Singapore’s digital bank Trust has introduced a new cashback credit card on the second-anniversary of its launch.
The new Trust Cashback Card offers features such as instant cashback credit, real-time earnings tracking, and a consolidated billing option for customers who hold both the Trust Link and Cashback cards.
The card also provides a quarterly bonus rate of up to 15% on selected spending categories and discounts of up to 20% from partners including Agoda, Caltex, CDG Zig, Deliveroo, and KFC.
Until the end of 2024, new customers can receive an unlimited 1.5% cashback on all spending, while existing customers will receive 1%.
The bank has grown its customer base to over 800,000. Trust Bank’s Credit card has recorded over S$4.5 billion in transactions since its launch.
Customer deposits have reached S$3 billion by the end of June 2024, marking a 2.6-fold increase compared to the same period in 2023, partly due to the interest rates and the digital experience offered by Trust+.
Trust Bank’s loan products have experienced a 3.1-fold increase in total customer loans and advances by June 2024 compared to the previous year, bringing total balances close to S$500 million.
In July 2024 alone, over 12,000 loans were disbursed.
The bank’s financial performance has shown improvement, with total revenue tripling in the first half of 2024 compared to the same period in 2023, while maintaining steady costs.
To mark the launch of the new card, Trust Bank is offering customers a chance to win S$1 million in a lucky draw.
Customers who sign up for the Trust Cashback card and refer others will have the opportunity to participate, with the draw scheduled for January 2025.
New cardholders can also receive up to three digital scratch cards with guaranteed cashback rewards.
Dwaipayan Sadhu, Chief Executive Officer of Trust, said,
“We are seeing strong growth in our key business metrics, with more than 800,000 customers, deposits reaching S$3 billion, and loans and advances approaching S$500 million.
We are on track to becoming Singapore’s fourth largest retail bank by customer numbers by the end of this year. As we look towards delivering more delightful experiences, we’re thrilled to launch a market-leading cashback card which is innovative, easy to use and transparent.”
Hear from Chief of Staff, Nick Woodruff, as he shares Trust Bank’s journey towards becoming Singapore’s fourth-largest retail bank here.
