$42 Freebies And Attractive Cashback From Trust Bank

It has been many years since I have applied for a credit card. As a self-employed, the sign-up process is generally not fuss-free, so sometimes, I cannot be bothered even if there is a good promotion.

So imagine my pleasant surprise when my Trust Bank credit card was approved within 5 minutes this afternoon.

If you are not sure what I am talking about so far, do refer to this comprehensive write-up by Heartland Boy. It’s the best review I have read so far and do feel free to use his referral code (I did).

1. Trust Bank Savings Account

Honestly, Stanchart does not inspire that much “trust” in me but FairPrice probably seals the deal. So I personally think it’s ok to put your super liquid money in this account to earn 1.4% interest on the first $50k.

1.4% is not great (<lower than SSB for instance ) but it is decent. Trust Bank is a digital bank but you can still withdraw cash using Stanchart ATMs (if you can find them). Not a big downside in this digital age as you can always move funds around to other bank accounts with more accessible ATMs.

2. $42 Worth Of Freebies

• $10 FairPrice E-Voucher upon signing up with a referral code – you can use your friends’ or family’s or mine: (DYXNQ11H)
• Free Signature Breakfast Set to be redeemed at Kopitiam (worth $3.10)
• Free 1KG Superior Fragrant Rice (worth $3.55)
• S$25 FairPrice E-Voucher on your first card spend (no min. amount required)

Basically $35 of vouchers (emphasis: you need to use a referral code to get the $10) and $6.65 worth of items.

I think this is the main perk for most people who are signing up. $42 worth of daily essentials for 10-15 mins of effort.

3. Trust Bank Credit Card

This is where it gets interesting if like me, you are a NTUC union member and also grocery shops at FairPrice. If you buy milk powder from Fairprice like me, FPG spend racks up pretty quickly.

Diagram 1: Breakdown of 21% savings/rebate of the Trust Credit Card

* FairPrice Group groceries refer to FairPrice, FairPrice Finest, FairPrice Xtra, FairPrice Xpress and Cheers (excluding Esso outlets), FairPrice online, Warehouse Club, Unity

** FPG Spend includes FairPrice Group Groceries and FPG Food (includes Kopitiam and Kopitiam top-up cards)

With reference to the above diagram (updated on Heartland Boy’s version), a 21% rebate is an aggregate of (i) + (ii) + (iv) + (v) + (vi). This also implies that this incredible saving rate is achievable only if the cardholder is willing to spend $350 per month on eligible spend outside of FairPrice Group*.

Which is perfectly fine if my interpretation of the rebate cap is correct for part iv) and v)

There is no mention on the Trust Bank website if the rebates for iv) and v) are capped on a monthly, quarterly, annual or even lifetime (horrors!) basis so the diagram is based on what I believe to be a reasonable assumption and what I got from Milelion’s scathing/humorous review.

So for someone with a consistent $350 spend outside FPG and a $350 spend within FPG, there will be an overall ~10% rebate on the full $700 spend till the end of this year?

That’s pretty impressive if true.

Will be updating after I confirm my numbers and let’s hope I do not have to pull down the diagram and edit chunks of the above section in a day or two.

At the minimum, still get to enjoy the $42 worth of freebies.

Download Trust app to collect your freebies- remember that the $10 FairPrice voucher is only valid if you sign up with a referral code. You will be prompted for a referral code  and you can use mine (DYXNQ11H). I sincerely thank you in advance for your support!