Isracard hijacks El Al’s Fly Card from ICC CAL

El Al loyalty club’s Fly Card, which offers benefits to frequent flyers, has moved from ICC CAL to Isracard (TASE: ISCD). This is a dramatic move because estimates are that Fly Card represents one third of ICC CAL’s activity. The value of El Al’s frequent flyer loyalty club is estimated at NIS 2.7 billion by market sources. It is 75% owned by El Al and 25% owned by Phoenix Financial.

Average pre-tax annual profit for Isracard from the agreement, which was signed for ten years, is expected to range between NIS 120 million and NIS 160 million. As part of the agreement, Isracard will manage the club cards – the premium and bronze cards, bank and non-bank – and will work together with the frequent flyer club to transfer customer cards from El Al. This represents an additional profit of more than NIS 100 million for El Al per year on average, throughout the 10 years of the agreement.

In the coming weeks, Isracard will begin transferring customers and issuing new cards. Existing club members who hold Isracard cards will continue to enjoy all the benefits, including maintaining existing points accumulation and their status with the airline, along with providing unique benefits to existing and new members.

Currently, American Express, part of the Isracard Group, issues premium cards for the club, and now the collaboration will be expanded to manage all card activity. According to the company’s announcement, as part of the collaboration, Isracard will work to expand its customer base, increase the number of bank and non-bank cards, while leveraging its technological and marketing capabilities, and deepen its value propositions for customers and partners.

Isracard CEO Itamar Furman said, “This is another step in implementing our strategy to build Isracard as one of the leading financial groups in Israel. We are not just adding a club – we are adding a significant growth engine and deepening the relationship with a quality and loyal customer base. The combination of the strength of the Frequent Flyer Club brand and the capabilities of Isracard will allow us to accelerate growth, expand banking and non-banking card activity, and lead the customer club market in Israel to the next stage.”

Frequent Flyer Club CEO, Moshe Morgenstern said, “We are in the midst of a new era – the move is the first milestone in transforming the club into one of the leading customer clubs in the world.”

Published by Globes, Israel business news – en.globes.co.il – on March 26, 2026.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2026.