Alaska Airlines' loyalty program — now rebranded Atmos Rewards, after absorbing Hawaiian Airlines — remains one of the more generous points currencies out there, and it has just been given a full rundown by the miles blog One Mile at a Time. For travellers sitting on points or considering a new credit card, the mechanics matter more than the name.

Earning points is straightforward. Bank of America issues three co-branded cards: the Summit Visa Infinite ($395 annual fee, the fastest route to status), the Ascent Visa Signature ($95, with a $99 companion fare perk), and a business card ($95 minimum). You can hold more than one. Bilt points transfer to Atmos Rewards at 1:1 — with the unusual bonus of earning 3x points on rent payments — and Marriott Bonvoy converts at 60,000 points into 25,000 Atmos Rewards. Buying points during periodic promotions, which offer bonuses of 90-110%, can land them under two cents each; join the program at least 10 days before a sale to be eligible.

The redemption side is where it gets interesting. Atmos Rewards uses three distance-based award charts (Americas; Europe, Middle East and Africa; Asia-Pacific), with fixed 'starting at' prices whenever saver-level space exists. A one-way business class flight from the US to Europe of 3,501-5,000 miles starts at 55,000 points; economy across the Americas can cost as little as 4,500 points on hops under 700 miles. Pricing is based on the cumulative one-way distance, so short, clever routings pay off.

Two quirks give the program its cult following. First, it's the last major US program that lets you earn redeemable points based on miles flown rather than dollars spent — great when crediting flights on any of its 23-plus partners, from Cathay Pacific and Japan Airlines to Condor, Icelandair and Qantas. Second, it allows a free stopover on a one-way award between regions, meaning a roundtrip booked as two one-ways can include two stopovers. Even better, award flights themselves earn status points at one per mile flown.

There are caveats. The program sometimes sees one fewer premium seat on Cathay, JAL or Aer Lingus than other partners do, and Qantas space can be patchy. Many partner awards are blocked within 72 hours of departure, so last-minute bookings are unreliable. Non-saver pricing on some Aer Lingus, Icelandair, Qatar and Starlux flights is best ignored. Partner awards bookable online at alaskaair.com; the partner award desk number is 800-252-7522.

Who should care? Anyone flying between the US and Asia-Pacific or Europe in premium cabins, or within the Americas on short hops, where the fixed pricing beats dynamic programs like Delta's. Long-haul business class to Asia from 50,000 points (3,001-5,000-mile bands) is genuinely hard to beat.