The Trust credit card, launched on September 5, is the newest player in Singapore's financial scene. Issued by Trust Bank, a digital bank formed throu
The Trust credit card, launched on September 5, is the newest player in Singapore’s financial scene. Issued by Trust Bank, a digital bank formed through a partnership between Standard Chartered Bank and NTUC, this card aims to capture the attention of tech-savvy consumers and NTUC shoppers.
Another NTUC Credit Card?
If the idea of an NTUC credit card sounds familiar, it’s because the OCBC NTUC Plus! credit card was a popular choice during the Covid-19 pandemic. However, NTUC announced that these cards will be phased out by February 1, 2023. Users can either switch to the OCBC 365 credit card or opt for the new Trust credit card, which also offers NTUC discounts and LinkPoints.
First Impressions
I’ve been using the Trust credit card for about two weeks, trying to see if it fits into my routine of commuting to the office, shopping at NTUC, and dining out occasionally. Initially, the card seemed promising, but I soon encountered difficulties with earning bonus points, redeeming dining coupons, and navigating a slow and frustrating customer service experience.
Key Features of the Trust Credit Card
The Trust credit card is primarily a rewards card, with a focus on NTUC LinkPoints. It’s fully app-based, though a physical card is mailed to you about a week after online application. Here are its main selling points:
A numberless physical card (though your card number is accessible via the app)
7% NTUC rewards points
A $25 NTUC sign-up voucher
Eligibility and Fees
This is an entry-level card, with a minimum annual income requirement of $30,000. You can apply directly via the Trust app using SingPass for a quick and convenient process. The credit limit is tailored to your income level.
Annual Fee: $0
Interest Rate: 26.9% p.a.
Late Payment Fee: $100
Foreign Transaction Fee: $0
Contactless Payment: Visa PayWave, Apple Pay, and other options
Rewards and Confusion
While the card is marketed as a rewards card, the system can be a bit perplexing. The reward points are advertised as 0.22%, 0.5%, and 7% “savings,” which can easily be mistaken for cashback. To earn 7% NTUC rewards, you must first spend $450 outside of NTUC, which complicates things if most of your spending is on groceries.
For example, I struggled to reach the $450 minimum spending threshold, despite delegating various expenses to the card. For those whose spending is heavily focused on NTUC groceries, the card may not be as beneficial as expected.
Earning LinkPoints
LinkPoints, the rewards currency for this card, are handy if you frequently shop at NTUC and redeem them before they expire. However, I found the process of redeeming LinkPoints confusing, as I ended up with multiple NTUC LinkPoint accounts tied to my Trust card and existing membership.
Dining Discounts and Customer Service Woes
One of the card’s perks is the dining coupons available through the app. Unfortunately, my attempt to use a KFC voucher ended in frustration. Despite following the redemption process, I didn’t receive my discount, and after a 17-minute wait on the customer service hotline, I was disconnected. Days later, the promised discount had still not appeared, and a follow-up in-app chat yielded a different explanation, adding to the confusion.
Cancelling the Card
If you’re considering cancelling the Trust card, be prepared for a somewhat tedious process. Information on how to cancel isn’t readily available in the app, and customer service responses are slow, warning that once cancelled, you won’t be able to reapply.
Final Verdict
While the $25 NTUC voucher sign-up bonus is appealing, and the rewards system works well for NTUC shoppers who spend over $450 a month on Visa-eligible purchases, there are still many operational kinks. Customer service issues and the complex rewards system make this card less appealing for time-strapped users. If you’re looking for novelty and have the patience to deal with a new system, it might be worth a try. Otherwise, you may want to stick with more established credit card options.
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