I Compared & Ranked Trust Cashback Card for Overseas Spending (you’d be surprised…)

Summary

In this video, the creator compares several multicurrency cards, including the Trust Cashback Credit Card, Amaze Wallet, Revolut, Wise, Utrip, and GXS Bank's Debit Card. The Trust Cashback Credit Card stands out, offering up to 1.5% unlimited instant cashback, making it the best choice for overseas transactions. Amaze Wallet and Revolut follow, with moderate benefits, while GXS Bank's card ranks the lowest due to unclear cashback details. The video emphasizes that exchange rates and additional rewards like points should not be compared directly. Viewers are encouraged to explore further card comparisons through linked videos and sign-up options.

Takeaways

• 😀 The comparison of multicurrency cards includes Trust Cashback Credit Card, Revolut, Wise, Utrip, GXS Bank's Debit Card, and Amaze Wallet, with Trust Cashback Credit Card taking the top spot for cash back rates.
• 😀 Trust Cashback Credit Card offers 1.5% unlimited instant cash back for new customers, and 1% for existing customers, valid until December 2024.
• 😀 GXS Bank's Debit Card ranks last in the comparison due to its limited benefits, particularly around cash back rates, and unclear reward information.
• 😀 Amaze Wallet ranks second and offers Insta Points for every SGD 10 spent, but the actual cash back is limited, making it less beneficial for small transactions.
• 😀 Revolut and Wise are ranked third and fourth, offering decent features but with less compelling benefits compared to Trust Cashback Credit Card.
• 😀 Utrip also falls behind in the ranking, primarily due to its limited features and higher foreign transaction fees compared to the top cards.
• 😀 The ranking is based purely on exchange rates and cash back potential, with extra points and perks like rewards and cash back not factored into the core comparison.
• 😀 Insta Points from Amaze Wallet can only be redeemed for cash back after accumulating at least 1,000 points for $20 or 500 points for $5, making it less attractive for smaller users.
• 😀 Trust Cashback Credit Card outperforms all other cards in terms of effective cash back rates when used overseas, as it does not charge foreign transaction fees.
• 😀 When pairing Insta Points with City Rewards for additional benefits, users should avoid comparing these benefits directly with other multicurrency cards due to potential hidden fees and exchange rate discrepancies.
• 😀 Despite being a Visa or Mastercard, the card type does not significantly affect the exchange rate for these cards, with all rates being clearly outlined in the video.
• 😀 Users interested in these multicurrency cards can find detailed comparisons and sign-up links in the video description for further information.

Q & A

Why is the Mary Bank's credit card not included in the multicurrency card comparison?

The Mary Bank's credit card is not included because the 3% cashback offered for overseas spending is a limited-time promotion. After the promotion ends, the card incurs a 3% foreign transaction fee, which makes it less attractive for long-term use.

What are the key features of the Trust Cashback Credit Card?

The Trust Cashback Credit Card offers unlimited cashback of 1.5% for new customers and 1% for existing customers, valid until December 2024. The cashback is instant and applies to overseas transactions, making it a strong contender for those seeking rewards on international spending.

How does Instagram Amaze Wallet’s rewards system work?

Instagram Amaze Wallet provides 0.5 insta points for every SGD 10 spent. To redeem cashback, users need to accumulate at least 1,000 insta points for $5 or 2,000 insta points for $20. However, the effective cashback rate is quite low, ranging from 0.25% to 0.5%.

What are the exchange rates like for Visa versus Mastercard, according to the video?

The video clarifies that the exchange rates for Visa and Mastercard are similar, with no significant difference between them. The actual exchange rates provided by the cards are presented in the video, so there is no manipulation of rates between the two card types.

Why does the GXS Bank debit card rank last in the comparison?

The GXS Bank debit card ranks last because it only provides an instant cashback reward for transactions above SGD 10, and there is limited information available about the exact cashback amount. Additionally, the card's performance is lower compared to other cards in terms of rewards and exchange rates.

What is the cashback benefit of the Trust Cashback Credit Card for new customers?

New customers of the Trust Cashback Credit Card can enjoy 1.5% unlimited instant cashback on overseas transactions until December 2024, making it an attractive option for those spending abroad.

How does Revolut compare to the other cards in terms of multicurrency features?

Revolut comes in second place in the comparison, offering competitive exchange rates and a wide range of multicurrency features. However, it doesn't provide cashback rewards like the Trust Cashback Credit Card, which limits its ranking compared to cards with direct financial benefits.

What is the overall ranking of the multicurrency cards when considering cashback?

When factoring in cashback rewards, the rankings are as follows: 1) Trust Cashback Credit Card, 2) Instagram Amaze Wallet, 3) Revolut, 4) Wise, 5) Utrip, and 6) GXS Bank Debit Card.

What should users be aware of when using the Instagram Amaze Wallet for transactions?

Users should note that Instagram Amaze Wallet only allows users to earn insta points for transactions above SGD 10. Moreover, the effective cashback rate is relatively low, and users must accumulate a significant number of points to redeem meaningful rewards.

Why is the Trust Cashback Credit Card recommended for overseas spending?

The Trust Cashback Credit Card is recommended for overseas spending due to its unlimited cashback of 1.5% for new customers and 1% for existing customers, which is instantly credited. This makes it highly beneficial for travelers looking to earn rewards on their foreign transactions.