Back in August, Trust unveiled its all-new Trust Cashback Credit Card product. This is in addition to the existing Trust Link Credit Card and the Trust Savings Account Card products that Trustbank provides.
During the launch of this new credit card, we were so excited about it that we wrote our first impressions about it before we even signed up for the card.
3 months and a few trips later, we’ve tested the card extensively and it’s safe to conclude that the card is as good as what we thought it would be.
Great FX Rates, No Foreign Transaction Fees
One of the biggest selling points of the Trust Cashback Credit Card is its lack of any additional foreign transaction fees and amazing forex rates. In a landscape where there are plenty of multi-currency cards in the market, Trust aims to stand out with its new product.
During our recent trip to New Zealand, we’ve done several transactions with the Trust Cashback Credit Card. Here are some rates we’ve observed and their markup over the day’s Mastercard rate.
To recap, it’s almost impossible to get the foreign currency spot rate or “Google” rate when you’re making a transaction with your cards. There will always be a small deviation from the rate you’re seeing on Google as card providers will always take a cut in the middle.
The best exchange rate you’re looking at will probably be the Mastercard exchange rate as that’s what most credit cards will use for conducting foreign exchange transactions, so that’s what we’ll use as our benchmark.
| Date of Transaction | Trust Cashback Credit Card (markup over mastercard rate) | Mastercard Rate |
|---|---|---|
| 31 Oct 2024 | 0.7963 (-0.4%) | 0.7930 |
| 30 Oct 2024 | 0.7949 (+0.17%) | 0.7963 |
| 29 Oct 2024 | 0.7949 (0%) | 0.7949 |
| 27 Oct 2024 | 0.7965 (-0.075%) | 0.7959 |
Interestingly, we can see that there are days when the exchange rate on the Trust Cashback Credit Cards is even better than Mastercard’s rates! This means you’ll be getting a better currency conversion on the Trust Cashback Credit Card as compared to using other credit cards.
Unlimited 1% Cashback
The Trust Cashback Credit Card also offers an unlimited 1% cashback on all transactions. This applies to both local and foreign currency transactions. In addition, there is also an existing promotion where new users can receive an increased 1.5% cashback until 31 December 2024.
This is where the Trust Cashback Credit Card stands out against multi-currency cards like Youtrip and Revolut which do not offer any kickback from spend.
Even though there are credit cards that offer higher unlimited cashback rates, all of them come with an additional foreign transaction fee when you’re making overseas spending. This fee typically goes between 3% to 3.5% of the transaction value.
Taking into account this fee, the Trust Cashback Credit Card comes out significantly ahead of the other cards.
Up to 15% Cashback on Bonus Categories
The Trust Cashback Credit Card also offers up to 15% quarterly cashback on 1 selected spending category. To receive the additional cashback, you’ll have to meet 2 simple criteria.
First, you can freely change and select the bonus category before the start of the quarter. Next, you’ll have to hit a certain spending requirement every month within the quarter to be eligible for the bonus cashback on the selected category.
| Spending Requirement | Cashback on Selected Category | Bonus Cashback Cap | Maximum Category Spend Per Quarter |
|---|---|---|---|
| S$500 | 5% | S$30 | S$600 |
| S$1,000 | 10% | S$100 | S$1,000 |
| S$2,000 | 15% | S$250 | S$1,666.67 |
This is where the headline 15% number gets controversial. If you spend S$2,000 each month all on the bonus category you should be receiving S$900 in bonus cashback per quarter. However, due to the quarterly cashback limit, you’ll only be receiving S$250 for the full quarter.
This means you’ll have to spend an additional S$4,333 for the quarter and only receive 1% for those spending. All in, you’ll be receiving S$293.33 in cashback which translates to ~4.8%.
Although it’s still a high cashback amount, it’s not exactly the 15% stated in the promotion.
| Categories | Example |
|---|---|
| Dining | Retail outlets, department stores, marketplace, fashion apparel, jewelry stores, watches and accessory |
| Shopping | Retail outlets, department stores, marketplace, fashion apparel, jewellery stores, watches and accessory |
| Travel | Airlines, cruises, hotels, and travel agencies |
| Wellness | Beauty shops, spa, pharmacies, fitness centres |
| Transport | Taxis, ride-hailing vehicles, public transport, car-sharing, car rental, tolls, EV charging, parking and petrol |
| Entertainment | Bars, movies, musical theatres, music stores, and streaming services |
In terms of the categories that are eligible for bonus cashback, Trust did not specify the MCCs of the categories. Instead, they provided some spending examples that qualify for those particular categories.
Depending on your spending habits, it’ll be wise to select the category in which you spend the most every month to maximise the cashback that you’ll receive.
No ATM Withdrawal and Cash Advance Fees
The Trust Cashback Credit Card has no ATM withdrawal fees and no cash advance fees. Together with the no foreign transaction currency feature, it might potentially be one of the best credit cards out there to withdraw money with when you’re overseas.
Despite that, there are still some fees to take note of when using the Trust Cashback Credit Card to withdraw cash from ATMs.
- ATM fees. The ATM operators themselves might charge a fee for using them.
- Daily credit card interest. According to Trust’s FAQ page, from the moment the withdrawal transaction is posted to your account, you will be charged a 0.077% daily interest on the withdrawn amount. This works out to about 27.9% interest annually. If you pay it off fully immediately, this fee amount is not too significant.
If you want to avoid the daily credit card interest, we’ll advise using the Trust Savings Account Card (not a credit card) instead for cash withdrawals.
Sign-up Bonus
When you sign up for the Trust Cashback Credit Card, you can receive up to 3 scratch cards. You’ll receive one scratch card for achieving each of the spending milestones below.
| First spend on the card |
| Spent S$500 |
| Spent S$1,000 |
For each scratch card, you can receive a cashback of between S$5 to S$1,000. This makes the potential total bonus S$3,000.
From our experience, you’ll likely receive S$5 instead. But hey, you’ll never know if you never try.
If you’re looking to apply for the Trust Cashback Credit Card, you can download the Trust app from the App Store / Play Store and use the code 7F1X2SN1 during sign-up to receive the scratch cards.
Final Thoughts
The Trust Cashback Credit Card is quickly becoming one of our favourite credit cards to use when we’re travelling abroad. It stands out from the competition with its no-fee and great exchange rate features. The cashback that you get in addition is the sweet cherry on top.
This makes the card a much easier recommendation than most multi-currency travel cards in the market at the moment. Not to forget, you’ll get all the benefits of using a credit card over a debit card such as fraud protection and a better cash flow.
If you want to sign up for the card, be sure to use our code 7F1X2SN1 during sign-up to be eligible for the 3 scratch cards which you can win up to S$1,000 each.
