I teased a couple of months ago that Alaska Airlines and Bank of American would introduce a new premium credit card and also that once Alaska launched its combined frequent flyer program, we’d begin to see the Hawaiian Airlines credit cards disappear.

Alaska has shared that the move to a single loyalty program will come this summer, and that they’ll also launch a premium credit card at that time.

To build a marketing list for the premium credit card in support of its launch, they’ve created an ‘early access list’.

• You get 500 miles just for joining the list by December 31
  
• And another 5,000 miles when you’re approved for the card, on top of the initial bonus offer.

I love this because of the 500 free miles, and because those miles scale. Remember that until this summer when they move to a single loyalty program you can:

• Acquire Hawaiian Airlines credit cards
  
• Transfer points between members free, since that’s a benefit of the Hawaiian Airlines card
  
• And of course all points will be pooled in Alaska accounts.

This means you can (1) sign your family up for Alaska and Hawaiian cards, since the points move back and forth between their Alaska and Hawaiian accounts, (2) move their points over to your Hawaiian account thanks to the Hawaiian card’s points transfer feature, and then (3) move the points into your Alaska account.

But with the points transfer feature you can even sign up all of your friends and family for the 500 point ‘early access list’ bonus and move all of those 500 point bonuses into your account, too! Do this with nine people and you can even get a free award flight out of the offer since a coach domestic award starts at 4,500 miles for travel up to 700 miles.

This new card seems like it will even be attractive, at least for some. It will come with a $395 annual fee:

• it will include a global companion award certificate valid on Alaska and partner airline awards.

• Offer 3 points per dollar on foreign transactions and dining, and accelerated elite status.

• Waived award ticket fees, lounge passes and inflight passes, plus same-day confirmed fee waivers

There could be real value in the new card product, and I certainly like 3x on foreign transactions as a unique category accelerator. But I love giving away free miles, too. Plus these free miles should keep accounts from going dormant due to inactivity as well!