Alaska Airlines and Hawaiian Airlines have a new combined loyalty program: Atmos Rewards. There's also a brand-new premium credit card with alluring perks.

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.