It’s usually either reward points or cash back rebates when it comes to credit cards. But wouldn’t you like to have your cake and eat it too? Thanks to Mach by Hong Leong Bank’s “Rewards Transfer” promotion, you now can.

Just sign up for the card before 28 February, and the good folks at Hong Leong will reward you with cash back rebates based on the total amount of reward points you’ve earned on any existing non-Hong Leong credit card.

Hong Leong will give you RM1 of cash back rebate for every 500 rewards points you have on your existing non-Hong Leong credit card. This means you can convert up to 100,000 of rewards points to RM200 of cash. If you take out a 4.99% balance transfer with your new credit card application then you only need 400 rewards points for every RM1 of cash back.

Sounds like a great deal so far? Well it’s about to get even better because on top of that, they’ll also throw in an extra RM50 cash back bonus just for good measure! And the best part is you can still keep and redeem your reward points on your other credit card.

To enjoy these benefits, all you have to do is enclose your latest credit card statement when you apply for the Mach card. Do note that the maximum cash rebate you’re entitled to including the RM50 bonus is RM250, among other terms and conditions.

Want to know how this promotion compares to other new credit card promotions? Check out our review of the best new credit card sign up offers.