Editorial disclosure: CardRewards.ai is an independent comparison service. Card data comes from issuers' published terms; data as of September 27, 2026. Card issuers do not influence our rankings or content.
Annual fees: Icelandair Mastercard® $0/yr, Icelandair Premium Mastercard® $39/yr. Strongest bonus categories: Icelandair Mastercard® on everyday spending, Icelandair Premium Mastercard® on everyday spending.
Card data as of September 27, 2026.
First National Bank of Omaha
First National Bank of Omaha
Annual Fee
Welcome Bonus
| Category | Icelandair Mastercard® | Icelandair Premium Mastercard® |
|---|---|---|
| Everything Else | 0.5X | 1X |
The Icelandair Premium Mastercard® wins in 1 of 1 categories. The Icelandair Mastercard® leads in 0.
Everyday purchases
Icelandair Premium Mastercard® earns 1X on all other spending vs 0.5X
Modeled net value (bonus categories at unconditional rates, caps applied). Spend mix: dining 15%, groceries 15%, gas 10%, travel 10%, everything else 50%. Statement credits use the same recurring usable estimates as each card's detail page; first-year-only credits count in year one only. Welcome offers valued at each card's program rate shown on this page.
Both scenarios favor the Icelandair Premium Mastercard® on net value (rewards, usable credits, fees, and welcome offer).
| Scenario | Icelandair Mastercard® | Icelandair Premium Mastercard® | Ongoing winner | Year-one winner |
|---|---|---|---|---|
| Light spender: $1,000/month | Rewards: $60 Credits (our usable estimate): $0 − Annual fee ($0) Ongoing: $60 Year one: $60 | Rewards: $120 Credits (our usable estimate): $65 − Annual fee ($39) Ongoing: $146 Year one: $146 | Icelandair Premium Mastercard® | Icelandair Premium Mastercard® |
| Heavy spender: $4,000/month | Rewards: $240 Credits (our usable estimate): $0 |
Both scenarios favor the Icelandair Premium Mastercard® on net value (rewards, usable credits, fees, and welcome offer).
Everyday (non-bonus) spend earns 1X on the Icelandair Premium Mastercard® vs 0.5X on the other card.
Published annual fees: Icelandair Mastercard® $0/yr, Icelandair Premium Mastercard® $39/yr — a $39 difference before welcome offers and credits.
Network
Key Benefits
Rewards: $480 Credits (our usable estimate): $65 − Annual fee ($39) Ongoing: $506 Year one: $506 |
| Icelandair Premium Mastercard® |
| Icelandair Premium Mastercard® |
The Icelandair Premium Mastercard® costs $39/yr — that's $39 more than the Icelandair Mastercard® (no annual fee). To justify that gap, you need to extract at least $39 in annual value from the card's higher earn rates and benefits.
Bottom line: Use the year-one vs ongoing table for modeled earn value at your spend level. The $39 fee gap means the Icelandair Premium Mastercard® needs roughly $39 more in annual rewards (or credits you will use) to break even on everyday spending and everyday spend.
Get the Icelandair Premium Mastercard® if you:
Editorial disclosure: CardRewards.ai is an independent comparison service. Card data comes from issuers' published terms; data as of September 27, 2026. Card issuers do not influence our rankings or content.
