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 recently merged airlines are getting into the loyalty game with a choose-your-own-adventure concept called Atmos Rewards. Experts weigh in on how to make the most of the new points scheme.