Trust Bank Credit Cards Compared (2026): Freedom vs Link — Which One Should You Get?

Trust Bank offers exactly two credit cards in 2026: the Freedom credit card and the Trust Link credit card (also called the NTUC Link credit card). Both have zero annual fee, zero foreign transaction fees, and the same sure-win Golden Scratch Card welcome gift when you sign up with a referral code.

But they reward very differently, target different spending patterns, and are backed by different value propositions. Pick the wrong one, and you will leave consistent money on the table every quarter.

This guide walks you through every meaningful difference — earn rates, reward structures, spend exclusions, welcome promos, and the edge cases that most comparison articles skip. By the end, you will know exactly which card belongs in your wallet, or whether holding both makes sense.

→ Apply for either Trust Bank card with referral code 2GG9T8K3 — sure-win scratch card up to S$8,000

What Is Trust Bank?

Trust Bank is Singapore’s first digital full bank, launched in September 2022 as a joint venture between Standard Chartered Bank and FairPrice Group. By early 2025, it had passed one million customers, making it Singapore’s fourth-largest retail bank by customer count.

It operates entirely through the Trust app — no branches, no physical counters. Customer service runs via in-app chat, and all card management, rewards tracking, and payments happen in-app.

Trust Bank is regulated by the Monetary Authority of Singapore (MAS) under a Digital Full Bank licence. Singapore dollar deposits are insured under the SDIC scheme up to S$100,000 per depositor.

For more on how Trust Bank sits within Singapore’s digital bank landscape, see the best digital banks in Singapore 2026 guide.

Trust Bank Credit Cards at a Glance: Comparison Table

The table below covers every key factor side by side. Scroll down for the detailed breakdown of each point.

The Trust Freedom Credit Card — Full Breakdown

What It Is

The Trust Freedom card is the flagship product: a flexible rewards card that lets you choose your earning mode at the start of each quarter. It replaced the original Trust Cashback card in 2026, with existing Cashback cardholders automatically migrated to the new product.

It is a Visa Signature card with no annual fee, no FX fee, and free unlimited overseas ATM withdrawals — a combination that makes it useful both as an everyday card and a travel card.

The Four Reward Modes

The Freedom card’s central feature is the ability to switch your quarterly reward mode via Rewards → My earnings → Freedom card → Switch rewards in the Trust app. You select one mode per quarter:

Mode 1 — 3% Stockback (promo rate until 31 December 2026) Every eligible dollar of spend earns 3% in fractional shares of one US company you select (NVIDIA, Microsoft, Apple, Amazon, Alphabet, Meta, or Tesla). The quarterly cap is S$500 in stock value earned — reached at roughly S$16,667 in quarterly spend. From 1 January 2027, this drops to 2% on local spend and 0.5% on foreign spend.

Mode 2 — Unlimited 1.5% cashback (local) / 0.5% cashback (foreign) Simple, uncapped cashback. No categories, no minimum spend. Credited instantly to your card with each transaction.

Mode 3 — Bonus cashback: 1.0% local / 0.5% foreign + up to 15% in one chosen category A lower base rate in exchange for a significantly higher bonus on one spending category you nominate for the quarter — dining, groceries, transport, or similar. The quarterly bonus cap limits the maximum payout. Best for spenders with one dominant, consistent spending category.

Mode 4 — Miles: 1.3 miles per S$1 (local and foreign) New as of September 2026. Earn 1.3 Trust Miles per S$1 spent (awarded per every S$5 block), convertible to KrisFlyer miles or Max Miles at 1:1. A flat S$27.25 (incl. GST) conversion fee applies per transfer batch. No FX fee on overseas spend makes this genuinely competitive for miles-on-travel spend.

See the full breakdown of the miles option and the current welcome bonus in the Trust Freedom Card miles guide.

Current Welcome Offers (Until 31 October 2026)

Stockback / Cashback modes: New cardholders who select Stockback receive a sure-win stock gift of up to 8,000 USD. Those who select Cashback receive a sure-win cashback gift of up to S$8,000. No minimum spend required for the scratch card itself.

Miles mode: Spend within 31 days of approval to earn:

• S$1,000 spend → 20,000 Max Miles (worth S$360 in flight credits)
• S$5,000 spend → 50,000 Max Miles (worth S$900)
• S$15,000 spend → 100,000 Max Miles (worth S$1,800)

These are stacking tiers — hitting S$5,000 earns you both the S$1,000 and S$5,000 rewards. Promo applies to applications approved between 21 September and 31 October 2026.

Who the Freedom Card Is Best For

The Freedom card is a strong fit if you:

• Spend across multiple categories and want one zero-fee card that covers everything
• Travel occasionally and want to avoid FX fees on overseas spend
• Want exposure to US equities in small amounts without opening a separate brokerage
• Plan to take advantage of the 100,000 Max Miles welcome bonus (miles mode)
• Value the ability to shift your reward focus each quarter

It is a weaker fit if:

• The majority of your spending is at FairPrice Group — the Link card will outperform it there
• You want a supplementary card for a family member
• You want premium perks (lounge access, concierge, high hotel earn rates) — this is a no-fee card, not a premium product

For a detailed per-mode analysis of the Freedom card, see the Trust Bank Freedom Credit Card review.

The Trust Link Credit Card — Full Breakdown

What It Is

The Trust Link card (also called the NTUC Link credit card) is the grocery and daily essentials card. It earns Linkpoints on all eligible spend, with meaningfully elevated earn rates at FairPrice Group stores — NTUC FairPrice supermarkets, Unity Pharmacy, Kopitiam food courts, and Cheers convenience stores.

It is the card built around Singapore’s NTUC ecosystem. NTUC Union members get additional Linkpoints tiers. Non-members can still hold the card and earn standard Linkpoints, but the NTUC member advantage is where the card differentiates.

Like the Freedom card: zero annual fee, zero foreign transaction fee, Visa network, and the same Trust app experience.

Earn Rates and Savings

At FairPrice Group stores: Up to 21% savings on groceries and food at NTUC FairPrice, Unity Pharmacy, Kopitiam, and Cheers when you pay with the Trust Link card and meet monthly spend requirements. The actual savings rate depends on your monthly spend tier and NTUC Union membership status.

At Caltex fuel stations: Up to 20% fuel savings when you use the Trust Link card at Caltex. This is one of the strongest fuel discounts available on any Singapore credit card — if you drive and fill up at Caltex regularly, this alone is worth noting.

All other spend: Linkpoints at standard earn rates. Linkpoints are redeemable from as low as 99 points (S$0.99) at FairPrice Group stores. There is no cashback or miles option on the Link card — rewards are entirely Linkpoints-based.

What Linkpoints are worth: 1 Linkpoint = S$0.01 in purchasing power when redeemed at FairPrice Group. This is a fixed redemption rate — there is no transfer to airlines, hotels, or other partners. If you want to use points for travel redemptions, the Freedom card (Miles mode) is the only Trust card that supports that.

Supplementary Cards

The Trust Link card supports supplementary cards — a feature the Freedom card does not currently offer. You can share the card benefits with a family member, set a monthly spend limit for the supplementary cardholder, and track all spending through the Trust app.

The supplementary cardholder’s eligible spend also counts toward your monthly minimum spend threshold, which is useful for households trying to unlock higher Linkpoints earn tiers.

NTUC Union Member Advantage

NTUC Union members enjoy a higher Linkpoints earn tier at FairPrice Group, making the effective savings rate meaningfully better than non-members. If you are not currently a union member, you can join NTUC separately — membership gives access to the higher earn tiers and other union benefits beyond the credit card.

Non-union members can still hold and use the Trust Link card — you simply earn at the standard (non-member) Linkpoints rate.

Who the Trust Link Card Is Best For

The Trust Link card is a strong fit if you:

• Do a significant portion of your grocery shopping at NTUC FairPrice
• Are an NTUC Union member (or plan to become one)
• Fill up at Caltex regularly — 20% fuel savings is a standout benefit
• Shop at Unity Pharmacy, Kopitiam, or Cheers as part of your weekly routine
• Want a supplementary card for a household family member

It is a weaker fit if:

• Your grocery spend is split across multiple supermarkets (Cold Storage, Sheng Siong, Fairprice Finest) — you will not hit the higher savings tiers
• You travel and want to earn miles on overseas spend — the Link card does not have a miles mode
• You want to earn cashback rather than Linkpoints — redemption is NTUC ecosystem only

The Shared Features (Both Cards)

Both the Freedom and Link cards share these features:

Zero annual fee — permanently. Not a first-year waiver. Both cards are free to hold indefinitely.

Zero foreign transaction fee. No FX markup on overseas or foreign-currency spend. This is relevant even for the Link card — if you use it for occasional overseas spending, you will not be penalised.

Personalised interest rates. From 1 July 2026, Trust Bank applies personalised interest rates starting from 18.9% p.a. rather than a flat industry-standard rate. Your actual rate depends on your credit profile.

One payment for both cards. If you hold both the Freedom and Trust Link cards, a single monthly payment clears the outstanding balance on both. You do not need to make separate payments.

Split purchase. Purchases of S$50 and above can be split into interest-free instalments via the Trust app’s Split Hub.

Apple Pay and Google Pay. Both cards work with contactless mobile payment wallets.

Instant use. Both cards can be used digitally (via Apple Pay / Google Pay) immediately after approval, before the physical card arrives.

In-app customer service. 24/7 in-app chat support for both cards.

Current Welcome Promos: Both Cards (Until 31 October 2026)

Both cards are running the same base welcome promo for new Trust credit card customers through 31 October 2026.

Sure-win sign-up gift:

• Freedom card + Stockback mode: Sure-win up to 8,000 USD in stock
• Freedom card + Cashback mode: Sure-win cashback from S$50 to S$8,000
• Trust Link card: Sure-win cashback from S$50 to S$8,000

No minimum spend is required for the scratch card reward. It appears in Rewards → Quests within 24 hours of your card application being approved.

Miles welcome bonus (Freedom card — Miles mode only): For new cardholders who select Miles as their reward mode and meet spend requirements within 31 days of approval:

To claim any of these: use referral code 2GG9T8K3 at the “Get Started” screen when you first open the Trust app — before completing your application. A new Trust credit card customer is anyone with no existing or previously cancelled Trust credit card. Full details at the Trust Bank referral code page.

Freedom vs Link: Which Card Should You Get?

Get the Trust Freedom Card if:

• You want reward flexibility — the ability to switch between cashback, stock, and miles each quarter
• You travel even occasionally and want zero FX fees with the option to earn miles
• You are interested in the 100,000 Max Miles welcome bonus before 31 October 2026
• Your spending is spread across multiple categories rather than concentrated at FairPrice
• You want free unlimited overseas ATM withdrawals

Get the Trust Link Card if:

• NTUC FairPrice is your main supermarket and you shop there weekly
• You are an NTUC Union member (or are willing to become one for the higher Linkpoints tier)
• You fill up at Caltex regularly — the 20% fuel saving is genuinely significant
• You want a supplementary card for a spouse or family member
• You want your rewards to go directly toward groceries and daily essentials with no conversion or transfer steps

Get both if:

You can apply for and hold both cards simultaneously. Trust allows this — and the two cards even share a single monthly payment.

The practical case for holding both: use the Freedom card as your general spend card and for all overseas transactions (miles mode or cashback), while using the Trust Link card specifically at FairPrice Group, Unity Pharmacy, Kopitiam, and Caltex where the Linkpoints advantage is clear.

One important note: only one sure-win Golden Scratch Card is issued at sign-up, not one per card. If you apply for both simultaneously, you receive one scratch card — not two. The scratch card reward type (cashback vs stock) follows the reward mode you select for the Freedom card, or cashback for the Link card if you apply for it alone.

How to Apply — Step by Step

→ Apply with referral code 2GG9T8K3 for a sure-win gift of S$50 to S$8,000

For a visual walkthrough of every step, see the full guide: how to use a Trust Bank referral code.

The process in brief:

1. Download the Trust Bank app from the App Store (iOS) or Google Play (Android)
2. Tap Get Started — you will be prompted for a referral code
3. Enter 2GG9T8K3 (do this before any other step, or you will not receive the referral reward)
4. Complete your identity verification via SingPass MyInfo
5. Select your card — Freedom, Link, or both
6. For Freedom card: select your preferred reward mode (Stockback, Cashback, or Miles)
7. Your Golden Scratch Card appears in Rewards → Quests within 24 hours of approval

Important: The referral code cannot be added after your account is created. Enter it at the first “Get Started” screen.

Frequently Asked Questions

Final Verdict

Both Trust Bank cards offer genuine value — but they serve different purposes, and the right choice depends entirely on how you actually spend.

Default to the Trust Freedom card if you want one flexible, zero-fee card that covers all spend categories, gives you quarterly reward choice, and supports overseas travel without FX fees. The current welcome promos — up to 8,000 USD in stock, up to S$8,000 cashback, or up to 100,000 Max Miles depending on the mode you select — make the sign-up window compelling.

Default to the Trust Link card if FairPrice Group is your supermarket, Caltex is your petrol station, and you want your rewards to go directly toward grocery savings with no conversion step. The 21% savings rate at FairPrice and 20% at Caltex are among the highest category-specific rates on any Singapore card without an annual fee.

Hold both if your spending naturally splits between FairPrice weekly shops and general / overseas spend — the two cards complement each other cleanly, and the combined zero-fee architecture costs you nothing to maintain.

→ Apply now with referral code 2GG9T8K3 — sure-win scratch card guaranteed from S$50 to S$8,000, no minimum spend

Applications must be submitted by 31 October 2026 for the current welcome promos. Referral code 2GG9T8K3 must be entered at the first “Get Started” screen before completing your application. New Trust credit card customers only — no existing or previously cancelled Trust credit card. T&Cs apply — refer to Trust Bank’s official terms for full details.

Have you used both cards? Which combination works best for your spending? Drop it in the comments — useful for readers still deciding.

Continue reading:

• Trust Bank Freedom Credit Card Review 2026: Three Rewards, One Card — Which Mode Should You Pick?
• Trust Freedom Card Miles: How to Get Up to 100,000 Max Miles (Worth S$1,800)
• How to Use a Trust Bank Referral Code (Step-by-Step)
• Best Digital Banks in Singapore 2026
• Trust Bank Referral Code 2GG9T8K3 — Sure-Win S$50 to S$8,000