Singapore Digital Bank trust has introduced a new cashback credit card to celebrate the second anniversary of its launch.
new Trust Cash Back Card It offers features such as instant cashback credit, real-time earnings tracking and integrated billing options for customers who hold both the Trust Link card and the cashback card.
The card offers a bonus rate of up to 15% per quarter on certain spending categories, and also offers discounts of up to 20% from partners including Agoda, Caltex, CDG Zig, Deliveroo and KFC.
Until the end of 2024, new customers can get unlimited 1.5% cash back on all spending, while existing customers can get 1%.
The bank’s customer base has grown to more than 800,000, with Trust Bank’s credit card having recorded transactions of over S$4.5 billion since its launch.
Customer deposits are expected to reach S$3 billion by the end of June 2024, recording a 2.6-fold increase compared to the same period in 2023, largely due to interest rates and the digital experience offered by Trust+.
Trust Bank’s lending products are expected to grow total customer loans and advances 3.1 times year-on-year by June 2024, with total outstanding balances reaching nearly S$500 million.
In July 2024 alone, over 12,000 loans were disbursed.
The bank’s financial performance shows improvement, with total revenues for the first half of 2024 triple those for the same period in 2023, while costs remain stable.
To celebrate the launch of the new card, Trust Bank is offering customers the 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 will also receive up to three digital scratch cards with guaranteed cashback rewards.
Dwaipayan Sadhu, chief executive officer of the Trust, said:
“Our key business indicators continue to show strong growth, with more than 800,000 customers, deposit balances reaching S$3 billion and loans and advances approaching S$500 million.
“By the end of this year, we are on track to become Singapore’s fourth largest retail bank by customer base. Aiming to provide a more convenient experience, we are pleased to launch our market-leading cashback card, which is innovative, easy to use and transparent.”
Chief of Staff Nick Woodruff talks about Trust Bank’s journey to become Singapore’s fourth largest retail bank.
