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 rolled out a sweeping overhaul of its frequent flyer program Wednesday by introducing Atmos Rewards, which the airline says will set a new global standard for airline loyalty. The program replaces Alaska’s longtime Mileage Plan and Hawaiian Airlines’ HawaiianMiles,