Issue #89: What's Happening This Week? Trust Freedom Card Adds Miles, Core Inflation Climbs to 2.2%, and More

Stocks, cash, or miles? One credit card now lets you pick, and there's a hefty sign-up bonus for those who move early. Elsewhere, prices crept up again in August, with MAS and the Ministry of Trade and Industry (MTI) warning that more increases could be coming. CPF members got some certainty about next year's interest rates, while retrenchments climbed to a level not seen since 2020. We also look at a new travel insurance rewards programme, a way to earn yuu Points for investing, and a small bit of relief for would-be car owners.

Psst, missed last week's issue? View all past editions of What's Happening This Week? to catch up.

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Trust Freedom Card adds uncapped miles as a third reward option

Image: Trust Bank

Miles chasers, this one's for you. Trust has launched Trust Miles, a new rewards option on the Freedom Card that lets you earn miles on everyday spending with no cap on how many you can collect.

Freedom launched in August as Singapore's first stockback credit card, and customers can now choose between stockback, cashback, and miles. Here's what the miles option offers:

• 1.3 Trust Miles per $1 of eligible spending, locally and overseas
• Instant conversion to KrisFlyer and HeyMax, opening up more than 25 airline and hotel loyalty programmes
• Miles stay valid for 3 years
• No annual fee, and no foreign exchange or transaction fees on overseas spending

New Trust credit card customers who sign up for the Freedom Card and choose Trust Miles as their first reward by 31 October 2026 can also get bonus HeyMax Max Miles if they hit these spending amounts within 31 days of card approval:

Want the full picture before you apply? Read our Trust Freedom Card review to see how it stacks up.

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Core inflation climbs to 2.2% in August as services and retail prices rise

Feel like your taxi rides and shopping trips are getting pricier? The numbers agree. Singapore's core inflation rose to 2.2% in August, up from 2% in July, according to data released on 23 September 2026. Headline inflation also edged up to 2.3%.

Higher airfares and point-to-point transport fares pushed services inflation up, while clothing, footwear, and personal care products drove retail prices higher. Private transport was the only category to ease, thanks to a smaller increase in car prices.

Don't expect relief soon, though. MAS and MTI noted that global oil prices remain high and volatile, while bad weather is expected to lower crop yields and push up imported food prices. They also expect a wider range of imported goods and services to get more expensive in the coming quarters.

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ALSO READ: Is Living in Singapore Expensive? Here's The Cost of Living in Singapore (2026)

CPF 4% floor rate for Special, MediSave and Retirement accounts extended through 2027

Some good news for your retirement savings: the 4% floor interest rate for CPF Special, MediSave and Retirement accounts will stay in place for 2027, CPF Board and HDB announced on 22 September 2026. Without it, these accounts would earn less, as their rate is pegged to the 12-month average yield of 10-year Singapore Government Securities plus 1%, which is currently below 4%.

Rates for October to December 2026 are also unchanged:

Extra interest will continue too:

• Below 55: Extra 1% on the first $60,000 of combined balances (up to $20,000 from the Ordinary Account)
• 55 and above: Extra 2% on the first $30,000 (up to $20,000 from the Ordinary Account), plus an extra 1% on the next $30,000

That certainty is welcome after the US Federal Reserve raised rates by 0.25 percentage points on 16 September 2026—its first hike since 2023—which could influence Singapore interest rates, including SORA, used to price many floating-rate home loans.

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ALSO READ: Maximising CPF: Guide on MediSave, Health Insurance, and Life Insurance

Singapore retrenchments rise to highest level since 2020, with workers in their 50s hit hardest

If job-hunting feels tougher lately, you're not imagining it. Retrenchments in Singapore rose to 4,620 in Q2 2026—the highest since Q4 2020—according to Ministry of Manpower (MOM) data released on 21 September 2026. Business restructuring in sectors like manufacturing, infocomm, and financial services drove the increase.

Workers in their 50s recorded the highest retrenchment rate, at 3.6 per 1,000 resident employees, and their unemployment rate rose to 3.1% from 2.9%. Unemployment for those aged 60 and above also rose, to 2.2% from 1.8%.

Still, overall unemployment held steady at 1.9%. MOM's director of manpower research and statistics, Ang Boon Heng, said there are no forward indicators that the rise will last. The number of workers placed on short work-weeks or temporary layoffs, an early warning sign for retrenchments, fell to 700 in Q2.

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ALSO READ: How to Handle a Layoff: A Step-By-Step Guide

Etiqa launches Travel Pass, a tiered rewards programme for Tiq Travel Insurance customers

Tiq by Etiqa's new Travel Pass rewards travellers with tiered perks, including global data, partner deals and Etiqa Rewards Points, when they purchase Tiq Travel Insurance. (Image: Etiqa Insurance Singapore)

Frequent travellers, your insurance premiums can now work a little harder for you. Etiqa has launched Travel Pass, which it calls a first-of-its-kind rewards programme for Tiq Travel Insurance customers. The more you spend on eligible premiums, the higher your tier—and the better the perks.

You can track your spending, tier, and rewards in the Etiqa+ SG app. One thing to note: for Single Trip policies, your spending and rewards only show up after the policy ends.

Etiqa is also running a promotion until 28 December 2026:

• 55% off Single Trip plans
• 30% off Annual Multi-Trip plans
• An extra $30 off for customers new to Etiqa

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StashAway joins yuu Rewards Club, letting you earn points for investing

Earning yuu Points isn't just for groceries, rides, and food delivery anymore. StashAway has become the first investment platform to join yuu Rewards Club, a loyalty programme with more than 2 million members. The idea is to reward people for investing regularly, not just spending.

StashAway's own research found that investing regularly beat waiting for a market dip 84% of the time.

Here's what's on offer:

• Up to 2,000 yuu Points when you start investing regularly, until 31 October 2026
• Up to $30 in extra foodpanda vouchers through yuu for new StashAway clients who invest consistently in their first 3 months
• Up to $1,670 in StashAway welcome rewards on top of that, including waived management fees and $0 buy orders on ETFs

Regular investors on StashAway also get 2 lifetime benefits under its Regular Investing Advantage programme, launched earlier this year: extra returns on cash and unlimited $0 buy orders on ETFs.

Prefer to keep your money in cash for now? Compare your options in our guide to cash management accounts in Singapore.

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COE prices fall across all categories, with Category A easing from its record high

Car shoppers, here's a small bit of relief. COE premiums fell across every vehicle category at the tender exercise that closed on 23 September 2026. Category A, used for smaller cars and EVs, dipped 0.8% to $131,890, after hitting an all-time high of $133,009 at the previous exercise on 9 September.

Motorcycles saw the biggest drop in percentage terms. The Open category, which ends up almost entirely with bigger, more powerful cars, remains the priciest at $137,000.

Bigger changes could be on the way. The authorities are reviewing the COE system to improve how cars are categorised, taking in views from motorists, dealers, car manufacturers, and academics. The review is expected to wrap up by the end of 2026.

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ALSO READ: COE Guide in Singapore (2026): What It Means, Bidding Process & Price Trends

That's it for this week! Stay tuned for next week's What's Happening This Week to keep up with the latest in finance, business, and beyond.