Trust Freedom Card now earns KrisFlyer and Max Miles, with 100,000 miles sign-up bonus

The Trust Cashback Card was rebranded as the Trust Freedom Card last month, which as the name suggests, offers cardholders the freedom to choose how they want to be rewarded.

At the time of relaunch, cardholders could select from three rewards modes: Unlimited Cashback, Bonus Cashback or Stockback. But a LinkedIn post by Trust’s Chief Product Officer revealed that a fourth rewards mode was in the works — Miles.

This has just gone live, and with Miles mode selected, the Trust Freedom Card will earn 1.3 KrisFlyer miles or Max Miles per S$1 spent locally or overseas, with no minimum spend, caps, or foreign currency (FCY) transaction fees.

New-to-Trust cardholders also enjoy a generous welcome offer of 100,000 Max Miles, and this is going to shake up the market in a big way — even if you’re not really into miles.

Get 200 Max Miles when you open an account and complete your first transaction

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Trust Freedom Card launches Miles mode

Trust Freedom Card
Apply via app with referral code 2GQEAM81
Min. Income	S$30,000 p.a.	Points Validity	3-4 years
Annual Fee	None	Min. Transfer	1 Trust Mile (1 mile)
FCY Fee	None	Transfer Partners	2
Earn Rate (Miles Mode)	1.3 mpd (SGD & FCY)	Transfer Fee	S$27.25
Cardholder Terms and Conditions

The Trust Freedom Card now offers cardholders a choice of four rewards modes, which can be rotated every membership quarter (this may not align with the calendar quarter; check the Trust app to see your quarter dates).

I’ve already covered how the Unlimited Cashback, Bonus Cashback and Stockback modes work in my initial article on the Trust Freedom Card, so let’s just focus on the Miles mode.

Under the Miles mode, cardholders will earn:

• 1.3 Trust Miles per S$1 spent in SGD
• 1.3 Trust Miles per S$1 spent in FCY

No minimum spend is required, and there is no cap on the number of Trust Miles that can be earned.

• Trust Miles can be converted into KrisFlyer miles or Max Miles at a 1:1 ratio

Frequent Flyer Programme	Conversion Ratio
	1:1
	1:1

• Conversions start from just 1 mile for both programmes
• Conversions are subject to a S$27.25 conversion fee
• Conversions are processed instantly
• Trust Miles are awarded in S$5 blocks, so a S$9.99 transaction will earn the same number of miles as a S$5 transaction, and anything S$4.99 or below earns no miles at all
• Trust Miles expire at the end of the third calendar year after they were earned (e.g. all miles earned from 1 January to 31 December 2026 expire on 31 December 2029)

Here’s how these earn rates measure up to other entry-level general spending cards.

💳 Earn Rates for General Spending Cards (Sorted by sum of local and FCY earn rates)
Cards	Local Spend	FCY Spend FCY Fee
UOB PRVI Miles Card AMEX Mastercard Visa	1.4 mpd	3 mpd IDR, MYR, THB, VND 2.4 mpd All Others 3.25%
BOC Elite Miles Card Apply	1.4 mpd	2.8 mpd 3%
HSBC TravelOne Card Apply	1.2 mpd	2.4 mpd 3.25%
DBS Altitude Card AMEX Visa	1.3 mpd	2.2 mpd 3.25%
OCBC 90°N Card Mastercard Visa	1.3 mpd	2.1 mpd 3.25%
Citi PremierMiles Card Apply	1.2 mpd	2.2 mpd 3.25%
StanChart Journey Card Apply	1.2 mpd	2 mpd 3.5%
Trust Freedom Card Apply via app with referral code 2GQEAM81	1.3 mpd	1.3 mpd None
AMEX KrisFlyer Ascend Apply	1.2 mpd	1.2 mpd 3.25%
KrisFlyer UOB Credit Card Apply	1.2 mpd	1.2 mpd 3.25%
AMEX KrisFlyer Credit Card Apply	1.1 mpd	1.1 mpd 3.25%

1.3 mpd for local spending is nothing to get excited about. However, 1.3 mpd for overseas spend — with no FCY fees — is a potential game-changer.

Think about it: the UOB PRVI Miles Card earns 2.4 mpd with a 3.25% fee. Viewed in isolation, that’s a cost of 1.35 cents per mile, which is acceptable enough.

But with the Trust Freedom Card in the picture, you’re actually paying 3.25% for an incremental 1.1 mpd (2.4 mpd − 1.3 mpd). That pushes the cost to 2.95 cents per mile, which is beyond what the average person should be willing to pay.

In fact, I’d go so far as to say that the Trust Freedom Card kills the market for any FCY spending card earning <4 mpd.

Here’s the working for some of the highest-earning FCY spend cards on the market. Note how the cost per mile (CPM) increases significantly once adjusted for the 1.3 mpd opportunity cost created by the Trust Freedom Card.

Card	FCY Earn Rate	FCY Fee	↑ Effective CPM*
UOB Visa Signature Apply	4 mpd Capped	3.25%	0.81¢ 1.20¢
Maybank XL Rewards Card Apply	4 mpd Capped	3.25%	0.81¢ 1.20¢
Maybank World Mastercard Apply	3.2 mpd Uncapped	3.25%	1.02¢ 1.71¢
Maybank Visa Infinite Apply	3.2 mpd Uncapped	3.25%	1.02¢ 1.71¢
Maybank Horizon Visa Signature Apply	2.8 mpd Uncapped	3.25%	1.16¢ 2.17¢
*Effective CPM adjusts the earn rates for the 1.3 mpd opportunity cost from not using the Trust Freedom Card

It’s still in acceptable territory for 4 mpd cards — though remember, these earn rates are usually capped — but once you go to 3.2 mpd, it’s a lot more marginal. At 2.8 mpd, the adjusted cost per mile becomes 2.17 cents, at which point you’d be better off buying unlimited miles via the UOB Payment Facility at 1.8 cents each.

Feel free to fact check me on this, but I believe the Trust Freedom Card has now become Singapore’s first miles-earning credit card with no FCY fee.

And no, I’ve not forgotten about the Chocolate Visa Card. That’s a debit card, and the distinction matters where fraud risk and authorisation holds are concerned:

• Fraud risk: Any transactions charged to a debit card, whether fraudulent or legitimate, are deducted immediately from your account. While there are procedures to dispute fraudulent transactions and (hopefully) recover your funds, you will be out of pocket for the period of the investigation
• Authorisation holds: Debit cards do not support so-called “authorisation holds”, required when you rent a car or check in to a hotel. Instead, the hold amount is deducted from your available funds, leaving you with less money on hand.

In any case, the Trust Freedom Card offers a superior miles-earning proposition over the Chocolate Visa Card.

	Trust Freedom Card	Chocolate Visa Card
Card Type	Credit	Debit
Min. Deposit to Earn Miles	None	S$5K ADB
Local & Overseas Spend	1.3 mpd	1 mpd Cap S$2K p.m 0.4 mpd After
Miles on Bill Payments	N/A	300 miles per month
FCY Fee	None	None
Transfer Partners	Max Miles, KrisFlyer	Max Miles

The Chocolate Visa Card earns just 1 mpd, capped at S$2,000 per calendar month, provided you maintain an average daily balance of S$5,000 in your Chocolate account. It’s also limited to a single transfer partner.

The only real advantage it has over Trust is the ability to earn up to 300 Max Miles per month on bill payments such as government services, insurance premiums and utilities. 

The best cashback card?

Remember how I said that the Trust Freedom Card would shake up the market, even if you didn’t care about miles?

That’s because Max Miles can be converted into cold hard cash at 1.8 cents each through the FlyAnywhere feature. Therefore, in Miles mode, the Trust Freedom Card is essentially a 2.34% unlimited cashback card (1.3 mpd x 1.8 cents).

💳 Earn Rates for No Min. Spend Cashback Cards (Sorted by SGD Spend Cashback)
	↓ SGD Spend	FCY Spend FCY Fee
Trust Freedom Card (Miles Mode) Apply via app with referral code 2GQEAM81	2.34%	2.34% None
DCS Ultimate Cashback Apply	2% Cashback capped at S$200 per c. month	2% 3.25%
UOB Absolute Cashback Apply	2%^ Ends 31 Jan 27	2%^ Ends 31 Jan 27 3.25%
DBS Chromo Card Apply	1.7%	N/A
BOC Visa Infinite Apply	1.6%	1.6% 3%
Citi Cash Back+ Card Apply	1.6%	1.6% 3.25%
OCBC Infinity Cashback Apply	1.6%	1.6% 3.25%
ICBC Chinese Zodiac Card Apply	1.6%	1.6% 2.5%
Maybank FC Barcelona Card Apply	1.6%	1.6% 3.25%
AMEX True Cashback Card Apply	1.5%	1.5% 3.25%
Mari Credit Card Apply via app with code 7KZX22QY	1.5%	1.5% Cashback capped at S$22.50 per c. month None
ICBC Global Travel Mastercard Apply	1.5%	3% 2.5%
StanChart Simply Cash Card Apply	1.5%	1.5% 3.5%
Trust Freedom Card (Unlimited Cashback Mode) Apply via app with referral code 2GQEAM81	1.5%	0.5% None
^Limited-time promotion for in-person contactless spend, valid until 31 January 2027. 1.7% for online or non-contactless spending

There are three caveats to this.

First, FlyAnywhere offers 1.8 cents per mile today, but of course there’s no guarantee that will continue forever.

Second, FlyAnywhere does not support partial redemptions. Therefore, the 1.8 cents per mile value can only be realised once you have sufficient Max Miles to cover the full cost of your ticket.

Third, a S$27.25 conversion fee must be paid when converting Trust Miles into Max Miles, which will eat into your return. For example, if you spend S$5,000, earn 6,500 Max Miles, and cash them out at S$117 (6,500 @ 1.8 cpm), your nett return will be S$89.75 (S$117-S$27.25), making the effective rebate 1.8%. Your effective rebate won’t cross 2% until you spend at least S$8,000. 

That aside, it does mean there’s little reason to choose the Trust Freedom Card’s Unlimited Cashback mode, which earns 1.5% and 0.5% cashback for local and FCY spend respectively.

What are the rewards exclusions?

The Trust Freedom Card’s rewards exclusion list can be found here. The key exclusions are:

• Charitable donations (MCC 8398, 8661)
• Cleaning services (MCC 7349)
• Education (MCC 8211, 8220, 8241, 8244, 8249, 8299)
• Government services (MCC 9211, 9222, 9223, 9311, 9399, 9402, 9405)
• GrabPay, YouTrip and other prepaid account top-ups/quasi-cash transactions (MCC 4829, 5960, 6010, 6011, 6012, 6051, 6211, 6300, 6540)
• Insurance premiums (MCC 5960, 6300)
• Real estate managers (MCC 6513)
• Selected services (MCC 7299, 7399, 8999)
• Utilities (MCC 4900)

These transactions will neither earn base Trust Miles, nor count towards qualifying spend for the sign-up bonus.

The exclusions are mostly standard stuff — interestingly, MCC 8062 Hospitals is not mentioned — but there are three excluded MCCs you’ll definitely want to watch for.

MCCs 7299, 7399 and 8999 are used by merchants which don’t fit nicely into an existing category, or as a placeholder until the scheme can decide on a formal MCC (Chagee used 8999 for a period). Unfortunately, they can pop up in random restaurants and stores too, so you need to be on your guard.

If it’s any consolation, you’ll still benefit from zero FCY fees even if you don’t earn any rewards.

100,000 Max Miles welcome bonus

The Trust Freedom Card is launching Miles mode with a huge 100,000 Max Miles sign-up bonus, valid for customers who:

• Apply and receive approval by 31 October 2026
• Are new to Trust Credit Cards
• Select Miles mode during the Trust Freedom Card’s onboarding process

New cardholders must make the following minimum spend within 31 days of approval, or 30 November 2026, whichever comes first. Spending is tracked based on posting date.

The gifts here are cumulative:

• Once you hit S$1,000, you’ll receive a scratch card for 20,000 Max Miles
• Once you spend a further S$4,000 (S$5,000 total), you’ll receive a second scratch card for 30,000 Max Miles
• Once you spend a further S$10,000 (S$15,000 total), you’ll receive a third scratch card for 50,000 Max Miles

This means that the maximum reward you can earn is 100,000 Max Miles, across three separate scratch cards. Scratch cards should be awarded within 24 hours after validation, and must be redeemed by 31 December 2026.

To redeem the Max Miles, scratch the card to reveal a code that can be redeemed in the HeyMax app (under Profile > Redeem a Code).

Bonus miles are awarded on top of the regular earn rates, so here’s how many miles you’ll earn in total. Remember, while Trust Miles can be converted into KrisFlyer miles or Max Miles, the sign-up bonus is only available in Max Miles.

There is no conversion fee for the Max Miles awarded as part of the sign-up bonus. However, a S$27.25 fee applies when converting Trust Miles into KrisFlyer miles or Max Miles.

A detailed analysis of the sign-up bonus can be found below.

Details: Trust Freedom Card offering huge 100,000 miles sign-up bonus

Terms & Conditions and FAQs

• 100,000 Max Miles welcome offer
• Trust Miles redemption
• HeyMax FAQs

What can you do with Max Miles?

Max Miles can be converted to more than 20 airline and hotel partners, at a 1:1 ratio for most frequent flyer programmes. There are no conversion fees, and Max Miles never expire.

Alternatively, you can also cash out Max Miles via FlyAnywhere at 1.8 cents per mile, simply by submitting any air ticket booked in the past 30 days.

1. Book your air tickets whatever way you like: through the airline’s official website, an OTA, or even a traditional brick-and-mortar travel agency
2. Submit a FlyAnywhere redemption request via the HeyMax app
3. Get reimbursed for your flight in cash, via PayNow, at a rate of 1.8 cents per Max Mile

Both commercial and award flights are eligible — in the case of the latter, HeyMax will reimburse you for the cash component of the ticket, i.e. taxes and surcharges.

Conclusion

Trust Freedom Card

Apply via app with referral code 2GQEAM81

The Trust Freedom Card’s new Miles mode offers cardholders 1.3 mpd on both local and overseas spend, with 1:1 transfers to KrisFlyer and Max Miles.

1.3 mpd may not sound very exciting on paper, but make no mistake — it’s a game-changer for overseas spending, where the absence of FCY transaction fees should make it the default option wherever 4 mpd opportunities are unavailable.

Even for local spend, the return could be compelling if you intend to use it as a pseudo cashback card via FlyAnywhere, earning the equivalent of 2.34% cashback with no minimum spend or cap.

There’s also an excellent 100,000 miles sign-up bonus available to anyone who does not have a Trust credit card yet, though unlocking the highest tier requires spending S$15,000 in 31 days — a tall order for most. I’ve analysed this offer in a separate post, so be sure to have a read of that too.

What do you make of the Trust Freedom Card’s Miles mode?