Review: Trust Freedom Card

Back in August 2026, the Trust Cashback Card was relaunched as the Trust Freedom Card, with a new flexible rewards mechanic that gives cardholders the freedom to switch rewards modes every quarter.

Rewards modes were initially limited to Unlimited Cashback, Bonus Cashback or Stockback, but a fourth option — Miles — was launched in late September, marking Trust’s first foray into the miles game.

The Trust Freedom Card might look underwhelming on paper, earning just 1.3 mpd on both local and overseas spend. However, the lack of foreign currency (FCY) transaction fees, combined with HeyMax as a transfer partner, makes it considerably more compelling — especially if you’re eligible for the whopping 100,000 miles sign-up bonus.

Trust Freedom Card
🦁 MileLion Verdict
☑ Take It ☐ Take It Or Leave It ☐ Leave It
What do these ratings mean?
The Trust Freedom Card is the first credit card to offer “free miles” on overseas spending — and its 100,000 miles sign-up bonus is hard to resist.
👍 The Good	👎 The Bad
Huge 100,000 miles welcome offer Only miles-earning credit card with zero FCY fees Instant conversions to KrisFlyer and Max Miles Transfer blocks as small as 1 mile	S$5 earning blocks mean more miles lost to rounding 1.3 mpd local earn rate is underwhelming Strict eligibility criteria for welcome bonus
💳 Full List of Credit Card Reviews

Overview: Trust Freedom Card

Let’s start this review by looking at the key features of the Trust Freedom Card.

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)
Miles with Annual Fee	N/A	Transfer Partners	2
FCY Fee	None	Transfer Fee	S$27.25
Local Earn	1.3 mpd	Points Pool	No
FCY Earn	1.3 mpd	Lounge Access?	No
Special Earn	N/A	Airport Limo?	No
Cardholder Terms and Conditions

The Trust Freedom Card is a rebrand of the former Trust Cashback Card, and offers four rewards modes.

Remember: you must select Miles during the onboarding process if you’re chasing the 100,000 Max Miles welcome offer (see below). If you goof up and select something else, I’m sorry — there’s no going back.

For the rest of this review, I’m going to assume you select Miles mode. However, I’ve also outlined the other three rewards modes in the expandable sections below.

Unlimited Cashback Mode

Under the Unlimited Cashback mode, Trust Freedom cardholders will earn:

• 1.5% cashback on all SGD spend
• 0.5% cashback on all FCY spend

There’s little point bothering with this, if you ask me. 1.5% cashback on SGD spend is just mediocre, given what the competition has to offer.

💳 General Spending Cashback Cards (Without Min. Spends)
	Annual Fee	SGD Spend
DCS Ultimate Cashback Apply	S$130.80* (First Year Waived)	2% Cashback capped at S$200 per c. month
UOB Absolute Cashback Apply	S$196.20 (First Year Waived)	2%^ Ends 31 Jan 27
BOC Visa Infinite Apply	S$381.50 (First Year Waived)	1.6%
Citi Cash Back+ Card Apply	S$196.20 (First Year Waived)	1.6%
OCBC Infinity Cashback Apply	S$196.20 (First Year Waived)	1.6%
ICBC Chinese Zodiac Card Apply	S$150 (First 3 Years Waived)	1.6%
Maybank FC Barcelona Card Apply	S$130.80 (First 2 Years Waived)	1.6%
AMEX True Cashback Card Apply	S$174.40 (First Year Waived)	1.5%
Mari Credit Card Apply via app with code 7KZX22QY	None	1.5%
StanChart Simply Cash Card Apply	S$196.20 (First Year Waived)	1.5%
Trust Freedom Card Apply via app with code 2GQEAM81	None	1.5%
*Billed as S$10.90 per month ^Limited-time promotion for in-person contactless spend, valid until 31 January 2027. 1.7% for online spending

0.5% cashback on FCY spend is a bit better, considering the Trust Freedom Card has no FCY transaction fees. However, there are still superior alternatives, most notably the Mari Credit Card, which offers 1.5% cashback with no FCY fees until the end of 2026.

💳 General Spending Cashback Cards (Without Min. Spends)
	Annual Fee	FCY Spend Net of FCY fee
Mari Credit Card Apply via app with code 7KZX22QY	None	1.5% Cashback capped at S$22.50 per c. month Ends 31 Dec 26
UOB EVOL Card Apply	None	0.5-1% Ends 31 Dec 26
ICBC Global Travel Mastercard Apply	S$150 (First 3 Years Waived)	0.5%
Trust Freedom Card Apply via app with code 2GQEAM81	None	0.5%

Stockback Mode

Stockback

Under the Stockback mode, Trust Freedom cardholders will receive stocks or ETFs equivalent to up to 3% of their spending until 31 December 2026, and up to 2% after that.

	Until 31 Dec 2026	From 1 Jan 2027
SGD Spend	3% stockback	2% stockback
FCY Spend		0.5% stockback

No minimum spend is necessary, but Stockback is capped at S$500 per membership quarter, equivalent to S$16,667 of spending at 3%.

You must pre-select your stock or ETF in the Trust app, though you can change it at any time, with changes effective from the next market opening. Fractional stocks will be credited once you’ve accumulated at least S$10 of stockback, equivalent to S$333 of spending at 3%.

Here’s an illustration of how the process works.

The following stocks and ETFs are available for selection.

Stock	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.
COST	Stock	Costco Wholesale Corp.
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.

Now, I know what you’re thinking: why not spend on a cashback card, and use the cashback to buy stocks on your own?

Well, a 3% rebate with no minimum spend is a significantly better return than any other no-minimum-spend cashback card on the market — at least until 31 December 2026. Once the rate goes down to 2%, then yes, you’re better off earning 2% cashback with the UOB Absolute Cashback Card or DCS Ultimate Cashback Card and using that cash however you please. Mind you, some of the rebate will be eaten into by whatever spread Trust charges for converting Stockback value to and from USD.

Still, there’s something to be said about the convenience of stocks being automatically purchased on your behalf. It’s not rocket science to set up a DCA auto-invest arrangement, but if you can’t bring yourself to do that, then I guess this would be the next best alternative.

Stocks/ETFs will be held in your Trust Stocks account, which has:

• No custody fee
• No platform fee
• No settlement fee
• Zero commissions for US stocks and ETFs trading until 31 December 2026
• 0.05% fee (min. US$2.99) for US stocks and ETF trading from 1 January 2027

As an aside, Trust may be the first in Singapore to offer a Stockback credit card, but it’s not the first to introduce the concept — that honour goes to the Tiger BOSS Debit Card, though its 1% stockback pales in comparison to Trust.

The selected rewards mode can be rotated every membership quarter (not calendar quarter), defined as three consecutive months starting from the month the Freedom Card is approved. For example:

• if your card is approved on 28 September 2026, your quarter will run from September to November 2026
• if your card is approved on 3 October 2026, your quarter will run from October to December 2026

Because of this quirk, you might want to apply for the Trust Freedom Card in January, April, July or October, so that your membership quarter aligns with the calendar quarter.

If you choose to switch from Miles to another rewards mode, your accumulated Trust Miles will remain in your account, but do remember that they expire after 3-4 years (more on this later).

How much must I earn to qualify for a Trust Freedom Card?

The Trust Freedom Card has a minimum income requirement of S$30,000 p.a.

Trust does not offer secured credit cards at this time, but there is the option of a S$500-limit card, which can be offered to those who do not meet the minimum income requirement.

How much is the Trust Freedom Card’s annual fee?

The Trust Freedom Card has no annual fee, period.

Supplementary cards are currently not offered for the Trust Freedom Card.

What welcome offers are available?

Trust Freedom Card

Apply via app with referral code 2GQEAM81

The Trust Freedom Card is offering a welcome bonus of up to 100,000 Max Miles for new-to-card customers, defined as those who:

• Do not currently hold a principal Trust credit card, and
• Have never held a principal Trust credit card before

Unfortunately, if you held a principal Trust credit card at any point in the past, you are ineligible for this sign-up bonus. Unlike other banks, Trust new-to-card status does not reset after 6 or 12 months (holding a principal Standard Chartered credit card does not, in and of itself, disqualify you from new-to-card status with Trust).

Applicants must:

1. Apply for a Trust Freedom Card and receive approval from 21 September to 31 October 2026

2. Select Miles as their rewards mode during the onboarding process (be very careful to select the right option — if you choose cashback or stockback during onboarding, it’s too late to switch back later)

3. Meet the minimum spend criteria below within the first 31 days of approval or 30 November 2026, whichever comes first

The gifts are cumulative:

• Once you spend 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 that can be earned is 100,000 Max Miles, across three separate scratch cards.

Bonus miles are awarded in addition to the regular earn rate of 1.3 Trust Miles per S$1, so here’s how many miles you’ll earn in total.

As a reminder, the sign-up bonus is only available in Max Miles (as opposed to Trust Miles, which can be converted into KrisFlyer miles or Max Miles).

More details can be found in the post below.

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

How many miles do I earn?

SGD/FCY Spend

In Miles mode, the Trust Freedom Card earns: 

• 1.3 Trust Miles for every S$1 spent in SGD (1.3 mpd)
• 1.3 Trust Miles for every S$1 spent in FCY (1.3 mpd)

No minimum spend is required, and there is no cap on the maximum number of miles you can earn. 

Here’s how these rates compare to other entry-level general spending cards.

💳 Earn Rates for General Spending Cards (Income Req: S$30K)
Cards	Local Spend	FCY Spend
UOB PRVI Miles Card AMEX MC Visa	1.4 mpd	3 mpd IDR, MYR, THB, VND 2.4 mpd All Others
BOC Elite Miles Card Apply	1.4 mpd	2.8 mpd
HSBC TravelOne Card Apply	1.2 mpd	2.4 mpd
DBS Altitude Card AMEX Visa	1.3 mpd	2.2 mpd
OCBC 90°N Card MC Visa	1.3 mpd	2.1 mpd
Citi PremierMiles Card Apply	1.2 mpd	2.2 mpd
StanChart Journey Card Apply	1.2 mpd	2 mpd
Trust Freedom Card Apply via app with code 2GQEAM81	1.3 mpd	1.3 mpd
AMEX KrisFlyer Ascend Apply	1.2 mpd	1.2 mpd
KrisFlyer UOB Credit Card Apply	1.2 mpd	1.2 mpd
AMEX KrisFlyer Credit Card Apply	1.1 mpd	1.1 mpd

1.3 mpd for local spending is nothing exciting. However, 1.3 mpd for FCY spending is a potential game-changer, because the Trust Freedom Card does not have any FCY transaction fees.

All FCY transactions will be converted into SGD at the prevailing Visa rate, with no further markup — a huge advantage in a market where the average markup hovers around 3.25%. You can use the official Visa calculator here to check how much you’ll pay (set the bank fee at 0%).

This means you need to factor in its opportunity cost when deciding whether to use other credit cards overseas. 

For example, the UOB PRVI Miles Card earns 2.4 mpd with a 3.25% FCY fee. Viewed in isolation, the cost per mile is 1.31 cents [3.25% ÷ (2.4 mpd x (1 + 3.25%))] (remember, the FCY fee also earns miles).

But because the Trust Freedom Card can earn 1.3 mpd with no FCY fee, you’re actually paying a 3.25% fee to earn an incremental 1.1 mpd (2.4 mpd − 1.3 mpd). With this in the picture, the adjusted cost per mile increases to 2.76 cents per mile [3.25% ÷ (2.4 mpd x (1 + 3.25%) − 1.3 mpd)].

At the time of writing, the UOB Payment Facility allows cardholders to purchase unlimited miles at 1.8 cents each (or 1.6 cents if you have the UOB Reserve), so that sets an absolute ceiling on how much you should be willing to pay for miles.

These are the only overseas spending cards which fall below 1.8 cents per mile, once the opportunity cost of the Trust Freedom Card has been accounted for.

💳 FCY Earn Rates for Specialised Spending Cards (With min. spend and/or caps)
Card	FCY Earn Rate	FCY Fee	Cost Per Mile*
Citi Rewards + Amaze Apply	4 mpd1 Capped	2%	0.49¢ 0.72¢
UOB Visa Signature Apply	4 mpd2 Capped	3.25%	0.79¢ 1.15¢
Maybank XL Rewards Card Apply	4 mpd3 Capped	3.25%	0.79¢ 1.15¢
Maybank World Mastercard Apply	3.2 mpd4 Uncapped	3.25%	0.98¢ 1.62¢
Maybank Visa Infinite Apply	3.2 mpd5 Uncapped	3.25%	0.98¢ 1.62¢
1. Capped at S$1,000 per s. month, excludes travel 2. With min. S$1,000 FCY spend per s. month, capped at S$1,200 FCY spend per s. month 3. With min. S$500 spend per c. month, capped at S$1,000 spend per c. month 4. With min. S$4,000 spend per c. month, 2.8 mpd with min. S$800 spend per c. month, 0.4 mpd otherwise 5. With min. S$4,000 spend per c. month, 2 mpd otherwise *Cost per mile figure has been adjusted for the 1.3 mpd opportunity cost that the Trust Freedom Card creates

I’ve written a detailed article about which cards do and don’t make sense, in light of the Trust Freedom Card.

How does the Trust Freedom Card change my overseas spending strategy?

Transaction date or posting date?

The Trust Freedom Card tracks spending based on the posting date, not transaction date.

If you’re accumulating spend towards your welcome bonus, be careful about making transactions towards the end of the 31-day qualifying period. Anything that posts beyond the deadline will not be included, even if the transaction was made during the qualifying period!

Transaction date vs posting date: Which cards use what?

When are Trust Miles credited?

Trust Miles are credited when the transaction posts, which generally takes 1-3 working days. 

How are Trust Miles calculated?

Here’s how you can work out the Trust Miles earned on your Trust Freedom Card.

Partial Trust Miles are awarded, so if you spend S$5, you’ll earn 6.5 Trust Miles.

Unfortunately, Trust Bank — along with Maybank, OCBC and UOB — has a punitive rounding policy that rounds down all transactions to the nearest S$5 before points are awarded. That means a S$14.99 transaction earns the same number of miles as a S$10 transaction, and a S$4.99 transaction earns no miles at all!

You basically need to spend at least S$5 to earn any points at all, and because of this, the Trust Freedom Card can be outperformed by competitor cards with lower headline earn rates. Consider the following:

	Trust Freedom 1.3 mpd	Citi PremierMiles 1.2 mpd
S$5	6.5 miles  ✅1.3 mpd	6 miles 1.2 mpd
S$9.99	6.5 miles 0.65 mpd	11 miles ✅1.1 mpd
S$15	19.5 miles ✅1.3 mpd	18 miles 1.2 mpd
S$19.99	19.5 miles 0.98 mpd	23 miles ✅1.15 mpd
S$25	32.5 miles ✅1.3 mpd	30 miles 1.2 mpd
S$29.99	32.5 miles 1.08 mpd	35 miles ✅1.17 mpd
S$35	45.5 miles ✅1.3 mpd	42 miles 1.2 mpd
S$39.99	45.5 miles 1.14 mpd	47 miles ✅1.18 mpd
Headline Earn Rate    Actual Earn Rate

The effect of rounding is more severe on smaller-sized transactions, and less noticeable on larger ones. In other words, the larger your transaction, the closer the actual earn rate will be to 1.3 mpd.

If you’re an Excel geek, here are the formulas you need to calculate points: 

For the full list of formulas that banks use to calculate credit card points, do refer to these articles:

• General Spending Cards
• Specialised Spending Cards

To learn more about the minimum spend required to earn miles on different cards, refer to the article below.

What’s the minimum spend required to earn miles?

What transactions aren’t eligible for Trust Miles?

The Trust Freedom Card’s rewards exclusion list can be found here. These transactions will not earn Trust Miles, nor will they count towards qualifying spend for the sign-up bonus.

The key exclusions to note are: 

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

It’s worth noting that MCC 8062 (Hospitals) is not on the exclusions list. However, there are three excluded MCCs you’ll definitely want to watch out for.

MCCs 7299, 7399 and 8999 are used by merchants which don’t fall nicely into an existing category, or as a placeholder until the scheme can decide on a formal MCC. What’s annoying is that they can pop up in random restaurants and stores too — Chagee used MCC 8999 for some time before it switched to 5814.

You can track your qualifying spending across two apps:

• Trust app: Check aggregate qualifying spending
• HeyMax app: Check individual qualifying spending

Trust app

The Trust app is where you can see your aggregate qualifying spending towards the different rewards tiers.

• Open the Trust app > Rewards > Quests

Only transactions which count towards qualifying spend will show up here. Non-qualifying transactions will not be included. So if the tracker says S$3,500, you can be confident that S$3,500 of your spending counts towards the sign-up bonus.

HeyMax app

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

Get a HeyMax Account

Suppose you’ve charged S$4,000 to your Trust Freedom Card so far, but the Trust app only reflects S$3,500 of qualifying spending. One or more of your transactions must not have counted — but which ones?

To answer that, you’ll need to link your Trust Freedom Card to the HeyMax app, which tracks individual qualifying spending.

• Home page > Cards button (next to mile balance), or Profile > My Cards.
• Add card > Trust Freedom Card > Link and verify card.
• Card Settings > Pick the reward mode (Miles)

Once this is done, the Card Maximiser feature will automatically track your spending, and the number of Trust Miles earned. Any transaction which shows 0 Trust Miles is an ineligible transaction that does not count towards qualifying spend.

Make sure to link your Trust Freedom Card before you start spending, because the HeyMax app can only track transactions made after linking.

What about CardUp?

Enjoy a 2.3% fee on your first payment of up to S$5,000 on a Visa card, with the promo code MILELION

CardUp transactions code as MCC 7399, and are therefore ineligible to earn rewards on the Trust Freedom Card, and do not count towards qualifying spend for the welcome offer.

What do I need to know about Trust Miles?

Expiry

Trust Miles will expire at the end of the third year after they were accrued.

For example, all Trust Miles earned from 1 January to 31 December 2026 will expire on 31 December 2029.

Pooling

Trust Miles are only earned by the Trust Freedom Card, so pooling is irrelevant here.

Transfer Partners

Trust Miles can be converted at a 1:1 ratio to the following partners.

Frequent Flyer Programme	Conversion Ratio (Trust Miles: Miles)
	1:1
	1:1

In my opinion, Max Miles are the better choice, because they’re a lot more flexible. If you really want to earn KrisFlyer miles, there are plenty of other cards that offer better earn rates. 

Max Miles never expire, and can be transferred to more than 20 airline and hotel partners, mostly at a 1:1 ratio with no conversion fees. 

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.

HeyMax FlyAnywhere guide: Redeem Max Miles for any seat, any airline, anywhere

Transfer Fee

All conversions of Trust Miles to KrisFlyer or Max Miles have a S$27.25 fee.

Don’t get confused: Trust Miles > Max Miles = conversion fee;  Max Miles > other programmes = no conversion fee.

Transfer Blocks

Trust Miles can be converted in blocks as small as 1 mile, unlike most banks, which require a block of 10,000 miles.

Which credit cards have the smallest miles conversion blocks?

In theory, this enables you to perform surgical redemptions by transferring just the required number of miles, and nothing more. In practice, however, you’re more likely to be making lump sum conversions anyway given the flat S$27.25 transfer fee. 

Also, because Max Miles are in themselves a transferable currency, there’s little danger of “over-transferring” Trust Miles to Max Miles, since you’re not locking yourself into any one particular programme yet.

Transfer Times

Transfers to KrisFlyer and HeyMax are processed instantly.

How to transfer

To redeem Trust Miles, open the Trust App > Rewards > Miles > Redeem Your Miles

Select the partner you wish to convert Trust Miles to, and enter your membership number.

Why not use it as a cashback card?

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

This is far superior to any other no-minimum-spend cashback card on the market, so should you use it as a pseudo cashback card?

💳 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

Well, that’s what I thought at first.

But remember: there’s a S$27.25 fee to convert your Trust Miles into Max Miles, which eats into your returns. You would need to spend at least S$8,000 on the Trust Freedom Card before you could beat the 2% cashback offered by the DCS Ultimate Cashback Card — and it’s probably better to save yourself the hassle.

Also, 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.

That said, it’s probably better than the Trust Freedom Card’s Unlimited Cashback mode, which earns 1.5% and 0.5% cashback for local and FCY spend respectively.

Other card perks

GigSky data roaming

GigSky x Visa

As a Visa Signature card, the Trust Freedom Card offers a complimentary GigSky 3-day unlimited data plan, valid for the following countries:

• 🇨🇦 Canada
• 🇫🇷 France
• 🇲🇽 Mexico
• 🇹🇭 Thailand
• 🇦🇪 United Arab Emirates
• 🇬🇧 United Kingdom
• 🇺🇸 United States

For the avoidance of doubt, you don’t have to choose just one. You will receive all the plans above, once per card. While data is technically unlimited, your connection will be throttled after 3.5GB of data per day. 

To learn more about this benefit, refer to the guide below.

Free GigSky eSIM data roaming now available to Visa cardholders worldwide

Travelgoogoo data roaming

Travelgoogoo x Visa

As a Visa Signature card, the Trust Freedom Card receives the following Travelgoogoo data plans once per calendar year.

• Travelgoogoo 365 Annual Plan
• 1GB of global roaming data
• 1GB of Asia Pacific data

The Travelgoogoo 365 Annual Plan offers unlimited messaging on the following platforms:

• iMessage
• LINE
• Telegram
• Viber
• WeChat
• WhatsApp
• Zalo

Unlike those “free messaging” plans you might have used onboard airplanes, which support text-only messaging, this also includes data calling and photos.

With coverage for 123 countries, it should be a useful fallback option in emergencies where you’ve run out of data on all your other plans, and don’t have Wi-Fi handy. 

For more on this benefit, refer to the guide below.

Travelgoogoo enhances eSIM data and messaging plans for Visa customers

How does it compare to the Chocolate Visa Card?

The only other miles-earning card on the market without FCY fees is the Chocolate Visa Card.

However, this differs from the Trust Freedom Card in several key areas. Most fundamentally, it’s a debit card, which means it has no minimum income requirement. If you’re a student or retiree, it might be easier to get a Chocolate Visa Card than the Trust Freedom Card. 

The distinction also 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

Here’s how the two cards compare when it comes to earning miles.

	Chocolate Visa Card	Trust Freedom Card
Card Type	Debit	Credit
Min. Deposit to Earn Miles	S$5K ADB	None
Local & Overseas Spend	1 mpd ≤S$2K p.m 0.4 mpd >S$2K p.m	1.3 mpd
Min. Spend to Earn Miles	S$0.50	S$5
Points Calculation	Multiply by earn rate and round up to 1 decimal point	Round down to S$5 before awarding miles
FCY Fee	None	None
Miles on Bill Payments	300 miles per month	N/A
Miles for Education & Donations	Yes	N/A
Transfer Partners	Max Miles	Max Miles, KrisFlyer
Transfer Fee	None	S$27.25

The Trust Freedom Card offers several advantages over the Chocolate Visa Card:

• You don’t need to deposit any funds with Trust to earn miles
• Earn rates are better, and uncapped
• You can earn KrisFlyer miles, in addition to Max Miles
• It’s a credit card, so you don’t need to “pre-fund” it before spending

However, the Chocolate Visa Card:

• Earns up to 300 Max Miles on bill payments each month
• Earns miles on charitable donations and education
• Does not have transfer fees to Max Miles
• Has a more favourable rounding policy

I wouldn’t put a lot of weight on the absence of transfer fees, since the higher earn rate of the Trust Freedom Card will eventually compensate for the S$27.25 transfer fee.

That said, the rounding policy is the potential saviour. If you’re spending on smaller transactions that aren’t multiples of S$5, then you could potentially earn more miles with the Chocolate Visa Card than the Trust Freedom Card.

Trxn. Size	Chocolate Visa Card	Trust Freedom Card
<S$0.50	Tie
S$0.50 to S$4.99	✅
S$5.00 to S$6.40		✅
S$6.41 to S$6.50	Tie
S$6.51 to S$9.99	✅
S$10.00 to S$12.90		✅
S$12.91 to S$13.00	Tie
S$13.01 to S$14.99	✅
S$15.00 to S$19.40		✅
S$19.41 to S$19.50	Tie
S$19.51 to S$19.99	✅
≥S$20		✅

tl;dr: it’s generally better to use the Chocolate Visa Card for transactions less than S$10. And for any spending S$20 or more, the Trust Freedom Card always wins.

Resources

• Trust Freedom Card T&Cs
• Trust Freedom Card Factsheet
• 100,000 Max Miles welcome offer T&Cs
• HeyMax FAQs on 100,000 Max Miles welcome offer

Summary Review: Trust Freedom Card

Trust Freedom Card

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🦁 MileLion Verdict

☑ Take It ☐ Take It Or Leave It ☐ Leave It

The way I see it, there are two big draws of the Trust Freedom Card.

The first, of course, is its 100,000 Max Miles welcome offer. If you’ve never owned a Trust credit card before, now’s the time to act. Spending S$15,000 in 31 days is probably a bridge too far for most people, but you can still earn a decent 50,000 Max Miles with S$5,000 spend, or 20,000 Max Miles with S$1,000 spend.

The second is the lack of FCY transaction fees, which makes it a compelling option after bonus caps on 4 mpd cards are exhausted, or if you’re spending on a category that can’t earn rewards with any other card. Of course, you’ll need to be careful of the S$5 earning blocks, which could lead to sub-optimal outcomes on smaller spending amounts, as well as the fact that at 1.3 mpd, you’ll earn miles much slower compared to a 3.2 mpd option like the Maybank World Mastercard.

It goes without saying that you shouldn’t be using this card anywhere in Singapore (unless you’re clocking spend for your welcome offer), as far better options exist.

So that’s my review of the Trust Freedom Card. What do you think?