Trust Freedom Card launches miles rewards: Earn KrisFlyer or Max Miles, with up to 100,000 Max Miles welcome bonus

In miles mode, the Trust Freedom Card earns 1.3 Trust Miles per S$1 on both Singapore dollar and FCY spend. The earning rules are:

• No minimum spend is required
• There is no cap on how many Trust Miles you can earn
• Trust Miles are awarded in blocks of S$5

The S$5 blocks mean every transaction is rounded down to the nearest S$5 before Trust Miles are awarded. Any spend below S$5 earns nothing at all. The impact shrinks as transactions get bigger, so this mainly affects small purchases.

Trust Miles convert into KrisFlyer miles or Max Miles at a 1:1 ratio. The conversion rules are:

• A S$27.25 conversion fee applies for every conversion
• Conversions are in blocks of 1 mile
• Conversions are processed instantly
• Trust Miles expire at the end of the third calendar year after they were earned (e.g. miles earned from 1 January to 31 December 2026 expire on 31 December 2029)

On local spend alone, 1.3 mpd is underwhelming. The BOC Elite Miles Card and UOB PRVI Miles Card both earn 1.4 mpd. Specialised cards like the Citi Rewards, HSBC Revolution, Maybank XL Rewards Card and UOB Preferred Visa can earn 4 mpd on certain categories.

Is the Trust Freedom Card good for overseas spending?

Yes, because the Trust Freedom Card charges no FCY transaction fee, while most other credit cards charge around 3.25%. FCY amounts are converted into SGD at the prevailing Visa rate, with no further markup.

Here's the trade-off against the UOB PRVI Miles Card:

Using the UOB PRVI Miles Card instead means paying an extra 3.25% to earn an extra 1.1 mpd. That works out to 2.95 cents per mile, well above the 1.5-1.8 cents most people should be willing to pay.

That doesn't make the Trust Freedom Card the best choice for every overseas transaction. Here's the trade-off against the Maybank XL Rewards Card:

Here, the extra 3.25% buys an extra 2.7 mpd, or 1.20 cents per mile, which is still acceptable.

The catch is that 4 mpd overseas earn rates are almost always capped. The Maybank XL Rewards Card drops to 0.4 mpd on FCY spend after S$1,000 per calendar month, so for bigger transactions the Trust Freedom Card may come out ahead.

Some transactions earn almost no miles on any card, such as government services, insurance premiums and utility bills. If you're paying these in FCY, the Trust Freedom Card at least saves you the FCY fee.

Overall, miles mode is a good compromise if you want to keep overseas costs low without giving up miles. Until now, the main options were a no-FCY-fee cashback card (e.g. Mari Credit Card) or a multi-currency debit card (e.g. YouTrip).

How do you get the 100,000 Max Miles welcome bonus?

New Trust customers can earn up to 100,000 Max Miles by applying between 21 September and 31 October 2026, choosing Miles mode, and meeting the spend tiers.

The eligibility criteria are strict. The offer is only available to customers who:

• Do not currently hold a principal Trust credit card, and
• Have never held a principal Trust credit card before

Unlike other banks, which "forget" your past status after 6-12 months, Trust has no such concession. If you've ever held a principal Trust credit card, you're ineligible.

If you qualify, you'll need to:

• Apply for a Trust Freedom Card and receive approval from 21 September to 31 October 2026
• Select Miles as your rewards mode during onboarding
• Meet the minimum spend below within the first 31 days of approval or by 30 November 2026, whichever comes first

The gifts are cumulative, so you unlock each tier as you spend. Spending S$6,000 unlocks the first two tiers (50,000 Max Miles), while spending S$15,000 unlocks all three (100,000 Max Miles).

S$15,000 in 31 days is a lot, but it isn't all or nothing. You can still aim for the lower tiers.

How much are 100,000 Max Miles worth?

100,000 Max Miles are worth at least S$1,800, which works out to a 12% rebate on S$15,000 of spend.

That floor comes from HeyMax's FlyAnywhere feature. It lets you cash out Max Miles at 1.8 cents each by submitting a receipt for a recent flight on any airline, to any destination, in anyone's name.

You can also transfer Max Miles to more than 20 airline and hotel partners, and some redemptions are worth more than 1.8 cents per mile.

Can you use Trust Freedom Card miles mode as a cashback card?

You can, but the S$27.25 conversion fee means it only beats a 2% cashback card once you've spent about S$8,000.

The argument for it runs like this:

• The Trust Freedom Card earns 1.3 Trust Miles per S$1 on local and overseas spend
• 1 Trust Mile converts to 1 Max Mile, worth 1.8 cents via FlyAnywhere
• That's an effective 2.34% (1.3 mpd x 1.8 cents) return on local and overseas spend
• Most uncapped cashback cards offer 1.5-1.7%, so this looks much better

What this misses is the conversion fee. Every conversion from Trust Miles to Max Miles costs S$27.25, which eats into your return. Here's what it takes to match the 2% offered by the DCS Ultimate Cashback Card:

• Spend S$8,000 @ 1.3 mpd to earn 10,400 Trust Miles
• Convert 10,400 Trust Miles into 10,400 Max Miles and cash out at 1.8 cents for S$187.20
• Deduct the S$27.25 conversion fee for a net rebate of S$159.95
• This is a 2% rebate on S$8,000 of spend (S$159.95 / S$8,000)

FlyAnywhere also doesn't allow partial redemptions. You need enough miles to cover your whole ticket before you can get the 1.8 cents per mile value. For most people, the DCS Ultimate Cashback Card is simply easier.

Conclusion: Is Trust Freedom Card miles mode worth it?

Trust Freedom Card miles mode is worth it mainly for overseas spend. Its 1.3 KrisFlyer miles or Max Miles per S$1 comes with no FCY fees, which makes it a strong fallback once your 4 mpd cards hit their caps, or for transactions that earn no rewards anyway.

For local spend, 1.3 mpd isn't exciting. The welcome offer of up to 100,000 Max Miles is the other big draw, but it's only for those who have never held a Trust credit card, and the top tier needs S$15,000 of spend in 31 days.

Other strengths include 1-mile conversion blocks (versus 10,000 miles at most banks) and instant conversions. Watch the S$5 rounding rule, though, as it can cost you miles on smaller transactions.

All in all, it's great to see a miles-earning credit card without any FCY fees, and I hope other banks take notice!