Israeli Credit Card Showdown: Travel Rewards vs. Cash-Back Programs
An analysis of Israeli credit cards reveals key differences between travel and cash-back programs offered by Cal, Max, and Isracard, detailing accumulation rates and redemption rules.
The Israeli credit card market currently offers a wide array of options, with the primary competition focusing on two main arenas: travel and tourism cards, and cash-back cards. Many consumers struggle to decide which track to choose and which card will provide the best value for their monthly expenses. Through an in-depth analysis of various regulations, distinct differences emerge in accumulation ratios, redemption options, and restrictions imposed by credit card companies on customers.
In the airline card arena, we begin with Cal's flyall. This is a combined card, functioning as a Diners card in Israel and a Mastercard abroad and for international online purchases. The program offers two cards: FlyAll and FlyAll Premium. In the first year, the regular card yields a 1% accumulation rate on purchase amounts, while the premium card grants 1.2%. Starting from the 13th month, these rates drop to 0.75% and 1% respectively, with purchases at governmental institutions yielding lower percentages. Accumulated points can only be redeemed on the dedicated website flyall.co.il for tourism products, and points unredeemed within 24 hours are deleted. It is important to note that these points cannot be converted to El Al's Matmid Frequent Flyer program. Customers enjoy a fee waiver in the first year conditioned on a minimum monthly usage of one shekel, and premium customers are entitled to a 10 NIS discount on card fees starting the second year.
The second competitor in the travel arena is Max's SKYMAX program. This also offers two tracks: SKYMAX and SKYMAX PREMIUM. The accumulation ratio for the regular card stands at one SKYMAX point per 160 NIS in regular transactions, and one per 320 NIS for institution transactions. To enjoy an enhanced ratio of one point per 130 NIS on the premium track, the customer must meet an average monthly spending target of 8,000 NIS. Point redemption is carried out via the MAX TRAVEL website operated by SkyGenie, and a minimum of 200 points must be accumulated to begin redemption. The point balance is valid for three years, after which it is deleted without compensation. An additional advantage for cardholders is that if total monthly spending reaches 8,000 NIS, the customer is entitled to 4 treats in the following month under Max's benefits program.
The third and veteran player in the travel triangle is Isracard's FLY CARD in partnership with El Al. Unlike previous cards, points here are transferred directly to El Al's Matmid Frequent Flyer club. The program includes a regular card, a PREMIUM card, and a PREMIUM SELECT card, with premium cards requiring eligibility conditions such as a 10,000 NIS monthly spend or El Al status. Accumulation ratios are attractive: the regular card gives one point per 5 NIS, the premium gives one per 4 NIS, and select gives one per 4.5 NIS. Foreign currency purchases improve the ratio up to one point per 3 NIS on the premium card. Additionally, premium cardholders accumulate diamonds that help maintain or upgrade club status at a ratio of one diamond per 80 or 160 NIS respectively. Unlike the other two cards, accumulation in excluded sectors (like institutions) is capped at 30,000 NIS per month, unless the customer holds Gold status or higher with El Al.
Cash-Back Arena: Fierce Competition
Moving to the cash-back arena, the battle becomes equally interesting. Cal offers the CashCal Pro program, also via a combined Diners and Mastercard. The program is built on spending tiers; in the first year, spending up to 10,000 NIS receives a 1% refund, and every shekel above that amount receives 1.5%. Starting the second year, the percentages drop to 0.75% and 1% respectively, with governmental purchases receiving reduced percentages. There is a monthly accumulation cap of 450 NIS and an annual cap of 5,400 NIS. Redemption is performed via BUYME digital vouchers, with a mandatory minimum redemption of 50 NIS each time. Customers must remain vigilant, as accumulation not transferred to BUYME by the end of the first quarter of the following year (March 31) will be completely wiped out. This card also offers a 1% foreign exchange conversion fee benefit on foreign purchases in the first year, rising to 2% thereafter.
Isracard competes in this category with the CashBack+ Mastercard Platinum. The tier method is similar but with different amounts, offering a 1% accumulation rate in the first year and 0.75% in the second year regardless of spending volume. Monthly accumulation is capped at 400 NIS, and the maximum balance held in the digital gift card is 1,500 NIS. Money redemption is done via an Isracard gift card at specific chains, and any accumulation not transferred by the end of the following calendar year is deleted. The card offers sign-up gifts and varying accelerated accumulation promotions, such as 100 NIS as a gift for purchases over 3,000 NIS on the Time Off website.
The third card in the cash-back sector is Max Back Total, which stands out for its redemption flexibility. The accumulation ratio is 1% in the first year for regular transactions (0.5% for institutions) and drops to 0.75% in the second year (0.375% for institutions). Customers can accumulate up to 2,000 points in a calendar year, and up to 6,000 points in total on the card at any given moment. What sets this program apart is the multiplicity of redemption avenues: points can be converted at a 1:1 ratio to a GiftCard MAX (up to 1,500 NIS on a loaded card), or at a 1:0.9 ratio to a restaurant-dedicated card (GiftCard FOOD). Furthermore, unlike competitors, Max allows converting points into real cash that accrues interest via the "Tsower ve-Shav" track (at a 1:0.9 ratio), converting them to SKYMAX flight points (at a 1:0.42 ratio), or even investing them in cryptocurrencies via a collaboration with Bits of Gold at a 1:0.9 ratio. Similar to Max's travel card, an 8,000 NIS spend grants eligibility for 4 treats for customers enrolled in airline club tracks on another Max card.
Choosing the Ideal Card
Points unredeemed within three years will be deleted. The final choice among all cards depends on the customer's consumption habits, brand loyalty to specific airlines, and whether they prefer store vouchers, flights, or advanced saving and investment avenues.
The bottom line is that choosing the ideal credit card depends entirely on your spending profile and goals. If the goal is flights and you are loyal customers of El Al, the Fly Card will grant you the most profitable value, especially thanks to the option to accumulate diamonds that upgrade your club status.
If you are looking to fly but prefer flexibility in choosing airlines and destinations, the SkyMax and FlyAll programs provide excellent solutions allowing conversions on dedicated tourism websites. In the cash-back sector, CashCal Pro leads in refund potential for heavy spenders shelling out over 10,000 NIS a month, thanks to high accumulation percentages of up to 1.5%. Conversely, Max Back Total wins outright in redemption flexibility, allowing you to decide whether to convert expenses into shopping vouchers, invest them in crypto, save them in an interest-bearing track, or convert them to flights. Isracard CashBack+ provides a solid and convenient solution offering simple gift card accumulation, backed by numerous accelerated accumulation promotions that improve value. Ultimately, the winning card for you matches your monthly spending amounts and the type of reward that excites you most, provided you track expiration dates.
