You can apply for any miles rewards credit card to earn miles and redeem them with Icelandair or any other airline. You may even want to apply for the Icelandair credit card but in this case you will have to fly with this airline a lot to get a reward ticket. Having a regular credit card with rewards, you may not even fly but still earn miles on all your purchases. For example, the Discover it® Miles credit card will allow you to earn miles and redeem them with any airline, including Icelandair.
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All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.