Last updated on July 26th, 2023
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Icelandair Premium Mastercard®
Icelandair Premium Mastercard®
Icelandair Premium Mastercard®
- 20.99% variable based on the Prime Rate Regular Purchase APR
- 20.99% variable based on the Prime Rate Balance Transfer APR
- 28.24% variable based on the Prime Rate Cash Advance APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No foreign transaction fees
- Earn 2X points per $1 on Icelandair purchases
- Earn 1 point per dollar spent on all other purchases
- Low $39 annual fee
- Regular Purchase APR: 20.99% variable based on the Prime Rate
- Balance Transfer APR: 20.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 28.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $15 or 5% of the amount of each cash advance, whichever is greater
- Annual Fee: $39
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $35
- N/A
At a Glance
The Icelandair Premium Mastercard® is a basic airline card that offers double the Icelandair Mastercard earning potential. The card features 2X points on Icelandair purchases, a 10,000 point signup offer, and no foreign transaction fees – all for a $39 annual fee.
Ideal for Those Who:
- Travel to Europe frequently
- Are you planning to visit Iceland
- Fly with JetBlue or Alaska Airlines
Icelandair Premium Mastercard® Review
The Icelandair Premium Mastercard® is an airline reward credit card from Icelandair and First Bankcard. The card offers 2X miles on Icelandair flights, no foreign transaction fees, and more – for a $39 annual fee.
How to Earn Points
Earning points with the Icelandair Premium Mastercard® is very straightforward. The card earns double points for every dollar spent on Icelandair purchases and a single point per dollar spent on all other purchases made with the card.
While 2X points are not spectacular, it is an easy way to quickly amass points and climb tiers in the Saga Club program for the frequent Icelandair traveler. Given that the airline flies from Montreal, New York, Boston, and other major hubs in Eastern North America, the ability to amass points on European trips is easy for the constant traveler.
Even those who only fly with Icelandair will find value if they fly with other partner carriers. All Icelandair, Alaska Airlines, and JetBlue scheduled flights earn both Saga Points and tier credits – making the card an easy way to save towards a European getaway.
The card also offers a very easy signup bonus. New accounts earn 10,000 points just for making the first purchase with the card.
How to Redeem Points & Saga Club Loyalty Program Guide
Points with the Icelandair Mastercard apply towards the airline’s frequent flyer program, Icelandair Saga Club.
Saga Club points apply towards award flights, upgrades, and purchases with partners. These partner awards include flights with some leading airlines, hotel stays, rental cars, and more.
Current Icelandair partners include:
- Alaska Airlines
- JetBlue
- Air Iceland connect
- Hertz
- Sixt.com
- and more
Saga points also count towards status upgrades with the program itself. Icelandair divides its Saga Club’s status tiers into three groups – Saga Blue, Saga Silver, and Saga Gold. The Saga Blue tier is the entry tier and offers little beyond earning points through the program.
Saga Silver
Saga Silver is the middle tier of the loyalty program and offers some decent perks. Members enjoy the chance at upgrades between flight classes on Icelandair flights, access to the Icelandair lounge at Keflavik Airport in Reykjavik, premium check-in, priority waitlist, baggage benefits, and more
Reaching silver status requires the member to reach 40,000 tier credits within a 12-month period. After that, they’ll need to earn 30,000 credits per year to maintain silver status. The 10,000 points that come with the Icelandair Premium Mastercard® are certainly a good starting point in this quest.
Saga Gold
Gold is the premium tier in the Saga Club program and offers the highest-level of perks. Saga Gold members enjoy all the same perks as Silver members, plus the following:
- Complimentary limousine service
- Free parking at Keflavik Airport in Reykjavik
- On-board Wi-Fi
- Security fast-tracks
- Priority customer service support
- Spouse card
The spouse card is a unique feature that provides Gold members with an additional Gold card to give to their spouse, providing them with all the same features of the primary account holder for the same duration of their Gold status.
Silver Saga Club members need to earn 0,000 Tier Credits within 12 months to get upgraded to Gold. After that, they will need to earn 70,000 points per year to maintain that status.
Other Card Features
Other notable features of the Icelandair Premium Mastercard® include no foreign transaction fees and World Mastercard protection and benefits, including:
- ShopRunner: Free membership providing 2-day shipping with over 120 leading online retailers.
- World VIP Concierge: 24/7 concierge service for airports, travel, and any other concerns.
- Mastercard Luxury Hotel Collection: Complimentary upgrades, late checkout, and more at over 2,000 properties worldwide.
- Cell Phone Protection: $1,000 in coverage per year ($600 per claim) if your phone is lost, stolen, or broken. Cardholders must pay their phone bill with an eligible card. Terms and conditions apply.
- ID Theft Protection
- Zero Fraud Liability
- Global Emergency Services
Regarding the APR, there really isn’t too much to discuss. The card features a fixed-rate APR that is decidedly average. How average? It’s pretty much the exact same as our estimate for the average APR of an airline rewards credit card.
Should You Apply for the Icelandair Premium Mastercard®?
Overall, the Icelandair Premium Mastercard® is a decent airline credit card for the frequent traveler to Europe (provided they travel from the Northeast). The card’s $39 annual fee is somewhat high given what is on offer, but the regular traveler will benefit from double miles with Icelandair – plus the ability to earn points with Alaska Airlines and JetBlue. However, for others, there may be a better value from a general travel card, such as the Propel from Wells Fargo.
