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For a co-branded airline credit card, the Icelandair MasterCard has a poor rewards program, indeed. The Icelandair credit card that comes without an annual fee will allow you to earn one point per dollar on Icelandair purchases and only 0.5 points everywhere else. Things are a bit better with the Icelandair credit card that charges an annual fee: Icelandair purchases earn 2 points per dollar and all other purchases earn one point per dollar. If you look at regular credit cards with miles rewards, you will see that most of the cards offer a better rewards program and can compete with many airlines credit cards. Even cash back rewards credit cards can offer you better conditions when you earn and redeem rewards.