In the meantime El Al has been working to create a new credit card with US Bank.
The full details on that card haven’t been released yet, though I’m told to expect an earn ratio of about 1 Matmid point per $40 spent or a 40:1 ratio.
Theoretically that’s better the AMEX ratio of 50:1, however AMEX has cards like Everyday Preferred that earn 1.5-4.5 points per dollar everywhere, which makes the effective transfer ratio between 33:1 to 11:1.
At any rate, the good news is that HAS points can once again be transferred into El Al points.
The bad news? You won’t have long to use them before the upcoming severe devaluation of the Matmid program.