No Annual Fee. No Minimum Spend. No Catches? Why Trust Bank’s Credit Card Is Singapore’s Worst-Kept Secret

A deep dive into Trust Bank’s two credit cards — the Link Card and Cashback Card — and why they’re quietly winning over Singapore cardholders in 2026.

The Trust credit card — available as the Link Card or Cashback Card — gives Singapore residents 1% unlimited cashback on all local spend, zero annual fees forever, and zero foreign transaction fees. Backed by Standard Chartered and NTUC FairPrice Group, it’s one of the only credit cards in Singapore that doesn’t punish you with minimum spend requirements, hidden charges, or waiver hoops. Sign up with referral code HTWYQP95 to get S$35 in cashback.

Not financial advice. All figures are for educational reference only. Data as at June 2026 unless noted.

Disclosure: This article contains a referral link to Trust Bank. If you sign up using our referral code HTWYQP95, you’ll receive S$35 in cashback and The Kopi Notes may earn a referral bonus. All opinions are our own.

Table of Contents

What Makes the Trust Credit Card Different?

Most Singapore credit cards play the same game. They dangle impressive cashback rates — 5%, 8%, even 10% — but bury the fine print. You need to hit S$600 or S$800 in monthly spend. You need to pay an annual fee of S$192.60 (and remember to call in every year to waive it). You lose your cashback if you miss a single month’s minimum. For the average cardholder, the “rewards” are more work than reward.

The Trust credit card does things differently. Here’s the short version of why it’s turning heads:

Zero annual fee — forever. Not “first year free” or “waivable with S$10,000 spend.” Zero. That saves you roughly S$192.60 per year compared to most bank credit cards. Over five years, that’s nearly S$1,000 you keep in your pocket.

Zero foreign transaction fees. Most Singapore credit cards charge 3.25% on overseas purchases — a 3.25% Visa/Mastercard cross-border fee that quietly eats into your travel spending. Trust charges nothing. This alone makes it competitive with travel-focused cards like YouTrip for overseas spending.

No minimum spend for base cashback. Your 1% cashback on local spend kicks in from the very first dollar. No tiers, no thresholds, no monthly minimums. Spend S$50 this month? You get S$0.50 back. Spend S$5,000? You get S$50 back. Simple.

Two Cards, One Bank: Link Card vs Cashback Card

Trust Bank actually offers two credit cards, and understanding the difference helps you pick the right one (or get both — yes, you can hold both simultaneously).

Trust Link Credit Card

The Link Card is designed for NTUC FairPrice shoppers. It integrates with the Linkpoints loyalty system, giving you points for every dollar spent. The headline benefit is up to 21% savings on FairPrice Group purchases — that includes FairPrice supermarkets, Unity pharmacy, Cheers convenience stores, and Kopitiam food courts.

If you’re an NTUC union member, the savings stack further. You also get up to 20% fuel savings at Caltex stations. For a household that spends S$800–S$1,200 per month on groceries and fuel, the Link Card can save you S$150–S$250 per month on essentials alone.

Trust Cashback Credit Card

The Cashback Card is the more versatile option. It gives you 1% unlimited cashback on all local eligible spend, 0.5% unlimited cashback on all foreign eligible spend, and — here’s the interesting part — up to 15% bonus cashback on a preferred spending category that you choose yourself.

The preferred category changes quarterly, and you pick the category that matches your spending habits. The 15% bonus cashback is capped at S$250 per quarter, but that’s still S$1,000 per year in bonus cashback if you max it out every quarter.

You can also hold both cards at the same time. Trust Bank lets you make a single payment to cover both cards’ outstanding balances — no juggling multiple bill payments.

Source: Trust Bank Singapore, June 2026

Cashback Deep Dive: How Much Can You Actually Earn?

Let’s run the numbers with a real scenario. Say you’re a Singapore resident spending S$2,000 per month on your Trust Cashback Card — S$1,500 locally and S$500 overseas.

Monthly cashback calculation:

Local spend: S$1,500 × 1% = S$15.00

Foreign spend: S$500 × 0.5% = S$2.50

Monthly base cashback: S$17.50

Over a quarter (3 months), that’s S$52.50 in base cashback. Now add the preferred category bonus. If S$500 of your monthly local spend falls in your chosen category, that’s S$1,500 per quarter × 15% = S$225 in bonus cashback.

That’s before counting partner deals. If you fuel up at Caltex and book hotels on Agoda, the stacked savings push your effective cashback rate to around 8% on total spend — comparable to the best tiered cashback cards, but without the minimum spend headache.

However, let’s be realistic about the 15% bonus. You need to hit specific spend tiers (S$500 or S$2,000 in total monthly eligible spend for three consecutive months in a quarter) to unlock the full 15%. If you don’t hit those tiers, your bonus rate drops. For a more conservative estimate, a moderate spender earning 1% base cashback on S$1,500/month local spend takes home about S$180/year — still decent for a card with zero fees.

Compare that to a typical bank card: an OCBC 365 or UOB One Card might offer 5% cashback, but only on specific categories, only above S$600–S$800 monthly spend, and you’re paying S$192.60/year in annual fees (unless you remember to call and negotiate a waiver). After fees and missed thresholds, many cardholders end up worse off than Trust’s straightforward 1%.

Zero FX Fees: The Travel Card You Didn’t Know You Had

Here’s something most people overlook about the Trust credit card: it charges zero foreign transaction fees. No Visa cross-border fee, no exchange rate markup. Nothing.

Why does this matter? Most Singapore credit cards charge 3.25% on overseas purchases. That includes online purchases in foreign currencies — your Netflix USD subscription, your Amazon US order, your Booking.com hotel in Japan.

Let’s put that in dollar terms. If you spend S$3,000 overseas on a holiday (flights, hotels, food, shopping), a typical credit card costs you an extra S$97.50 in hidden FX fees. The Trust credit card? S$0.

That makes Trust surprisingly competitive with dedicated multi-currency cards like Wise and YouTrip for travel spending. The difference is that Trust is a full credit card with a credit line, not a prepaid card you need to top up before each trip. You also get the 0.5% cashback on foreign spend on top of the zero FX fee — most travel cards give you nothing back.

For Singaporeans who travel 2–3 times a year and spend S$5,000–S$10,000 overseas annually, the Trust credit card saves S$162–S$325 per year in FX fees alone. Add that to the S$192.60 annual fee savings and you’re looking at S$355–S$518 per year in pure savings versus a traditional bank card.

Trust Credit Card Eligibility: Who Can Apply?

The Trust Bank credit card eligibility requirements are more accessible than most traditional bank cards in Singapore. Here’s a breakdown as at June 2026:

Source: Trust Bank Singapore FAQ, June 2026

A few things worth noting. The S$30,000 minimum income is the MAS-mandated floor for all credit cards in Singapore — Trust Bank can’t go lower even if it wanted to. However, the S$15,000 threshold for those above 55 is a notable concession that makes the card accessible to retirees and semi-retired Singaporeans. If you’re building a retirement income plan, having a zero-fee credit card that earns cashback on everyday spending is a practical addition to your financial toolkit.

The application is fully digital — done entirely through the Trust Bank app. No branch visits, no paper forms. Most approvals happen within minutes if you verify via SingPass MyInfo.

How to Apply for the Trust Credit Card

The sign-up process takes under 5 minutes. Here’s how:

Step 1: Download the Trust Bank app. It’s available on both the App Store and Google Play. Search “Trust Bank.”

Step 2: Create your Trust Bank account. You’ll need your NRIC or FIN. Use SingPass MyInfo for the fastest verification — it pulls your personal details automatically and most accounts are approved within 2 minutes.

Step 3: Enter referral code HTWYQP95. This is the step most people miss. Look for the “Referral Code” field during sign-up. Enter HTWYQP95 to get S$35 in cashback credited to your account. You cannot add the code after sign-up, so don’t skip this.

Step 4: Apply for the credit card. Once your savings account is set up, apply for the Link Card, Cashback Card, or both directly in the app. You’ll need to provide income information. Credit approval is typically instant.

Step 5: Start using your card immediately. Trust Bank issues a virtual card instantly — you can add it to Apple Pay or Google Pay and start spending right away. Your physical card arrives by mail within 5–7 working days.

One clever feature: Trust Bank lets you choose your own repayment date during card application. That’s a first for Singapore credit cards. Pick the date that aligns with your salary credit to avoid cash flow issues.

Trust Credit Card vs the Competition

How does the Trust credit card stack up against the popular Singapore credit cards in 2026? Let’s compare the key metrics that actually matter for everyday spending.

Source: Official bank websites, June 2026. Annual fees shown are before GST. Cashback rates shown are base/tiered ranges.

The pattern is clear. Traditional bank cards offer higher peak cashback rates, but those rates come with strings: annual fees, minimum monthly spend, category restrictions, and cashback caps. Trust’s value proposition is simplicity — you earn from dollar one, pay nothing in fees, and don’t need to optimise your spending every month to earn rewards.

The closest competitor in terms of philosophy is the AMEX True Cashback Card, which also offers flat-rate cashback with no minimum spend. However, AMEX acceptance in Singapore is still patchy compared to Visa/Mastercard, and the AMEX card charges a 2.5% FX fee on overseas spend. Trust wins on acceptance (Mastercard network) and overseas spending (0% FX fee).

If you’re the kind of person who tracks spending categories and calls your bank every year to waive annual fees, a traditional card might earn you more raw cashback. However, if you value simplicity and hate the annual fee waiver dance, Trust is the smarter pick. For investors building a portfolio through platforms like Syfe or Endowus, the money saved on fees can be redirected into your investments — even small amounts compound over decades.

Who Is the Trust Credit Card Best For?

After looking at the numbers, here’s who benefits most from the Trust credit card — and who might want to look elsewhere.

The Trust credit card is ideal if you:

Shop at FairPrice regularly. The Link Card’s up to 21% savings on FairPrice Group spending is unmatched. If your household groceries come from FairPrice, Cold Storage alternatives aside, this card pays for itself many times over.

Want a zero-maintenance credit card. No annual fee to worry about, no minimum spend to track, no categories to optimise. Use it, earn cashback, done. This is especially valuable for people who find the annual fee waiver call annoying.

Travel frequently. The zero FX fee makes this one of the cheapest credit cards for overseas spending. Combined with 0.5% foreign cashback, you’re actually earning money on overseas purchases instead of losing 3.25% on them.

Are a young professional or first-time credit card holder. With the S$30,000 income requirement and fully digital application, this is one of the most accessible credit cards in Singapore. No branch visits, instant virtual card, Apple Pay ready.

Are retired or semi-retired. The S$15,000 income requirement for those above 55 is notably lower than most banks. A zero-fee card with straightforward cashback is practical for retirees living on passive income or CPF Life payouts.

Consider other options if you:

Spend heavily in specific categories. If you consistently spend S$800+ per month on dining (OCBC 365) or S$888+ on groceries (Citi Cash Back), the higher tiered cashback rates on traditional cards may outperform Trust’s flat 1% — assuming you consistently hit the thresholds.

Prefer miles over cashback. Trust doesn’t offer miles conversion. If you fly frequently and value airline miles, cards like the Citi PremierMiles or DBS Altitude are better suited.

Need premium perks. Airport lounge access, concierge services, and travel insurance bundled with premium cards aren’t part of Trust’s offering. For those benefits, look at cards with annual fees of S$500+ — though for most Singaporeans, these perks don’t justify the cost.

A Note on Interest Rates

From 1 July 2026, Trust Bank is introducing personalised interest rates ranging from 18.9% to 29.9% p.a. (EIR), reviewed every 6 months based on your credit behaviour. This is generally competitive — most Singapore credit cards charge 25%–28% p.a. as a flat rate.

That said, the best strategy with any credit card is to pay your balance in full every month and never pay interest at all. If you’re carrying a revolving balance, your cashback earnings are being completely wiped out by interest charges. For anyone focused on growing wealth through investing — whether in S-REITs, T-bills, or ETFs — paying off your credit card in full each month is rule number one.

Not financial advice. Credit card interest rates and terms are subject to change. Always refer to the Trust Bank Key Facts Sheet for the latest details.

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