Atmos Rewards Summit card review: Earn valuable rewards and unlock unique benefits

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The Atmos™ Rewards Summit Visa Infinite® Card is one of the newest additions to the premium travel credit card landscape. While it has an annual fee of $395, the card's rewards and other benefits can easily offset that cost if you frequently travel with Alaska Airlines or any of its partner airlines—particularly if a lot of those flights take you outside of the U.S. 

Read on to learn how the card works, what its top benefits are and whether it makes sense for you to apply.

• Welcome bonus
• Benefits and perks
• How to earn and redeem Atmos points
• Rates and fees
• Card comparison
• Is the Atmos Rewards Summit Visa Infinite Card right for you?

If approved for the card, you'll need to spend at least $6,000 in the first 90 days to earn a welcome bonus of 100,000 points, plus a Global 25K Companion award worth up to 25,000 points. That's a great value, although the spending threshold is slightly higher than some of the bonuses for other travel credit cards.

Like any travel card with a hefty annual fee, the Atmos Rewards Summit card has a mile-long list of perks that are designed to deliver value that easily justifies the yearly cost. Here's a look at the card's biggest benefits.

• Annual Global Companion Award: All cardholders receive a 25K Global Companion Award on their account anniversary. If you spend $60,000+ in a year, you'll unlock a second—more valuable—100K Global Companion Award. You do need to be mindful of finding an award that maximizes this benefit because you'll forfeit unused value.
• 10,000 annual status points: You get 10,000 status points on every card anniversary, which gets you halfway to Atmos Silver status. Plus, you earn one status point for every $2 spent on the card with no cap on how many status points you can earn.
• Eight Alaska Lounge passes: The card comes with two quarterly passes to any Alaska Lounge location.
• Eight Wi-Fi passes: You'll also be able to connect in the sky for free (on eligible flights) two times per quarter. While this is a nice perk, it's worth noting that other airlines, such as American and Southwest, are rolling out free Wi-Fi.
• Partner award fee waivers: You aren't confined to redeeming rewards solely on Alaska or Hawaiian; you can also book award flights on partner airlines. Normally, you'd pay $12.50 per person each way on these bookings.
• Free checked bags and preferred boarding: The benefit applies to the cardholder and up to six guests on the same reservation when you pay for the reservation with your Atmos Summit Visa Infinite card.
• Free points sharing: You'll pay no transfer fees when sharing with a network of up to 10 Atmos Rewards members.
• $50 travel delay credit: If an eligible flight is canceled or delayed by two hours or more, you'll receive a $50 voucher to use at eligible merchants. This benefit applies to flights marketed by Alaska Airlines or operated by Alaska Airlines, Horizon Air or SkyWest.
• $120 airport security credit: The credit applies to application fees for TSA PreCheck or Global Entry once every four years.

In addition to these benefits, there are plenty of other perks. You'll get peace of mind with:

• Trip cancellation/interruption insurance
• Auto rental coverage
• Baggage delay reimbursement
• Lost luggage reimbursement
• Roadside dispatch
• Travel accident insurance
• Travel and emergency assistance services
• Trip delay reimbursement
• Emergency evacuation and transportation
• Identity theft reimbursement
• Purchase protection
• Extended warranty protection
• Return protection

Plus, it's a Visa Infinite card, which means you get access to the Visa Infinite Luxury Hotel Collection and Visa Infinite Concierge. You also receive status benefits and discounts with Avis, Hertz and National.

Earning Atmos points

Earning points on the card follows a fairly simple structure:

• 3X points on eligible Alaska Airlines and Hawaiian Airlines purchases
• 3X points on dining
• 3X points on foreign purchases
• 1X points on all other eligible purchases

Bank of America issues the card, and if you also have an eligible Bank of America bank account, you're eligible for a 10% bonus on the points you earn from spending.

Redeeming Atmos points

The most valuable way to redeem Atmos points is to book award flights with Alaska and its partners. This is the best way to receive exceptional value, especially if you book luxury international flights.

Atmos Rewards uses a hybrid award chart with dynamic prices based on region and distance. The award chart offers starting prices, but awards can cost more. Short-haul partner flights within the Americas (less than 700 miles) start at 4,500 points each way. This can be a great option for booking domestic American Airlines flights.

You can fly from the U.S. to most of Europe on a partner airline with one-way prices starting at 22,500 to 27,500 points in economy or starting at 45,000 to 55,000 points in business class. These business-class flights can easily cost $5,000+, which makes this a great deal for only 90,000 to 110,000 points roundtrip.

The Atmos Rewards Summit Visa Infinite has a $395 annual fee and no foreign transaction fees. However, there aren't any introductory-APR offers, and there is a late payment fee of up to $40.

Atmos Rewards Summit Visa Infinite Card vs. Capital One Venture X Rewards Credit Card

With a $395 annual fee, the Capital One Venture X Rewards Credit Card is the same cost as the Atmos Rewards Summit. The pathway to offsetting that fee is more straightforward with the Capital One Venture X because you receive a $300 travel credit each year for Capital One Travel bookings, while the Atmos Rewards Summit doesn't have an annual travel credit. Depending on how you book your travel, Capital One offers supercharged earning rates, including 10X miles on hotels and rental cars and 5X miles on flights and vacation rentals—if you make the reservations through Capital One Travel. 

Aside from the benefits, the biggest difference between the two cards comes down to the type of rewards you earn. You can use Atmos Rewards to book flights with Alaska Airlines, Hawaiian Airlines and certain partner airlines. With the Atmos Summit Visa, you also have the option of transferring your points to a handful of hotel programs, but you'll generally receive less value this way.

Capital One miles are more flexible because they transfer to a long list of partner airline and hotel loyalty programs. Being able to transfer your points gives you more flexibility because you aren't tied to a single loyalty program. You can also use Capital One Miles to offset eligible travel purchases at a rate of one cent per mile.

When it comes to lounge access, the Capital One Venture X is a better option. Rather than restricting access to two Alaska Lounge visits per quarter, Capital One Venture X cardholders get unlimited visits to all Capital One and participating Priority Pass lounges. 

Atmos Rewards Summit Visa Infinite Card vs. Atmos™ Rewards Ascent Visa Signature® Card

If the $395 price tag scares you off but you absolutely love Alaska Air or Hawaiian airlines, this card's lower-priced sibling may be better fit for you. The Atmos™ Rewards Ascent Visa Signature® Card is just $95 each year. You'll get a $99 companion fare (plus taxes and fees from $23) each year after spending at least $6,000. It's also a better card for certain purchases because It earns 2X points at gas stations, EV charging stations, rideshare services, cable and streaming services.

The Ascent has a notably shorter list of benefits than the Summit, but it still offers valuable travel perks. You can get a $100 discount on an Alaska Lounge+ membership, and you won't need to worry about any foreign transaction fees. Plus, you'll also receive a free checked bag and preferred boarding for yourself and up to six guests.

The Atmos Rewards Summit card can be a great pick for certain travelers, but the $395 annual fee means you need to carefully consider whether this card will be worth carrying in your wallet for well into the future. Consider these key questions to determine if it's the right fit for your finances.

• How much do you spend on a credit card each year? The real value of this card kicks in after spending at least $60,000 each year. That's when you'll unlock an annual 100K Global Companion award. If you don't hit that threshold, you'll still automatically receive a 25K Global Companion Award, but this is clearly designed for bigger spenders.
• What do you spend the majority of your money on? In addition to thinking about how much you spend, you should analyze where you're spending it. The Atmos Rewards Summit also earns a solid 3X points on dining and foreign purchases, as well as on Alaska Air and Hawaiian Airlines purchases. However, the remainder of your purchases aren't going to add up quickly with just a 1X return. One of the biggest downsides of the card is that the 1X rate applies to general travel purchases, while many other premium cards pay elevated rates for all types of travel.
• Where are you traveling most frequently? The Alaska Lounge experience is a great way to feel like you're living the high life, but there's one problem: It's a small network. If you want more robust airport lounge access, you'll need to look at other cards.

If you don't think you'll maximize this card's benefits, then a less expensive rewards credit card or a different premium credit card with more universal perks could be a better fit.

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Information about the Atmos™ Rewards Summit Visa Infinite Card and Atmos Rewards Ascent Visa Signature Card has been collected independently by CNBC Select and has not been reviewed or provided by the issuer of the card prior to publication.