If you want to earn miles on your overseas spending but hate paying fees, then the Chocolate Visa Card and Trust Freedom Card are your two best bets.
Unlike most cards on the market, which charge an extra 2.5 to 3.5% for foreign currency (FCY) transactions, these cards simply convert the FCY amount into SGD at the prevailing Visa rate, with no further mark-up.
On the surface, the Chocolate Visa Card and Trust Freedom Card share a lot in common: no annual fees, no FCY fees and the ability to earn Max Miles. However, there are actually significant differences in how they work, and who they’re best suited for, which we’ll explore in this post.
| 💳 Summary: Chocolate Visa vs Trust Freedom Card | ||
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| Chocolate Visa Card | Trust Freedom Card | |
| Card Type | Debit | Credit |
| Min. Income | None | S$30K p.a. |
| Annual Fee | None | None |
| Min. Balance to Earn Miles | S$5K ADB |
None |
| Earn Rates | 1 mpd ≤S$2K per mth. 0.4 mpd >S$2K per mth. |
1.3 mpd |
| FCY Fee | None | None |
| Exclusion Categories |
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| Rounding | Multiply by earn rate and round up to 1 decimal place | Round down to nearest S$5 then multiply by earn rate |
| Min. Spend to Earn Miles | S$0.50 | S$5 |
| Transfer Partners |
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| Transfer Fee | None | S$27.25 |
| Points Expiry | None | 3-4 years |
Be sure to read my detailed reviews of both cards in the links below too.
| 🥊 Head-to-Head Series 🥊 |
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In my head-to-head series, I do an in-depth comparison of two cards which — on the surface — appear to do very similar things. You can read the other articles in this series below: |
Card type & minimum income
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| Chocolate Visa Card | Trust Freedom Card | |
| Card Type | Debit | Credit |
| Min. Income | None | S$30K p.a. |
The most fundamental difference is that the Chocolate Visa Card is a debit card, while the Trust Freedom Card is a credit card.
Debit cards have no minimum income requirement, making them more suitable for students and retirees. Credit cards generally require a minimum income of S$30,000 per year, though exceptions are granted to those aged above 55.
When you make a transaction on a debit card, funds are immediately deducted from the linked account. However, credit card bills only need to be paid later, with interest-free periods of up to 45 days in the case of Trust.
This means that credit cards have better fraud protection, in the sense that you have time to spot and dispute an unauthorised transaction before any deduction hits your bank account. With debit cards, any successful transaction, authorised or not, is immediately deducted from your account.
Credit cards are also better choices for authorisation holds. For example, when you rent a car or check into a hotel, it’s normal for a certain amount to be held on your card as a deposit. With debit cards, these are actual transactions, resulting in a deduction from your bank account and leaving you with less money to spend. You will be refunded when the hold is released, but may lose out if the exchange rate has moved against you.
With credit cards, the authorisation hold just earmarks a portion of your credit line. It’s not a “real” transaction as such and no actual funds are deducted. When the hold is released, there are no exchange rate losses (or gains).
Annual fee
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| Chocolate Visa Card | Trust Freedom Card | |
| Annual Fee | None | None |
Both the Chocolate Visa Card and Trust Freedom Card have no annual fees.
Min. balance to earn miles
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| Chocolate Visa Card | Trust Freedom Card | |
| Min. Balance to Earn Miles | S$5K ADB |
None |
If you want to earn miles with the Chocolate Visa Card, you must maintain a minimum monthly average balance of at least S$5,000 in your Chocolate Finance account in the preceding month. For example, your eligibility to earn miles in October 2026 is determined by September 2026’s monthly average balance.
In contrast, the Trust Freedom Card has no minimum deposit requirement.
Earn rates & FCY fees
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| Chocolate Visa Card | Trust Freedom Card | |
| Earn Rates | 1 mpd ≤S$2K per mth. 0.4 mpd >S$2K per mth. |
1.3 mpd |
| FCY Fee | None | None |
The Chocolate Visa Card earns 1 mpd on the first S$2,000 per calendar month, and an uncapped 0.4 mpd subsequently. That’s significantly less than the Trust Freedom Card, which earns an uncapped 1.3 mpd on all spending when in miles mode (you can also choose to earn cashback or stockback).
However, because of the differences in rounding policy, there are certain smaller transaction sizes for which the Chocolate Visa Card will be the higher-earning option (see below).
As mentioned earlier, neither card has any foreign currency (FCY) transaction fees. Instead, FCY transactions are converted into Singapore Dollars at the prevailing card network rate, with no further mark-ups.
Since both cards are on the Visa network, you’ll pay exactly the same amount on the Chocolate Visa as you would on the Trust Freedom Card.
Exclusion categories
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| Chocolate Visa Card | Trust Freedom Card | |
| Exclusion Categories |
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The Chocolate Visa Card allows cardholders to earn a maximum of 300 miles per month on so-called “bill payments”, defined by the following MCCs.
| MCC | Category |
| MCC 4900–4999 |
Utilities |
| MCC 6300–6399 |
Insurance |
| MCC 6513, 6531 |
Real Estate and Property Management |
| MCC 7311–7399 |
Business Services (including CardUp) |
| MCC 8011–8099 |
Medical Services, Health Practitioners, Hospitals, Dentists |
| MCC 9311–9399 |
Government Services |
Charitable donations and education do not fall under this definition, so cardholders can earn uncapped miles on such transactions.
The Trust Freedom Card’s exclusion list is fairly standard, excluding charitable donations, education, government services, insurance premiums and utility bills. Interestingly, however, it does not exclude any 80xx medical codes, such as doctors, dentists, or hospitals, so if you have overseas medical bills, this could be a potential option.
Rounding & min. spend to earn miles
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| Chocolate Visa Card | Trust Freedom Card | |
| Rounding | Multiply by earn rate and round up to 1 decimal place | Round down to nearest S$5 then multiply by earn rate |
| Min. Spend to Earn Miles | S$0.50 | S$5 |
The Chocolate Visa Card tabulates miles by multiplying the transaction by 1.0 (first S$2,000 per month) or 0.4 (above S$2,000), then rounding up to 1 decimal place. The minimum transaction size that earns miles is S$0.50.
The Trust Freedom Card tabulates miles by rounding the transaction down to the nearest S$5, then multiplying it by 1.3. The minimum transaction size that earns miles is S$5.
To illustrate, for a S$9.30 transaction:
- Chocolate Visa Card earns 9.3 miles (S$9.30 x 1)
- Trust Freedom Card earns 6.5 miles (S$9.30 → S$5 x 1.3)
The table below summarises which card is better to use at different transaction sizes, but in short, the Trust Freedom Card always wins for transactions of S$20 or more.
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| 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 | ✅ | |
Transfer partners, fee and points expiry
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| Chocolate Visa Card | Trust Freedom Card | |
| Transfer Partners |
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| Transfer Fee | None | S$27.25 |
| Points Expiry | None | 3-4 years |
The Chocolate Visa Card earns Max Miles, which are directly deposited into the cardholder’s HeyMax account as soon as the transaction posts with no conversion fee.
The Trust Freedom Card earns Trust Miles, which can be converted at a 1:1 ratio to either KrisFlyer or Max Miles, with a S$27.25 fee.
| ⚠️ Exception: Sign-up bonus |
| The Trust Freedom Card’s 100,000 miles sign-up bonus is only available in Max Miles, and will be directly deposited into the cardholder’s HeyMax account with no conversion fees. |
Max Miles never expire, while Trust Miles are valid until the end of the third year after they are earned, e.g. all Trust Miles earned from 1 January to 31 December 2026 expire on 31 December 2029. However, once you convert them into KrisFlyer miles or Max Miles, the validity will follow the respective programme (i.e. 3 years for KrisFlyer, no expiry for Max Miles).
So Trust offers more choice in terms of partners, but you’ll also have that pesky conversion fee to bother with.
Also, if you cancel your Trust Freedom Card, you’ll need to convert all your remaining Trust Miles, or else forfeit them. In the case of the Chocolate Visa Card, Max Miles land straight in your HeyMax account, so there’s nothing to worry about here.
Which is better?
| Chocolate Visa Card |
Trust Freedom Card |
| ➕No FCY fees ➕No transfer fees ➕More favourable rounding policy ➕Earn rewards on donations, education and bill payments ➕No min. income requirement |
➕No FCY fees ➕Better earn rates ➕Earn rewards on hospitals ➕Earns KrisFlyer miles |
| ➖Inferior earn rates (especially beyond S$2,000 spend) ➖Min. S$5,000 ADB to earn miles |
➖Min. income requirement ➖S$5 earning blocks ➖S$27.25 transfer fee |
If you don’t have the minimum income required to qualify for a credit card, then this isn’t even a contest: the Chocolate Visa Card is the only option available to you. This makes it the natural choice for students (well, if you’re a student with at least S$5,000 in the bank) and retirees who still can’t meet the reduced income requirements for credit cards.
Otherwise, the Trust Freedom Card strikes me as the better option, with its superior earn rates and the option to earn KrisFlyer miles in addition to Max Miles.
Where the Chocolate Visa Card can come out ahead is for smaller transactions, where the Trust Freedom Card’s S$5 earning blocks mean more miles lost to rounding. However, for any transaction of S$20 or more, the Freedom always wins. Also, if you want to earn miles on charitable donations, education or other bill payments, you’ll have to use the Chocolate Visa Card instead.
Conclusion
The Chocolate Visa Card and Trust Freedom Card are both great options for earning miles on overseas spend without pesky FCY fees, but they’re not interchangeable.
If you qualify for a credit card, then the Trust Freedom Card is the better pick, with better earn rates, the additional option of earning KrisFlyer miles, as well as the interest-free period and better fraud protection that credit cards enjoy.
The Chocolate Visa Card is better suited for those without a regular income, and may perform better on smaller transactions below S$20, or categories that the Trust Freedom Card excludes, like donations and education.
In practice, I rotate between both, since neither has an annual fee anyway!
Even though Trust is a credit card it seems that the BIN is categorised as a credit card in some countries. Many Japanese sites only accept credit cards and reject the Trust card due to this misclassification.
Error in my prior comment. The Trust bank BIN is categorised as a **debit** card not credit card. The BIN 4179 7105 shows as a Visa Signature DEBIT card issued by Trust Bank. So you can’t use it online where only credit cards are accepted.
oh yes- some people have mentioned this in the chat. i’m not sure if that also affects the freedom card, i know it affects the trust link