I’m a bit late to the party, but Online Travel Review noted yesterday that Icelandair is having a 20% bonus on purchased points until September 28th. 30k Saga Club points (25k base + 5k bonus) can be purchased for 39,500ISK (including a 2000ISK processing fee). Based on recent foreign exchange rates, this is roughly $331 assuming one uses a credit card with sane forex rates.
While this doesn’t sound like especially exciting news, Icelandair has some gems in its partner award chart. Alaska Airlines roundtrip itineraries can be obtained for 20k Saga Club points in coach or 30k Saga Club points in first, in addition to a $40 or so fuel surcharge. Further, while the award chart states “continental US,” there’s been quite a bit of success in booking itineraries with connections under 4 hours for travel all the way to Hawaii.
I would deem this deal as not long for this world, but it appears that Icelandair is well aware of the attention their point sale and award chart is getting.