SAS Business Executive Card: First-Ever SAS Business Credit Card (Waitlist Open)

Here’s a new solution to one of the questions we get every day: how to earn points for business expenses. Today, SAS made a bold move and announced the SAS Executive Card, its first ever SAS-issued business credit card. The waitlist is open today in Sweden, Norway, and Denmark; the card itself launches fall 2026. It’s a Mastercard World Elite product aimed at Scandinavian SMEs, and on paper it sets the highest base earning rate in EuroBonus: 25 points per 100 SEK/NOK/DKK on all eligible spend.

The card also credits 20,000 Level Points (Nivåpoäng) every year, which puts every active cardholder at EuroBonus Silver without flying a single segment! (like the SAS Amex Elite used to do). In addition, it also comes with SAS Lounge access, a Priority Pass membership covering 1,800+ third-party lounges, premium travel insurance, and a real expense-management platform built in.

Until today, every SAS-branded card was issued by a partner bank: Amex Nordics (Classic/Premium/Elite), SEB Kort (Mastercard World/Premium), or Lunar (debit). The Executive is the first card SAS itself is putting on the table. The actual issuer is Bankaktiebolaget Nordiska (publ), a Swedish bank, with Nordiska providing the embedded-finance / Cards-as-a-Service rails, and the user-facing app, receipts, and admin portal built by Cardlay, the Danish fintech. Waitlist members are promised “early access” and an “exclusive offer” (exklusivt erbjudande), with details held back until launch.

What SAS Actually Announced

The press release hit the SAS Group newsroom on May 27, 2026 alongside the eurobonusbusiness.flysas.com landing page. Today is the program announcement and waitlist opening, not the card’s commercial launch. The site says it plainly: the card launches during fall 2026.

Three things in the announcement that, taken together, are bigger than they look:

1. SAS is now an issuer, not just a co-brand. Every prior SAS card has been a bank-issued product with a SAS skin on top. Amex Nordics carries the Amex line, SEB Kort prints the Mastercards, Lunar runs the debit card. The Executive is the first card where SAS is the named program owner end-to-end. Bankaktiebolaget Nordiska (publ) is the legal card issuer, and Nordiska’s embedded-finance / Cards-as-a-Service stack runs the rails. Cardlay, the Danish fintech, builds the SAS Card App and the admin portal.
2. It’s a Mastercard World Elite. Mastercard’s top tier, which means broader global acceptance than Amex (a real factor for businesses paying international suppliers) and the standard World Elite benefit shell.
3. It targets Scandinavian SMEs specifically. The card is positioned for “executives, business owners, and finance managers” at small and medium enterprises in Sweden, Norway, and Denmark, with admin tools, multi-cardholder spending controls, and direct ERP system connectivity baked in.

25 Points per 100 kr: How It Compares

The headline earning rate is 25 EuroBonus points per 100 kr on all eligible business spend. That’s the new ceiling for the program, and it’s a meaningful step above every card we cover in our SAS credit cards guide:

For context: on a business running 120,000 SEK/month through the card, the Executive earns 360,000 EuroBonus points a year at the base rate alone. The same spend on a personal Amex Elite would earn 288,000 points, and the Amex Elite’s eligibility wrapper gets fuzzy fast when used for business volumes.

Auto-Silver From Day One

Every active Executive cardholder gets 20,000 Level Points (Nivåpoäng) credited each year. That exactly meets the EuroBonus Silver threshold (20,000 Level Points or 10 qualifying flights per year), which is the part of the announcement that arguably matters most for non-frequent flyers running businesses.

What that gets you on every SAS-operated flight, even if your last segment was eight months ago:

• SAS Lounge access at departure airports, with a guest or up to four family members
• Business Class check-in
• Extra baggage allowance
• Priority boarding
• Complimentary seat selection at booking for your whole PNR

If you fly on top of the card spend, you stack toward Gold (90,000 Level Points) and Diamond (160,000) the usual way. We covered the recent dynamic pricing buildout that affects how those Level Points translate into upgrade availability, and our SAS lounges guide walks through what Silver access actually unlocks at each hub.

This is the first time SAS has built status into a card’s guaranteed earning rather than offering it as a fast-track campaign or invitation tier. It’s a structural change to how Silver is earned in the program, not just a card perk.

The Benefits Bundle

Beyond the points and Level Points, the Executive carries an aggressive perks stack for a business card at this price:

• SAS Lounge access (via the Silver-level benefit you’re earning automatically)
• Priority Pass membership covering 1,800+ third-party lounges worldwide
• Comprehensive travel insurance, including medical assistance and rental-car coverage
• eSIM data for international travel
• NordVPN subscription bundled
• Scandic hotel partnership with a status match into Scandic Friends (separate from the existing Scandic match for EuroBonus we covered last year)
• Apple Pay and Google Pay support, plus an integrated SAS Card App
• Rental car benefits flagged as “coming soon” in the launch material
• Metal card for the primary cardholder; digital cards for the rest of the team

The Priority Pass and SAS Lounge combination is the part worth underlining. The SAS Amex Elite gets you SAS Lounge access via card-earned Silver, but it doesn’t bundle Priority Pass. The Executive does both for one monthly fee.

The Scandic line is worth a closer look. Cardholders are matched into Scandic Friends Level 4 (or higher), which is itself a notable benefit on top of the existing EuroBonus and Scandic partnership. That gets you early check-in where available, up to 25% extra Scandic points on stays, and exclusive discounts on hotel stays and meeting rooms. For a Scandinavian SME with meeting and accommodation costs running through the card, that’s real money.

How This Reshapes the Business Setup

We’ve been writing about the awkwardness of using personal SAS cards for business spend for a while. Our SAS EuroBonus for Business guide walks through the setup most Scandinavian companies have settled into: a personal SAS Amex Premium or Elite for the cardholder, supplier and rent invoices routed through Bill Kill (our partner — Master customers get 2 months of AwardFares Gold free) or Betalo to earn points on otherwise non-card spend, and a lot of careful bookkeeping to keep the compliance story clean.

The Executive collapses most of that into one product:

• Card spend earns 25 points / 100 kr directly. No 2.5–3% bill-pay service fee layered on top of an indirect Bill Kill or Betalo path.
• Multiple cardholders, central admin. Issue cards to employees with individual per-card spend limits, monitor in real time, no separate request-card-rejected dance with a bank.
• Direct ERP integrations via the Cardlay platform. Receipts captured at the point of sale, expense reports generated, transactions synced into the company’s accounting system.
• Compliance is straightforward. A business card used for business spend is the cleanest possible setup with both Skatteverket and Skatteetaten. The personal-card-for-business path always carried tax-treatment grey areas, especially around using earned points for private travel.

It doesn’t make personal SAS cards obsolete. Many small businesses (sole traders, single-cardholder companies) will still want a personal Amex Elite or Mastercard Premium for the 2-for-1 voucher or the Fly Premium benefit, neither of which the Executive replicates. The likely shape: personal card for the voucher and personal flexibility, Executive for company spend.

The Math on a Typical Scandinavian SME

A 15-person Stockholm tech company running 120,000–150,000 SEK/month through the card (the example used in our business guide) maps cleanly onto this product.

The Executive earns 72,000 more points than the personal Amex Elite + Bill Kill path at this volume and saves roughly 35,000 SEK in bill-pay fees. It does not give you the Elite’s two annual 2-for-1 vouchers, so the comparison breaks down for companies whose owner is also booking long-haul Business Class on points twice a year. The right move in that case is to hold both: Executive for company spend, Amex Elite (personal) for the voucher.

Above the 1.5M SEK/year spend threshold, the Executive looks like the obvious primary card.

Waitlist Now, Card in Fall: Why the Timing Matters

The timing is unusual and worth saying out loud. Air France-KLM is expected to take a majority 60.5% stake in SAS in the second half of 2026, and a legal agreement requires SAS to facilitate a merger of the loyalty programs once that ownership threshold is crossed. We’ve also seen dynamic pricing rollouts building inside the program and a late-2025 award chart devaluation on premium cabins.

Announcing a SAS-owned business card now, with the actual launch lined up for fall, lands the product into Scandinavian SME hands at roughly the same time the AF-KLM transaction is expected to close. That’s a statement. A few things to keep in mind:

• SAS is putting its name directly on the product. Of all SAS-branded cards, this is the one most clearly tied to SAS-the-company surviving the AF-KLM transaction as a distinguishable program. The other cards live on the issuing bank’s balance sheet and can be re-skinned; this one is built around SAS’s own issuing rails via Nordiska.
• EuroBonus points themselves should survive a merger. Flying Blue uses Miles instead of points, but every program merger we’ve seen (Aeroplan/AC, AAdvantage’s various legacy mergers, Asiana/KE) has converted existing balances at a published ratio. Earning aggressively from launch and burning before any transition closes is the cleanest path.
• Status earning is the part most likely to be re-pegged. 20,000 Level Points = Silver under EuroBonus today. If the program merges into Flying Blue, the equivalent translation could shift. If status access matters to you, lock it in for 2027 by being on the card from launch day.

We’d treat the Executive as a “use it from day one, intensely” product. The earning rate will be the best the program has ever offered, the auto-Silver is the strongest non-flight path to status SAS has ever built, and the perks bundle is priced for the moment, not for whatever the merged program looks like in 2027. Joining the waitlist costs nothing and signals early-access priority.

How to Join the Waitlist

As of May 27, 2026, only the waitlist is open. The card ships in fall. Here’s the path:

1. Go to eurobonusbusiness.flysas.com and scroll to the #waitlist section (or hit the “Skriv upp dig” CTA from the top of the page).
2. Fill in the form: Name, Company, E-mail, Org. no (your company’s organizational number), EuroBonus number (optional but recommended so the points are ready to post on day one), and Country (Sverige, Norge, Danmark, or Annat).
3. Submit. You’re on the list. SAS has confirmed there’s no commitment to apply once the card opens for applications later in the year.
4. Watch for the launch email. Waitlist members get “tidig tillgång” (early access) ahead of the general public, plus an unspecified exclusive offer that hasn’t been disclosed yet.

When the card officially launches:

• The full application will go live on the same site, with company verification (registration, signatory ID, turnover data) and standard underwriting on credit limit.
• On approval, the SAS Card App walks you through digital card issuance (usable immediately via Apple Pay or Google Pay) and orders the physical metal card.
• Add your EuroBonus number during setup so points and Level Points post correctly.

Eligibility is broadly: Sweden, Norway, or Denmark residency, representing a registered business entity (most standard structures accepted, sole traders included). SAS hasn’t published a minimum company-size threshold; the card is aimed at SMEs but the application appears open to single-employee companies too. The “Annat” (Other) country option on the waitlist suggests SAS is also gauging interest outside Scandinavia, though no non-Scandinavian launch has been confirmed.

Turning Those Points Into Business Class Seats

Points are useless without seats to spend them on, and the December 2025 award chart devaluation made the search problem harder, not easier. SAS Business to Asia or North America now runs 60,000 points one-way (up from 50,000), and partner Business Class to North America sits at 140,000 points round-trip on KLM, Air France, Delta, or TAP Air Portugal.

A business earning 360,000 EuroBonus points a year on the Executive will be in range of three round-trip Business Class redemptions to the US annually without flying a single revenue segment. The bottleneck isn’t going to be points. It’s availability.

This is the search problem AwardFares is built for, and it’s worth getting set up before the card ships in fall so you’re ready to spend the moment points start posting:

• Real-time partner search. AwardFares pulls live availability across SAS, KLM, Air France, Delta, Aerolíneas Argentinas, TAP Air Portugal, Saudia, and the rest of the bookable EuroBonus partners in one search.
• Live Alerts: For Business Class on a specific route, the realistic path is monitoring availability over weeks and booking the moment seats open. Manual checking does not scale when you’re running a company.
• Flex Alerts: Broader watchlists (“US to Europe in Business in October”) for when the trip dates are flexible but the cabin isn’t. This is the case where the company would otherwise pay 2,000–5,000 USD in cash for one of those seats. An alert that fires at the right moment more than pays for a year of Diamond.

AwardFares’ Take

The Executive is the most aggressive earning tool SAS has announced in years, and the timing (waitlist now, card live this fall, roughly when the AF-KLM transaction is expected to close) reads more like a deliberate effort to consolidate Scandinavian business spend into EuroBonus than like a fade. We take these as great signals that the EB ecosystem won’t be absorbed into Flying Blue or disappear, just yet.

For an SME running 1M–3M SEK a year through cards, the math from launch is straightforward: 25 points per 100 kr at base, auto-Silver each year, no Bill Kill or Betalo compliance dance, full Priority Pass on top. Hold the Amex Elite alongside it for the 2-for-1 voucher if Business Class is on your annual calendar.