Trust Freedom Card Review
In recent months, Trust Freedom Card has become one of the more interesting credit cards around, offering a choice of miles, cashback, and even “stockback” for users.
After its relatively boring life as Trust Cashback Card, can the Trust Freedom Card really live up to its name, or is its multiple reward options a gimmick?
4 Reward Modes to choose from
In a world of miles versus cashback, Trust Freedom Card somehow offers 4 reward modes:
| Reward Mode | Local Spend | Overseas Spend |
|---|---|---|
| ✈️ Miles | 1.3 miles per dollar | 1.3 miles per dollar |
| 📈 Stockback | 3% until 31st Dec 2026 2% from 1st Jan 2027 | 3% until 31st Dec 2026 0.5% from 1st Jan 2027 |
| 💰 Unlimited Cashback | 1.5% | 0.5% |
| 💵 Bonus Cashback | Up to 15%* bonus cashback on selected category | Up to 15%* bonus cashback on selected category |
Essentially, cardholders can choose between getting miles, stockback, or 2 different forms of cashback.
Regardless of which mode you choose, it can be changed each quarter, and the card will charge no forex fees. Additionally, Trust Freedom Card comes without any annual fees, getting rid one of common annoyance of many credit cards.
In my mind, there are a few use cases of the Trust Freedom Card.
1. Getting miles with no forex fee
Using Trust Freedom Card for overseas spending to earn miles with no forex fees is easily one of its most compelling use cases.
Nearly every miles card we have in Singapore charges a forex fee of at least 3% and up, with the rare exception of Chocolate Card that offers 1 Max Mile per dollar with no forex fee. Trust Freedom Card handily beats this, offering 30% more miles in a credit card form with no minimum balance to maintain.
| Trust Freedom Card | Chocolate Card | |
|---|---|---|
| Card Type | Credit ⭐️ | Debit |
| Earn Rate | 1.3 miles per dollar ⭐️ | 1 mile per dollar |
| S$5 Blocks | Yes | No ⭐️ |
| Spend Cap | Unlimited ⭐️ | S$2,000 (0.4 miles per dollar after) |
| Choice of Miles | Max Miles KrisFlyer miles | Max Miles |
| Transfer Fee | S$27.24 | Free ⭐️ |
| Minimum Balance | None ⭐️ | S$5,000 in Chocolate Finance |
For those who want to earn miles during their overseas trips without paying forex fee, there is almost no reason to pick Chocolate Card over Trust Freedom Card, aside from a lack of transfer fee which isn’t a particularly compelling reason if you have to give up 0.3 miles per dollar for every spend you make.
It doesn’t mean that you should necessarily pick Trust Freedom Card over 4 miles per dollar cards because paying a bit of forex fees can make sense for a higher earn rate:
| Trust Freedom Card | Citi Rewards + Amaze | 4 Miles Per Dollar Card | |
|---|---|---|---|
| Earn Rate | 1.3 miles per dollar | 4 miles per dollar | 4 miles per dollar |
| Forex Fee | 0 | ~2% | 3.25% |
| Cost Per Additional Mile | N/A | 0.75¢ | 1.20¢ |
| Effective Yield | 1.95% (assuming 1.5¢ per mile) 2.34% (assuming 1.8¢ per mile) | ~4% (assuming 1.5¢ per mile) | ~2.75% (assuming 1.5¢ per mile) |
Opting to use a 4 miles per dollar card and incurring 3.25% fee is akin to paying the fee for additional 2.7 miles per dollar over Trust Freedom Card’s 1.3 miles per dollar earn rate. That works out to be around 1.20¢ per mile which isn’t terrible, especially if you value each mile at around 1.5¢.
Citi Rewards plus Instarem Amaze continues to be a stellar pick for overseas spend. Paying 2% spread for additional 2.7 miles per dollar is something any serious miles chaser should jump at since it works out to only 0.75¢ per mile for the incremental earn rate.
That said, there are still plenty of reasons one might want to use Trust Freedom Card overseas. With a choice of either KrisFlyer miles or Max Miles, Trust Freedom Card gives a high degree of flexibility when it comes to transfer partners, even more than Citi’s versatile points. 4 miles per dollar cards also invariably come with spend caps and stricter requirements compared to Trust Freedom Card’s unlimited spend cap.
2. Signing up for its sign-up reward
There are also… 100,000 reasons to pick miles as your starting reward since the card currently comes with a massive sign-up reward of 100,000 Max Miles.
Such large sign-up bonuses are rare, and almost always for cards that charge high annual fees. It is practically unheard of for cards that do not have any annual fee at all like Trust Freedom Card.
Even for those who aren’t into miles, 100,000 Max Miles can be liquidated fairly easily at 1.8¢ each, resulting in a S$1,800 welcome gift.
Trust Freedom Card / Trust Account
Use code JP8171J5
✈️ Up to 100,000 Max Miles
⚠️ Important: select Miles as your preferred reward during sign up. Use code JP8171J5
| Qualifying spend | Reward | Total Max Miles |
|---|---|---|
| S$1,000 | Bonus 20,000 | 20,000 |
| S$5,000 | Bonus 30,000 | 50,000 |
| S$15,000 | Bonus 50,000 | 100,000 |
Miles are awarded within 24 hours of spend requirement met! Spending must be completed within 31 days of approval or by 30th November 2026, whichever is earlier.
⚠️ Terms and conditions
For reference only; refer to exact details in terms and conditions
3. Using the card as a bonus cashback card (particularly for those living overseas)
The Trust Freedom Card continues to offer the Bonus Cashback mode previously available on the Trust Cashback Card, and little has changed since.
Although Trust advertises 5% or 15% bonus cashback, the actual effective cashback rates are much lower because the cashback caps are disproportionately small compared to the minimum spending requirements.
The bonus cashback applies to just one selected category, which you can change every quarter. There are six categories to choose from:
| Category | Description | MCCs |
|---|---|---|
| 🍽️ Dining | Restaurants, fast food, bakeries, caterers, convenience stores | 5462, 5499, 5811, 5812, 5814 |
| 🛍️ Shopping | Online marketplaces, fashion, electronics, department stores, jewellery, cosmetics, bookstores | 4812, 5137, 5262, 5309, 5310, 5311, 5331, 5399, 5611, 5621, 5631, 5641, 5651, 5655, 5661, 5681, 5691, 5699, 5712, 5732, 5940, 5941, 5942, 5944, 5946, 5947, 5948, 5977 |
| 🚗 Transport | Public transport, taxis, ride-hailing, petrol, EV charging, car rentals, parking | 3351–3441, 4111, 4112, 4121, 4131, 4457, 4784, 4789, 5521, 5541, 5542, 5552, 5983, 7512, 7513, 7519, 7523 |
| ✈️ Travel | Airlines, hotels, cruises, travel agencies, tour operators | 3000–3308, 3501–3839, 4411, 4511, 4582, 4722, 4723, 5962, 7011, 7012, 7033 |
| 💆 Wellness | Pharmacies, beauty salons, barbers, spas, massages, sports clubs, chiropractors | 5912, 5997, 7230, 7297, 7298, 7997, 8031, 8041, 8049 |
| 🎬 Entertainment | Streaming services, cinemas, bars, nightclubs, digital games, music, theatre tickets | 4899, 5733, 5735, 5813, 5815, 5816, 5945, 7832, 7841, 7922 |
There are two tiers of bonus cashback, depending on how much you spend each month:
| 5% Bonus Cashback | 15% Bonus Cashback | |
|---|---|---|
| Minimum monthly spend | S$500 | S$2,000 |
| Minimum quarterly spend | S$1,500 | S$6,000 |
| Quarterly bonus cashback cap | S$30 | S$250 |
| Spending in bonus category to max out cashback | S$600 | S$1,666.67 |
| Effective bonus cashback rate | 2% | 4.17% |
| Effective cashback including 1% base cashback | 3% | 5.17% |
To qualify for either tier, you must meet the respective minimum spending requirement for 3 consecutive months.
The main issue with both tiers is that you have to meet the minimum spending requirement every month, even after you’ve maximised the bonus cashback cap.
For example, someone on the 5% tier could max out the S$30 bonus cashback after just S$600 of category spending, but would still need to accumulate S$1,500 in total eligible spending over the quarter. Likewise, someone on the 15% tier could max out the S$250 bonus cashback after S$1,666.67 of category spending, but would still need to spend at least S$6,000 over the quarter.
In practice, the 5% tier works out to a maximum effective cashback rate of just 3%, while the 15% tier is can give a maximum rate of 5.17%. Neither are particularly attractive for local SGD spending, but it can become really compelling for those who are able to make most – if not all – of the spend requirement overseas. This is again due to the lack of forex fee for this card, while many high cashback cards charge a forex fee which eats into much of their rewards.
It’s a niche group of people perhaps, but if you’re a geo-arbitrage retiree or digital nomad who is able to meet the spend requirement of this mode, Trust Freedom Card may well be the most rewarding cashback option you can use.
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What about Stockback or Unlimited Cashback modes?
If you don’t want to deal with minimum spending requirements or tracking bonus categories, the Trust Freedom Card offers two other reward modes: Stockback and Unlimited Cashback.
| 📈 Stockback | 💰 Unlimited Cashback | |
|---|---|---|
| Local spending | 3%* | 1.5% |
| Foreign spending | 3%* | 0.5% |
| Minimum monthly spend | None | None |
| Quarterly rewards cap | S$500 | Unlimited |
| Rewards received as | US stocks or ETFs | Cash |
| Minimum transaction | S$1 | S$1 |
Stockback rewards you with fractional shares of US stocks or ETFs instead of cash, with rewards automatically invested once you accumulate S$10.
The promotional 3% Stockback rate is particularly useful for overseas spending, once again because the card charges no foreign transaction fees. However, it’s nothing too fantastic, especially since the promotion ends on 31st December 2026. You’ll also have to deal with investment price fluctuations and the hassle of selling if you want to cash out.
Unlimited Cashback is more straightforward, offering 1.5% cashback on local spending and 0.5% on foreign spending, with no minimum spend or cashback cap.
However, these rates are easily outshone by other cashback cards, as well as the Freedom Card’s own Bonus Cashback and Miles modes, which can offer better value for those who can meet their requirements.
Overall, Stockback is worth considering for overseas spending while the 3% promotion lasts, but neither mode is particularly compelling as a long-term reason to get the Trust Freedom Card.
Miles is perhaps the best option for most… for now
As it currently stands, miles is perhaps the most useful option for the vast majority of Trust Freedom Card users for now. Not only is the card the best in offering miles without forex fee right now, it is also bribing new cardholders with its massive sign-up reward.
Few things to note about its miles mode:
Spend blocks of S$5, but only for miles
One important drawback of Miles mode is that miles are awarded in blocks of S$5 per transaction, with spending rounded down to the nearest S$5.
For example:
| Transaction Amount | Miles Earned |
|---|---|
| S$4.99 | 0 |
| S$9.99 | 6.5 |
| S$19.99 | 19.5 |
| S$100.00 | 130 |
This means smaller transactions can earn significantly less than the advertised 1.3 miles per dollar, and purchases below S$5 earn nothing at all. If you’re frequently making small purchases, the rounding rule is worth keeping in mind. For larger transactions, its impact becomes much less significant.
The S$5 rounding rule only applies to Miles mode, not the other three rewards modes.
Instant conversions to KrisFlyer miles or Max Miles, but conversion fee applies
Trust Freedom Card earns Trust Miles which can be converted instantly to either Singapore Airlines KrisFlyer miles or HeyMax Max Miles at a 1:1 ratio.
| KrisFlyer | HeyMax | |
|---|---|---|
| Conversion Ratio | 1:1 | 1:1 |
| Minimum Conversion | 1 mile | 1 mile |
| Conversion Time | Instant | Instant |
| Conversion Fee | S$27.25 | S$27.25 |
The ability to transfer as little as one mile is excellent, especially when many banks require conversions in blocks of 10,000 miles.
HeyMax also gives you access to a wider range of airline and hotel loyalty programmes through subsequent transfers, making it potentially more versatile than transferring directly to KrisFlyer.
However, the S$27.25 conversion fee applies to every transfer, regardless of how many miles you convert. Whether you’re transferring 1,000 miles or 100,000 miles, you’ll pay the same fee. Naturally, this makes smaller conversions poor value, so it’s better to accumulate a substantial balance before transferring.
Overall, instant transfers and flexible conversion amounts are welcome features, but the relatively hefty conversion fee takes some shine off. Digital banks have so far been exemplary in doing away with junk fees like card annual fees, so it would have been nice for them not to charge miles conversion fees too.
Trust Miles have a 3 to 4 years of validity
While it’s unfortunate that Trust Miles have expiry dates, they only expire at the end of the 3rd year after they are earned. Miles earned in 2026, for example, will only expire on 31st December 2029.
| Period Earned | Expiry Date |
|---|---|
| Anytime in 2026 | 31st December 2029 |
| Anytime in 2027 | 31st December 2030 |
| Anytime in 2028 | 31st December 2031 |
Card includes common exclusions, though hospitals are not in the list
Like most credit cards, the Trust Freedom Card comes with a list of transactions that are excluded from earning rewards, including insurance premiums, utilities, education fees, government payments and prepaid wallet top-ups.
| Category | Excluded MCCs |
|---|---|
| Utilities, Rentals and Cleaning Services | 4900, 6513, 7349 |
| Financial Institutions, Securities, Quasi-Cash, Insurance, Stored Value and Money Transfers | 4829, 5960, 6010, 6011, 6012, 6051, 6211, 6300, 6540 |
| Gambling | 7995 |
| Educational Institutions | 8211, 8220, 8241, 8244, 8249, 8299 |
| Charities, Political and Religious Organisations, Government Payments | 8398, 8651, 8661, 9211, 9222, 9223, 9311, 9399, 9402, 9405 |
| Other Services | 7299, 7399, 8999 |
Hospitals (MCC 8062) are a notable omission on the exclusion list, unlike many other credit cards. Medical and dental clinics are also not specifically excluded.
This means eligible hospital bills, medical consultations and dental treatments can earn rewards and count towards the card’s welcome offer spending requirements, provided the transactions are processed under eligible MCCs.
The Good
- 1.3 miles per dollar on both local and overseas spending with no minimum spending requirement or miles cap
- No foreign currency transaction fees, making it one of the most attractive miles cards for overseas spending
- No annual fee
- Up to 100,000 Max Miles sign-up reward, an exceptionally generous welcome offer especially for a no-annual-fee card
- Instant 1:1 miles conversions to KrisFlyer or Max Miles, with no minimum conversion amount
- Trust Miles have a relatively generous validity of 3–4 years
- Promotional 3% Stockback on local and overseas spending until 31st December 2026
- Card does not exclude hospitals
The Bad
- Miles are awarded in blocks of S$5 per transaction
- S$27.25 fee for every miles conversion, regardless of the number of miles transferred
- Reward modes can only be changed quarterly
- Bonus Cashback mode has high minimum spending requirements relative to its cashback caps
- Stockback rates will be significantly reduced from 1st January 2027, particularly for overseas spending
- Unlimited Cashback rates of 1.5% locally and 0.5% overseas are easily outclassed by competing cards
- Miles mode’s earn rate is relatively modest compared to 4 miles per dollar cards
The Verdict
Despite offering four different rewards modes, the Trust Freedom Card’s biggest strength is its ability to reward overseas spending without foreign currency transaction fees. Not all four modes are equally compelling, and some are easily outclassed by competing cards.
For now, I think Miles mode is the strongest reason to get this card. Earning an uncapped 1.3 miles per dollar cards don’t qualify for bonus miles or have exhausted their spending caps. The massive welcome promotion of up to 100,000 Max Miles only sweetens the deal, although you’ll need to meet the substantial spending requirements to maximise it.
That’s not to say the other modes are completely pointless. Bonus Cashback could be attractive for people who consistently spend large amounts overseas, while the promotional 3% Stockback is a decent alternative for those who prefer investments over miles. However, these are relatively niche use cases, and Unlimited Cashback is frankly nothing to get excited about.
Ultimately, I see the Trust Freedom Card as a useful supplementary card rather than a replacement for your existing cards. I would use it primarily for overseas spending that doesn’t qualify for better rewards elsewhere, while continuing to maximise my 4 miles per dollar cards whenever possible.
With no annual fee to worry about, there’s little downside to keeping it around, even if you only use it occasionally.
For new cardholders, the card is a no-brainer for as long as the generous promo lasts.
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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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