Trust Bank Rebrands Cashback Card to Freedom Card With New 3% Stockback Perk
Trust Bank has rebranded its Trust Cashback Card to the Trust Freedom Card, introducing a flexible rewards structure that lets Singapore users choose between cashback, miles, or an equity-based reward called “stockback” in development with Tiger Brokers, according to reporting by The Straits Times.
Trust Freedom Card Rewards and Structure
The rebranded card requires a minimum annual income of S$30,000 and carries no annual fee or foreign currency transaction fees, according to The Straits Times. Cardholders can select from three distinct rewards modes through the Trust app: Unlimited Cashback, Bonus Cashback, and Stockback, with a forthcoming miles option still under development. Selections can be rotated every membership quarter, which is defined as three consecutive months starting from the month of card approval, as reported by The Straits Times.
Under the Unlimited Cashback mode, cardholders earn 1.5% cashback on local Singapore dollar spending and 0.5% cashback on foreign currency transactions. The Straits Times notes that the local earn rate represents an increase from the previous 1% uncapped rate offered under the legacy Cashback Card. However, The Straits Times points out that the 1.5% local earn rate faces stiff competition from alternatives like the Mari Credit Card, which offers a similar 1.5% rate with no foreign currency fees until the end of December 2026.
Evaluating the Bonus Cashback and 15% Claim
The Bonus Cashback mode offers a headline figure of up to 15% cashback on a selected bonus category, alongside 1% on other local spending and 0.5% on foreign currency spending. The Straits Times emphasizes that this 15% figure is highly misleading. According to The Straits Times’ calculations, achieving the maximum S$250 quarterly cashback cap requires spending S$2,000 per month for three consecutive months—totaling S$6,000—while restricting spending in the bonus category to just S$555 per month.
Because cardholders must spend the remaining S$1,445 monthly on non-bonus categories at much lower earn rates, the true total cashback percentage drops to a maximum of 5.17%, according to The Straits Times’ analysis. A lower tier offers a S$30 quarterly cap for S$500 in monthly spending, yielding a true bonus cashback rate of 2% and a total rate of 3%, as detailed by The Straits Times.
The Introduction of Stockback Rewards
The most prominent addition to the card is the 3% stockback option, developed in cooperation with Tiger Brokers to woo users interested in equities. According to The Straits Times, cardholders who select this mode can earn 3% of their transaction value back in a pre-selected stock or exchange-traded fund (ETF) regardless of currency, up to a cap of S$500 per quarter, which translates to S$16,667 in spending.
This introductory 3% rate runs until December 31, 2026, after which it drops to 2% stockback on local spending and 0.5% on foreign currency spending starting January 1, 2027, as reported by The Straits Times. Fractional stocks are credited once the cardholder accumulates at least S$10 worth of stockback value, according to The Straits Times. Standard Chartered reportedly plans to transfer part of its credit card portfolio to Trust Bank, making the flexible Freedom Card a strategic vehicle for consolidating the digital bank’s card offerings.