2026, the cashback on all foreign-currency spend (preferred and non-preferred categories) has been reduced from 1% to 0.5%.
- Removal of the S$1,000 spend tier. The S$1,000 monthly tier, which offers up to S$100 cashback per quarter, has been removed. This means you’ll need to spend at least S$500 or S$2,000 per month for three consecutive months to earn cashback, a blow for mid-tier spenders.
Trust Card At a Glance: All You Need to Know
| Card type | Cashback/ Stockback credit card |
| Eligibility |
|
| Monthly minimum spend | None |
| Base cashback rate (local) | 1.5% unlimited |
| Base cashback rate (overseas) | 0.5% unlimited |
| Stockback rate | 3% Stockback on eligible local and FCY spends, till 31 Dec 2026
2% Stockback on eligible local spends, 0.5% Stockback on eligible FCY spends, from 1 Jan 2027 Stockback is capped at S$500 per membership quarter |
| Annual fee | None |
| Foreign currency transaction fee | None |
| Exchange rate | Visa rate, no markups |
| Overseas ATM withdrawal limit | Unlimited free withdrawals |
How Does the Trust Freedom Credit Card Work?
The Trust Card’s cashback mechanism is split into two main components: preferred categories and non-preferred categories.
Preferred Category Cashback
- 1.5% unlimited cashback on eligible local transactions
- 0.5% unlimited cashback on eligible foreign transactions
- Up to 15% bonus cashback on the preferred category (both local and foreign)
Non-Preferred Category Cashback
- 1.5% unlimited cashback on eligible local transactions
- 0.5% unlimited cashback on eligible foreign transactions
To earn bonus cashback, you must:
- Select one bonus category
- Spend S$500 or S$2,000/month for three consecutive months in a quarter
- Stay within the quarterly cashback cap of S$30 (lower tier) or S$250 (higher tier)
The six categories are categorised according to their respective MCCs. An MCC is a four-digit number assigned to a merchant/business based on the service that they provide.
Here’s the full list of categories and the qualifying MCCs:
| Category | 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) |
Is the Trust Credit Card’s “Up to 15% Cashback” Realistic?
While the “up to 15% cashback” headline sounds attractive on paper, it can be misleading in practice due to several constraints set by Trust Bank:
- You’ll need to spend at least S$2,000/month or S$6,000 per quarter
- The spending cap in your selected category is S$555/month
- The remaining S$1,445 must be spent outside your selected category, earning only the 0.5% or 1% base cashback
As a result, the effective cashback rate is much lower than advertised.
Trust Card cashback realistic calculation:
- Maximum bonus cashback: S$250 per quarter
- Total spend: S$6,000 per quarter
- Effective cashback: S$250 ÷ S$6,000 = ~4.17%
Even after including the additional 1% base cashback, the total effective cashback rate is around 5.17%
Even with the additional 1% base cashback, the actual cashback rate is just 5.17%, which is much less competitive than many other cashback cards, such as UOB One Credit Card, Maybank Family & Friends, and DCS Flex Card, which offer 6% to 10% cashback and come with fewer spending restrictions.
This makes the Trust Card’s cashback structure harder to optimise and less rewarding for most users.
If you want a fuss-free cashback credit card that offers the same value proposition, the Mari Credit Card is a great alternative. It offers 1.5% cashback on local and foreign spending, great foreign exchange (FX) rates, and no FCY fee.
How Does the Trust Freedom Credit Card Stockback Work?
Don’t want traditional cashback? No problem, you can also opt for up to 3% Stockback.
When in Stockback mode, every eligible transaction (locally or overseas) you spend will be accumulated and converted into fractional shares of US stocks or US ETFs of your choice.
Once your Stockback value reaches S$10 (S$333 spend at 3%), it will be automatically converted to USD at the prevailing rate and credited to your Trust Stocks account. Trust then buys your selected stock or ETF on your behalf.
The shares will appear in your Trust Stocks account in five business days, and there are no commission and/or market fees for these stockback purchase orders. Any leftover amount will stay as cash in your Stock account.
There’s no minimum spend, but the Stockback is capped at S$500 per membership quarter.
There are currently 50 US stocks and US ETFs to choose from, and you must pre-select the stock or ETF of your choice in the Trust app. You can change your preferred stock or ETF anytime, and the change will take effect at the next market opening.
What Are the 50 US Stocks and US ETFs That Are Included for Stockback?
| Ticker | Type | Name |
| NVDA | Stock | NVIDIA Corp. |
| AAPL | Stock | Apple Inc. |
| MSFT | Stock | Microsoft Corp. |
| AMZN | Stock | Amazon.com Inc. |
| GOOG | Stock | Alphabet Inc. Class C |
| TSM | Stock | TSMC – ADR |
| AVGO | Stock | Broadcom Inc. |
| SPCX | Stock | Space Exploration Technologies Corp. – SpaceX |
| META | Stock | Meta Platforms Inc. |
| TSLA | Stock | Tesla Inc. |
| BRKb | Stock | Berkshire Hathaway Inc. B |
| LLY | Stock | Eli Lilly & Co. |
| VOO | ETF | Vanguard S&P 500 ETF |
| MU | Stock | Micron Technology Inc. |
| WMT | Stock | Walmart Inc. |
| JPM | Stock | JPMorgan Chase & Co. |
| IVV | ETF | iShares Core S&P 500 ETF |
| AMD | Stock | Advanced Micro Devices Inc. |
| SPY | ETF | State Street SPDR S&P 500 ETF |
| V | Stock | Visa Inc. |
| ASML | Stock | ASML Holding NV – ADR |
| VTI | ETF | Vanguard Total Stock Market ETF |
| XOM | Stock | Exxon Mobil Corp. |
| JNJ | Stock | Johnson & Johnson |
| MA | Stock | Mastercard Inc. |
| INTC | Stock | Intel Corp. |
| QQQ | ETF | Invesco QQQ Trust, Series 1 ETF |
| ABBV | Stock | AbbVie Inc. |
| CSCO | Stock | Cisco Systems Inc. |
| BAC | Stock | Bank of America Corp. |
| AMAT | Stock | Applied Materials Inc. |
| CAT | Stock | Caterpillar Inc. |
| LRCX | Stock | Lam Research Corporation |
| UNH | Stock | UnitedHealth Group Inc. |
| CVX | Stock | Chevron Corp. |
| ORCL | Stock | Oracle Corp. |
| KO | Stock | Coca-Cola Co. |
| PG | Stock | Procter & Gamble Co. |
| HD | Stock | Home Depot Inc. |
| PLTR | Stock | Palantir Technologies Inc. |
| MRK | Stock | Merck & Co. Inc. |
| GS | Stock | Goldman Sachs Group Inc. |
| PM | Stock | Philip Morris International Inc. |
| PANW | Stock | Palo Alto Networks Inc. |
| NFLX | Stock | Netflix Inc. |
| ARM | Stock | Arm Holdings Limited – ADR |
| WFC | Stock | Wells Fargo & Co. |
| RTX | Stock | RTX Corp. |
| TXN | Stock | Texas Instruments Inc. |
Source: https://trustbank.sg/freedom-credit-card/stockback/
Note that the 3% Stockback on both local and foreign currency spend runs through to 31 Dec 2026. This will drop to 2% Stockback on local spend and 0.5% stockback on foreign spend from 1 Jan 2027. You must also have a valid Trust Savings account and a Trust Stocks account to be eligible for Stockback.
What Is the Trust Credit Card Best For?
Despite its flaws, the Trust Freedom Card performs well when used for overseas spending. Here are the Trust Card’s benefits:
- There are no FCY conversion fees or hidden markups
- Free overseas ATM withdrawals
- 0.5% unlimited cashback on foreign spends
- Competitive Visa exchange rates
- Credit card security advantage: unlike debit cards, funds aren’t immediately deducted if there’s an unauthorised transaction
Also read: KTM Shuttle Tebrau: Ultimate Guide to Taking the Train from Singapore to JB
Pros of the Trust Card
1. No Annual Fee
One of the most compelling features of the Trust Freedom Card is that it has no annual fee. This means you don’t have to go through the hassle of calling the bank each year to request a fee waiver, which may or may not be approved.
2. No Foreign Currency Conversion Fee
Using the Trust Card overseas will not incur any FCY fee. For context, most other credit cards in Singapore charge a fee of around 2.5% to 3.5% on top of their less competitive exchange rates.
3. Competitive FX Rates
The Trust Card uses Visa’s exchange rates with no additional bank markup. Visa rates are typically very close to the mid-market rate you see on Google, ensuring you get a fair and competitive rate for your transactions without hidden charges.
4. Free Overseas ATM Withdrawals
When you have a Trust Savings Account, you can use the Trust Freedom Card to withdraw cash from ATMs overseas without incurring a withdrawal fee from Trust Bank. This is a rare benefit, as most cards charge a fee per withdrawal (e.g. S$5) plus a percentage of the amount withdrawn.
It’s also important to note that withdrawing cash without a Trust Savings Account will incur a cash advance fee, with daily interest of 27.9% p.a. accruing immediately.
5. Mobile App
Managing your card is seamless through the Trust Bank app. The app allows you to conveniently track your spending, view your cashback, pay bills, and instantly lock/unlock your card for added security. It provides a clear, real-time overview of your finances.
Cons of the Trust Card
1. Low Cashback Rate
The Trust Credit Card offers 1% base cashback on local transactions, lower than most low-tier cashback cards, which typically offer 1.5% to 1.7%.
More importantly, reducing foreign-currency cashback from 1% to 0.5% makes overseas travel less rewarding than it once was.
2. No Multi-Currency Wallet/Currency Lock-In Feature
Unlike multi-currency cards such as Wise, YouTrip, or Revolut, the Trust Credit Card does not have a multi-currency wallet feature. You cannot pre-exchange currencies when the rate is favourable.
While the Visa rates are competitive, you are fully exposed to foreign exchange fluctuations, meaning the amount charged to your card will depend on the exchange rate at the time of the transaction.
Can I Use the Trust Card for MRT?
Yes, you can use the Trust Card to tap in and out of MRT stations and buses as it’s supported by SimplyGo.
However, note that there are no concession fares as the TransitLink system doesn’t support concession fare processing for third-party cards such as the Trust Freedom Card.
Trust Card vs Mari Credit Card vs YouTrip vs Revolut vs Wise
Here’s how the Trust Cashback Card fares against other popular multi-currency cards and the Mari Credit Card.
| Feature | Trust Card | Mari Credit Card | YouTrip | Revolut | Wise |
| Currencies supported for holding and exchange | Not supported | Note supported | 12 currencies | 30+ | 40+ |
| Currencies/countries supported for card spending | Multiple | Multiple | 150+ | 160+ | 160+ |
| Conversion fee | Zero anywhere Visa is accepted | Zero in over 150 countries | Zero in over 150 countries | 0% on up to S$5,000/month, 1% on weekends (Standard plan) | From 0.26% |
| Exchange rate | Visa rate | Mastercard rate | Mid-market rate for 12 supported currencies, Mastercard rate for others | Revolut’s variable rate | Mid-market rate |
| Overseas ATM withdrawal limits per month | Free unlimited withdrawals | Not supported | Free for first S$400; thereafter 2% per withdrawal | 5 withdrawals/month of up to S$350 free, then 2% or S$1.49, whichever is higher | Up to S$350 or first 2 withdrawals; then 1.75% + S$1.50 per withdrawal
From 1 May 2026: up to S$100 free, then 1.75% fee |
| Rewards | 1.5% unlimited cashback on local spending
0.5% unlimited cashback on foreign spending OR 3% Stockback on all eligible spends, till 31 Dec 2026 From 1 Jan 2027, 2% Stockback on eligible local spends, 0.5% Stockback on eligible FCY spends |
1.5% cashback for first S$1,500/month (until 31 Dec 2026) | None | None | None |
Trust Card Exchange Rate Comparison
Based on a conversion of 1 SGD, the following table illustrates how the Trust Freedom Card compares to the Mari Credit Card, Revolut, Wise, and YouTrip.
Rates are correct as of 7 April 2026. Note that rates are indicative and may fluctuate in real-time.
| Currency | Trust Card | Mari Credit Card | Wise | Revolut | YouTrip |
| USD | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 |
| MYR | 3.15 | 3.14 | 3.14 | 3.138 | |
| JPY | 124.7 | 124.4 | 124.4 | 124.3 | 124.3 |
| KRW | 1,169 | 1,168 | 1,168 | 1,166 | |
| RMB | 5.47 | 5.347 | 5.347 | ||
| THB | 26.02 | 25.42 | 25.35 | 25.32 | 25.32 |
| AUD | 1.15 | 1.13 | 1.12 | 1.12 | 1.12 |
| EUR | 0.69 | 0.67 | 0.67 | 0.67 | 0.67 |
In essence, the exchange rates offered by these cards are broadly similar, with minor differences. What truly differentiates them is the features that matter to you.
Ask yourself, do you want a card that allows you to withdraw cash from overseas ATMs without worrying about fees? Would you like to earn cashback on your transactions as an added perk? Or do you prefer to pre-exchange currencies before your trip to lock in a favourable rate?
There isn’t a one-size-fits-all card. The Trust Card is still a good card for overseas use as it offers 0.5% cashback, no FX fees, and free overseas ATM withdrawals.
Mari Credit Card is a better alternative to Trust Credit Card, as it gives you 1.5% cashback on the first S$1,500 of spending per month and doesn’t charge any FX fees.
Meanwhile, multi-currency cards like Revolut, YouTrip, and Wise are better-suited for travellers who want to hold and pre-exchange currencies, lock in rates, and manage multiple currencies in one wallet.
Realistically, you probably need to take a couple of cards to help you reduce fees, maximise rewards, and stay flexible while travelling.
Bottom Line
The Trust Card offers simple, fuss-free cashback, but its bonus cashback structure is inherently difficult to fully optimise. Approach the headline 15% cashback rate with caution.
If you’re looking for higher cashback rates with fewer conditions, alternatives like the Mari Credit Card or other high-cashback cards may offer better value. However, if you’re interested in a fuss-free investment vehicle, its Stockback rewards structure is worth looking into.
That said, if your priority is low fees, competitive FX rates, and simplicity, the Trust Freedom Card remains a solid, no-frills option—especially for overseas spending.
