Alaska Airlines is launching a $395-a-year rewards credit card as it joins the industry's race for high-spending customers. It is also launching a combined loyalty program with Hawaiian Airlines, called Atmos, and raising requirements for elite status. Alaska acquired Hawaiian last year and plans to keep the two brands operating separately.

The new Atmos Rewards Summit card boasts a long list of valuable perks, including a new and highly versatile Global Companion Award benefit, plus 3x back on 'foreign purchases.'

The announcement marks another step in the airline’s effort to transform into a global carrier after merging with Hawaiian Airlines last year.