Link: Learn more about the Atmos™ Rewards Summit Visa Infinite® Credit Card
The $395 annual fee Atmos™ Rewards Summit Visa Infinite® Credit Card (review) is the premium personal credit card of Atmos Rewards, which is the combined loyalty program of Alaska & Hawaiian.
There are lots of reasons to get this card, from a huge welcome bonus, to a great return on spending, to valuable perks just for being a cardmember, like free points sharing and waived partner award booking fees. It’s a card I’ve already applied for.
In this post, I’d like to talk about what might just be the most interesting aspect to spending on the Atmos Rewards Summit Card, which borders on seeming too good to be true…
In this post:
The best one-size-fits-all card for foreign purchases
The Atmos Rewards Summit Card offers 3x points on eligible foreign transactions, with no caps. This applies to both the primary cardmember and to any authorized users (authorized users can be added to the card at no extra cost). Specifically, eligible foreign purchases include:
- Purchases made in a foreign currency
- Purchases made in US dollars if the transaction is made or processed outside the United States
In the interest of being thorough, let me copy and paste the portion of the terms addressing this:
3 Points for eligible Foreign Transactions: Earn 3 points for every $1 spent on eligible foreign transaction Net Purchases (1) made in a foreign currency, or (2) made in U.S. dollars if the transaction is made or processed outside of the United States and US Territories. Bank of America is not responsible for how foreign transactions are billed to the card.
Let me emphasize that the card has no foreign transaction fees, so not only are you not paying those fees, but you’re being rewarded very handsomely. The exchange rates used by the card are also totally fair, and competitive.
Personally, I value Atmos Rewards points at 1.5 cents each, so I’d consider that to be a 4.5% return on all foreign purchases, which is unrivaled. If you have an eligible Bank of America account, you can even get a 10% relationship bonus, meaning you could net 3.3x points per dollar spent.
While there are some cards that might be slightly more rewarding for specific categories of foreign spending — like dining, airfare, or hotels — there’s not another card that’s broadly this rewarding for all foreign spending.
Keep in mind that this is only the start of the rewards you get for spending on the card:
- You earn one status point for every $2 spent on the Atmos Rewards Summit Card, so if you’re trying to earn elite status, that will help you greatly
- If you have the Atmos Rewards Summit Card, you can earn a 100,000-point Global Companion Award if you spend $60,000 on the card in an anniversary year; if you can get full value from that certificate, that’s the equivalent of an incremental 1.67 points per dollar spent
Admittedly this is a very specific situation, but if you were to spend $60,000 abroad, you’d earn 180,000 Atmos Rewards points, 30,000 Atmos Rewards status points (not including the 10,000 status points boost the card offers annually), and a 100,000-point Global Companion Award.
If you want to take it a step further, those 40,000 Atmos Rewards status points are enough to earn Atmos Rewards Gold status, which gets you oneworld Sapphire, offering perks like priority services and lounge access. That’s a pretty incredible setup, eh?
Is 3x points on foreign spending too good to be true?
As you’d expect, there are a lot of questions about the Atmos Rewards Summit Card 3x points on foreign spending:
“I’ve looked but I couldn’t find what the terms are for the 3x points on foreign purchases. Is there an annual limit? Does it need to be combined with domestic spend?”
“Let me get this straight – any transaction outside the US will be in the 3x category? Is this capped? As someone living in Europe, that could make this card extremely valuable for me…”
Officially, there are no limits on how much you can spend abroad. Of course to get this card, you need to be eligible for credit cards in the United States, which requires having an address in the country, among other things.
As I look at the terms, there’s nothing there stating any limits as to how much you can spend abroad, both in absolute and relative (to domestic spending) terms. In practice, there are plenty of Americans living abroad who use US credit cards (given how much more lucrative they are than most foreign cards) without any issues.
So I don’t think there’s a catch here, but I will say this (and I’m not trying to fear monger, but am just trying to address the only potential concern) — banks can shut down your credit cards at will, and decide they no longer want to do business with you.
In the past, I’ve read reports where credit card issuers have shut down accounts because too big of a percentage of spending was consistently abroad. That’s far from consistent, though, and I’ve also heard of people using their card living abroad for a decade without an issue.
My point is to say that based on how things currently stand, I think this benefit is as good as it sounds, and I wouldn’t expect any major changes (though who knows, maybe at some point down the road we’ll see a cap on how much foreign spending can earn bonus points).
Many people may wonder if this is sustainable in the long run, so let me point out a few things:
- Outside the United States, interchange fees are often capped much lower than in the United States, meaning card issuers are typically getting less in interchange fees, making the math on this even more challenging
- Nonetheless, plenty of competing cards offer bonus points on things like travel, dining, hotels, airfare, etc., which for many people, make up a large percentage of their spending while abroad
- I figure the logic here is that they assume that since a majority of spending on many other cards qualifies for bonus points while abroad, they might as well make a very special, all encompassing bonus category for foreign purchases, so that it’s less important to bonus things like gas and groceries
- Ultimately the profitability of a credit card isn’t as straightforward as whether money is made directly on interchange fees in comparison to rewards, but it also factors in the annual fee, financing of charges, etc.
My point is simply to say that this doesn’t strike me anywhere near the top of the list of unsustainable credit card benefits, though we’ll see how this plays out.
Bottom line
The Atmos Rewards Summit Card offers 3x points on foreign spending, with no foreign transaction fees and no caps. This is an unheard of bonus category, and makes this by far the best card for foreign spending.
What makes this even better is that beyond the 3x points, you also earn one status point for every $2 spent, and if you spend $60,000 in an anniversary year, you can receive a 100,000-point Global Companion Award. This return on spending is every bit as great as it sounds, and this is the card to have in your wallet if you travel abroad a lot.
What do you make of the Atmos Rewards Summit Card 3x points on foreign purchases?
Just returned from Japan trip and used the Atmos card there for 8 days…. Had $20k in charges and received 60k in my Atmos account the next billing cycle. No brainer
I'm not clear whether a foreign transaction in a restaurant gets both the 3x bonus + the 3x dining bonus? If double-dipping a thing?
One important nuance is that although many regions around the world impose interchange fee caps, those caps generally do not apply to U.S.-issued cards. (Fees still tend to be lower outside of the U.S., however.)
It is entirely possible that 3x (or 3.3x) on foreign purchases will turn out to be an unsustainable perk because it does not align with the underlying unit economics of a foreign purchase. However, the same could be said of...
One important nuance is that although many regions around the world impose interchange fee caps, those caps generally do not apply to U.S.-issued cards. (Fees still tend to be lower outside of the U.S., however.)
It is entirely possible that 3x (or 3.3x) on foreign purchases will turn out to be an unsustainable perk because it does not align with the underlying unit economics of a foreign purchase. However, the same could be said of 5x on airline purchases (Platinum Card) or 4x on hotels (CSR). In general cards offer generous bonus categories and accept that, for certain customers, they may not recover the full costs of doing so.
As someone living in Europe, I am certainly maximizing this very unique and rewarding bonus category.
I have the card and have used it for foreign purchases but was caught up when I booked hotel nights and flights from Agoca, which I thought was a foreign purchase but was billed through a subsidiary in the U.S. so I didn't receive the bonus.
Great take, Ben! The only card I think that could come close is the Bilt Palladium card when you consider monthly transfer bonuses (up to 125%!). One article I'd love to see (particularly for nomads, long-term travellers, and expats) is everything you know about *not getting shut down*: banks, brokerages, credit cards, cellular providers, or a combination of the above. I travel internationally for long periods of time, and while I have all accounts set...
Great take, Ben! The only card I think that could come close is the Bilt Palladium card when you consider monthly transfer bonuses (up to 125%!). One article I'd love to see (particularly for nomads, long-term travellers, and expats) is everything you know about *not getting shut down*: banks, brokerages, credit cards, cellular providers, or a combination of the above. I travel internationally for long periods of time, and while I have all accounts set to use my residential address in the U.S., I always have a latent worry that I'll be shut down. My biggest concern is that my extended credit/debit card use abroad could trigger termination of my brokerage account(s) at that same institution. I've heard (maybe true, maybe not) horror stories of brokerages liquidating taxable accounts, triggering taxable gains, and mailing a check to the address on file. Could you imagine how bad that would be? The horror!
I have lived abroad for 10+ years and I have yet to have a single card shut down (nor because of travel patterns nor because of other reasons). In some years I do not make a single physical purchase in the U.S. on certain cards. But I think it is wise to separate as much as possible between issuers your 1) credit cards 2) checking accounts 3) brokerage accounts.
lol off topic but it will be interesting to see how UA's MAGA bet plays out for IAD now that antifascists have full control of VA
Expat based in Indonesia. Loving this card, watching the points add up each month (on track to hit 60K spend this year). The exchange rates used by BoA have been good, no issues. I do expect this perk to end sometime but will continue to use until it does. Great card.
Has anyone been approved for both the summit and the ascent card with in short period, say two months?
I was recently approved for the ascent and I'm considering the summit as well. I'm not quite as high on it as Ben but I'm be spending much the next year abroad and an incremental and the 3x is pretty sweet and the sub pretty sweet
This is essentially a 5x per dollar spent for expats who spend $60k per year on the card. I only put foreign spend (split time between USA and Argentina) and restaurants on the card and it's been a total game changer.
Question for our Canadian buddies (if we still have any left): Do your grocery stores sell gift cards like their US-based counterparts do? Are those the same familiar Visa and Mastercard gift cards we see in US stores?
Asking for a friend who lives near the border...
Yes, they do, however, in most cases gift cards and the like are not usable across the border, so Canadian gift cards generally need to be used in Canadian stores/sites
Canadian practioners generally don't "buy cards". The people I know typically pay with crredit cards, to reload a reloadable "card" that has a BillPay function. I don't know anyone who buys actual cards.
The only real catch is that when it comes time to redeem your points, you'll only see phantom space on your Atmos search results.
Precisely why I don’t collect Atmos points.
Do not agree, here.
When searching for international flights (via seats.aero followed by Alaska) I always find a lot of flights for booking through Alaska and, in addition, in most cases for less miles/points compared to other frequent flyer programs.
Unrelated to the article, but Ben could you make a post describing your travel gear? What carry on/personal item do you use, what and how you pack in it, essentials you carry with you, how you use and store your stuff in business class seats in flight, etc. Curious to hear your professional input on this and hear other frequent travelers as well, as I am currently window shopping for travel gear. Thank you!
I'm the guys living in Europe quoted in the article. I do have this card, and it is indeed very valuable for me :)
Excellent card for Canadians who are into US credit cards. Especially if they like to fly porter.
Porter is awesome. No middle seats.
I buy a lot of ex-EU tickets paid for in Euros, and it is working well for me. I expect it will be capped next year to 10,000 extra points due to abuse or a workaround that results in some folks manufacturing 100s of thousands of points.
The 3x is working smoothly for me now. Valuable on booking foreign tours, especially. It got off to a rocky start, though, with BoA refusing foreign charges (?!?). After enough complaining, they started letting me actually use the card, online and abroad. It’s enough to have me keeping the card another year. If the CSR had kept the 3x on general travel spend, I wouldn’t keep the Summit after the SUB year.
The exchange rate is very bad for Atmos... before you swipe your card and make sure it is good compared with other 2x Capital one etc.
I have used it extensively in Canada and occasionally in other countries and all exchange rates have been pretty much wholesale and better than I can get from exchange places like Wise
Do not agree, here.
When searching for international flights (via seats.aero followed by Alaska) I always find a lot of flights for booking through Alaska and, in addition, in most cases for less miles/points compared to other frequent flyer programs.
Please provide data points for this statement. Thanks.
Excellent card, specifically for 3.1x foreign (with 10% bonus), and 3x rent via BILT up to $50K (especially when working towards the 100K Global Certificate). I just hope BofA/BILT/Alaska doesn't nerf or devalue anything anytime soon.
3.3 foreign on every transaction I have had with it.
Even better!
Great for expats… so expect this to be nerfed or capped at some point. Take advantage of this while you can.
You get more than 3x of your have high tier with BoA, you get eqm with Alaska and you get the 100k companion voucher assume you spend.