Ritz-Carlton is partnering with Chase to launch the new Ritz-Carlton Rewards credit card. New cardmembers earn 50,000 points after using the card for the first time. Ongoing benefits include five points per $1 spent at The Ritz-Carlton, two points per $1 spent on airfare, car rentals and dining and one point per $1 spent on all other purchases.

The annual fee for the card is $395 and it also comes with hotel perks at Ritz-Carlton. Guests will receive a $100 hotel credit with each two-night or longer stay. The credit can be used for dining, spa or other hotel activities.

On stays of up to seven nights, cardholders can upgrade to The Ritz-Carlton Club Level three times a year, subject to availability. Cardholders will also be upgraded to Ritz-Carlton Rewards Gold Elite status during their first year of owning the card.

The card does not charge foreign transaction fees and cardholders receive complimentary airport lounge access with Priority Pass Select and a $200 annual credit that can be used for airline incidentals, such as baggage fees or in-flight food and entertainment. Visit http://www.ritzcarltonrewardscard.com to learn more and apply for the card.

Bottom line: The Ritz-Carlton Rewards credit card is targeting higher income individuals with their new card and the $395 annual fee is rather steep. But for members who want airport lounge access and spend at least $200 on airline incidentals, the annual fee is cheaper than purchasing lounge access directly from the airline and paying baggage fees.