Nerfed: Trust Cashback Card Halves Cashback on Forex Transactions to 0.5% From 1st March 2026
In an email sent to cardholders, Trust Bank has announced changes to Trust Cashback Card that are primarily downgrades to the card’s benefits.
Notably, the cashback offered on foreign currency transactions will be halved to 0.5% from its current 1%. Among other changes, the S$1,000 per month spend tier is also being removed.
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Summary of Changes
| Until 28th February 2026 | From 1st March 2026 | |
|---|---|---|
| Foreign Spend Earn Rate (Non-preferred Category) | 1% | 0.5% |
| Foreign Spend Earn Rate (Preferred Category) | 0% (bonus upon min. spend) | 0.5% (plus bonus upon min. spend) |
| Local Spend Earn Rate (Non-preferred Category) | 1% | 1% |
| Local Spend Earn Rate (Preferred Category) | 0% (bonus upon min. spend) | 1% (plus bonus upon min. spend) |
| Spend Tiers (For 3 Consec. Months) | S$500 per month S$1,000 per month S$2,000 per month | S$500 per month S$2,000 per month |
| Shopping Category | Current MCCs | More MCCs like telcos, furniture and electronics added |
0.5% cashback on foreign currency transactions
A major use case for the Trust Cashback Card would likely be for overseas spending transactions. With 0 forex fee and unlimited 1% cashback, Trust Cashback Card has been a fuss-free card to use for one’s overseas spending. Without any minimum spend, cardholders can get pretty decent exchange rates and 1% cashback (as long as the transaction does not fall within their selected category).
The earn rate is going to be halved to 0.5% from 1st March 2026. Things look less flattering when we consider how Mari Credit Card was recently buffed to 1.5% cashback with the same 0 forex fee and even promises best-in-class rates for certain currencies (stay subscribed for upcoming updates). It’s definitely an easy replacement for those who rely on the Trust Cashback Card as their overseas go-to.
Preferred Category to receive base cashback
A slight buff to the card would be that the user-chosen “preferred category” would receive the base cashback of 1% for local spend and 0.5% for forex spend after the changes take effect.
Currently, one’s preferred category does not get any base cashback at all. Instead, it receives a bonus cashback should the cardholder meet a certain minimum monthly spend for 3 consecutive months.
| Until 28th February 2026 | From 1st March 2026 | |
|---|---|---|
| Foreign Spend Earn Rate (Non-preferred Category) | 1% | 0.5% |
| Foreign Spend Earn Rate (Preferred Category) | 0% (bonus upon min. spend) | 0.5% (plus bonus upon min. spend) |
| Local Spend Earn Rate (Non-preferred Category) | 1% | 1% |
| Local Spend Earn Rate (Preferred Category) | 0% (bonus upon min. spend) | 1% (plus bonus upon min. spend) |
The current mechanic causes an awkward situation for people like me who have been using Trust Cashback Card as an easy-to-use travel card overseas with no interest in meeting the spend tiers. Cardholders who want to use the card overseas for dining expenses, for instance, so far need to avoid picking Dining as their preferred category or they will not get any cashback on dining transactions if they do not hit the minimum spend.
It’s a good thing that this oddity will be fixed… for those who do want to continue using the card after it becomes considerably less good from 1st March onwards.
S$1,000 spend tier removed
Speaking of spend tiers and minimum spends, the digital bank has decided to axe one spend tier entirely:
| Monthly Spend Amount | Advertised Cashback | Cashback Cap | Max. Effective Cashback | From 1st March 2026 |
|---|---|---|---|---|
| S$500 | 5%* | S$30 per quarter | 2% | 🟢 Same |
| S$1,000 | 10%* | S$100 per quarter | 3.33% | ❌ Removed |
| S$2,000 | 15%* | S$250 per quarter | 4.17% | 🟢 Same |
With the effective earn rates very far from the marketing numbers (something I talked about when the card first launched) plus the quarterly cashback mechanic, I have never quite bothered with using this card for its bonus cashback rates.
But for those who have been indeed been used to the middle S$1,000 tier, the closest alternatives are most likely UOB One or Maybank Platinum Visa.
Cardholders whose quarters end on 31st March 2026 or 30th April 2026 will see the revised spend tiers apply from the next quarter.
Shopping category expanded
Finally, Trust Bank is expanding the Shopping category to include quite a few more useful Merchant Category Codes (MCC). Notable inclusions are 4812 for spending at telcos, 5712 for furniture, and 5732 for electronics.
See the full list here:
A considerably less useful card from 1st March 2026
I suppose there has to be at least one or two Trust Cashback Card user who would benefit from the changes come 1st March due to their inexplicable spending habits (someone who can spend S$2,000 per month on electronics, perhaps), but I’m guessing it is far likelier that there are many more users who have been using the card as a 1% cashback no forex fee card overseas who would see this as a big nerf.
Fortunately, an easy alternative exists — the Mari Credit Card is perfect in every way except for those who spend a lot overseas within a month because of Maribank’s cashback cap of S$22.50 (S$1,500 spend) for overseas transactions. Given the nature of cashback, there is also no switching cost involved, and you even get a little sign-up reward.
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H/T: Thanks to Adam
Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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