Anyone who's ever side by side compared airline credit cards knows that they all begin to look alike, after a while: free checked bag, free lounge entry, a welcome bonus and perhaps a lounge or two. The Atmos™ Rewards Summit Visa Infinite® card is not that sort of credit card. It is based on a side benefit of a companion ticket that is worth the money year after year, and one of the most convenient foreign spending bonuses in the credit card world. While it is not a low cost card to have, at $395 a year, it is worth it for the right traveler.

The new applicants now have the option to collect 80,000 bonus points and a 25,000 point Global Companion Award after making at least $4,000 on the card in the first 90 days. That's two bonuses in one and the companion bonus is the one to focus on.

Why the Companion Award Wins

Many will give you some points for signing up. This one's unique is that the companion award is not one that's done and done. You'll receive an additional 25,000 point Global Companion Award each year, on your account anniversary, regardless of spending. Not to mention also getting a substantial 100,000 point companion card if you spend $60,000 on the card during your anniversary year. Both can be obtained in the same year.

Let's see how the discount really works. Assume that an award ticket is 35,000 points per person. The two tickets would normally be worth 70,000 points. Apply the 25,000 point certificate and you will lose 45,000 points and taxes and fees. Raise the ticket cost to 100,000 points each and the bigger 100,000 point certificate reduces your total ticket cost to 100,000.

Although you may be tempted to make a pilgrimage around this benefit, there are a few rules to know:

• You will have to make a new reservation for both travelers; it cannot be used on a traveler's existing reservation.
• It is applicable for one way or round trip travel, but not to multi city and open jaw travel.
• If the accompanying fare is higher than what the certificate allows, then you will earn the excess value in points; if lower, the surplus goes away.
• Bookings can be made within one year from date of issue, but not after the certificate expires.
• Limited to one Certificate use per booking and can't be combined with any other discount.
• The primary cardholder doesn't actually have to travel; the certificate can be used to book two completely different travelers.

With the full 25,000 point anniversary certificate you'll be approaching $375-$395 of value, depending on your own personal value of Alaska miles (which is equivalent to the value of the annual fee alone).

The benefit is that you can accrue points in another country while traveling as a tourist

Most airline cards give you a reward for spending money on that airline, and possibly on eating out. This is also included: 3 points per dollar for dining purchases, Alaska and Hawaiian Airlines purchases, or foreign purchases, and 1 point per dollar on all other purchases. The foreign transaction bonus is definitely one of the best features of this. Rewards for non bonus spending on out of country purchases are uncommon on airline cards, but this makes the card very useful for anyone who travels or does business outside the country.

As long as you have a qualifying checking, savings, CDs and/or investment account with Bank of America or Merrill, you'll get 10% relationship bonus on top of the purchase rates (for checking, savings, CDs and/or an investment account both accounts must be qualifying and the rates are revised to 3.3 and 1.1 points per dollar). Simply be aware that it may take 60 days for the bonus to be credited to your account upon opening it.

Use the Partner Bookings feature to save your bookings for future use

Alaska will charge a $20 per person, per direction fee to book an award ticket on a partner airline. This card waives that fee automatically for the primary cardholder when he or she redeems the points and pays taxes and fees using the Summit card. On a round trip trip for two people, that's $80 saved on one trip and if you book five of those in a year, you've already gotten more than the annual fee back, not counting lounge access or the companion award.

The card also specifies that it is a free points card. It's a handy feature for families where everyone has a handful of points but not quite enough to redeem the reward they're looking for. The primary cardholder can connect to ten other Atmos accounts and move points between them with no fee.

Lounge Access & Travel Perks

The card includes its benefits in addition to the points:

• 8 Lounge passes per year (2 per quarter) for each Adult and up to 2 children under 21 on each.
• 8 Wi Fi passes per year 2 per quarter, 1 per flight.
• A complimentary first checked bag and guaranteed boarding with the same reservation for the card holder and 6 guests.
• 20% statement credit available on eligible onboard food, drinks and Wi Fi purchases.
• Up to $120 in Global Entry or TSA PreCheck application fee credit every four years.
• A waiver of the flight change fee for most fares, when the flight is confirmed on the same day.

There's also travel protection built in, too, including trip cancellation protection, trip interruption protection, baggage delay protection and lost luggage reimbursement as well as primary rental car collision coverage, and there's a $50 delay voucher if the eligible flight is delayed for 2 hours or more or cancelled within 24 hours of departure.

60K Worth of Spend?

If you're a serious Alaska loyalist, you may want to spend $60,000 on your card this year, which is its anniversary. This gives them 30,000 status points from purchases and 10,000 status points every anniversary, totaling to "Atmos Gold status" including oneworld Sapphire benefits.

It is noteworthy that qualification for status is determined on the calendar year, and qualification for the companion is determined by the anniversary of your card. So, if you're careful about timing, you could qualify for the $60,000 companion certificate without qualifying for Gold the same year, or vice versa.

The cost of this isn't insignificant: $60,000 at the base earning rate (plus the relationship bonus) will earn approximately 66,000 redeemable points, while a flat 2 points per dollar will earn approximately 120,000 points. This is a loss of approximately 54,000 points, but for the companion certificate and elite status advancement. That's a good bargain for the person who has the status and likes to travel with others.

Bottom Line

The Atmos Rewards Summit Visa Infinite isn't out to be the most glamorous travel card; it's out to be the most helpful one for those who fly Alaska or Hawaiian frequently, travel abroad often, or travel with family. The $395 annual fee is certainly worth it for the right traveller with the recurring companion award, foreign transaction fee, partner award fee waiver and a really decent lounge and travel benefits package. It is a tough card to beat if you're a loyal Alaska's network member.