Alaska Airlines is shuffling the deck with its popular Mileage Plan loyalty scheme. In a pitch to customers of both Alaska and Hawaiian Airlines, the carrier is rolling out its new Atmos Rewards plan. What does the new loyalty scheme mean for you?

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