From what I remember EC was created for foreign residents who cant/wont open a Fly card. They are supposed to be roughly equivilant on point earning.
EC is more or less:
Accelerated Point Accrual:
EXECUTIVE members earn 20% more points on all EL AL flights in Premium and Business class
Special Redemption Rates:
EXECUTIVE members receive special award fares,
Preference on Upgrade Lists:
EXECUTIVE members are given priority approval for seat upgrades,
I don't know if it has any other unadvertised perks.
The FlyCard has other perks, but many of them you would have anyway from US CC you already have.
Flycard premium has an anual fee of $100+, EC from what I can tell is free...
https://www.elal.com/eng/frequentflyer/flycard_ben_newSome of the things that they count as perks, dont seem so much to me. for example: Lounge Access... click through and the perk is... the right to pay $32+ to enter a lounge.