Alaska Airlines and Hawaiian Airlines have debuted the Atmos Rewards Summit card with a six-figure bonus, companion awards, lounge passes and travel 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.

Alaska Airlines introduced Atmos Rewards: its own (and Hawaiian Airlines') loyalty programs, and a new high-end credit card as a means to woo high-value flyers. The expansion puts Alaska on more equal footing with bigger carriers by growing its footprint and providing increased benefits, destinations, and flexibility.