This is the first time I actually (sort of, almost) understood one of these points posts, because I had filled out the Fly Card application a few hours ago for my mother. I had suggested that she wait, because I knew a fellow who'd probably post some advice about this soon, but I'm not so convincing when I argue for the value of procrastination.
Now that I read your post, I'm still not sure whether the card was worthwhile. She uses a Chase card for the ticket, but thought the Fly Card would be a way to quickly get the points needed for an upgraded seat or a more-space seat on ElAl. Maybe I have to read a few more times to figure this out. Anyway, a few other thoughts:
Paragraph Unlike most...
Second sentence sounds like business-school-speak ("disincentives"?), while I think your audience is regular people.
Re: Israel. I would guess that at least some of your readers fly mostly between the US and Israel, so this restriction isn't a hardship for them. And some have Israeli citizenship and could enter now. It would be helpful to have your view on whether or not the card is worthwhile for people who fall into those categories (as my mother does).
Next paragraph, on saver level tickets... I don't know what these are, so would be helpful to have definition. But really I think this paragraph could be omitted. It seems to fall into the category of "things I'm annoyed with ElAl for", and interrupts the train of thought on "what's wrong with this credit card program".
Paragraph But ElAL has announced... Mixing AMEX here and in the next paragraphs is confusing for the novice. Can you carry on with all the new stuff first "El Al has announced launch of Fly Card", 800 points, $3000, 20% off, etc, that is, give the details of the Fly Card, and then after that, summarize the impact of this on those who've been doing whatever it is with AMEX until now.
Table is clear, but I don't know what "Executives" are. Or non-Executives, for that matter.
Paragraph You also have to take into account... also seems to interrupt the train of thought with the calculations, and could be omitted here. Maybe put at the end, with the $99 annual fee.