The Alaska Airlines card pays you back in miles on every purchase, waives your first year's annual fee, and gives you a companion fare discount once per year

The Alaska Airlines Visa Signature card earns 3 miles per dollar on Alaska Airlines purchases and 1 mile per dollar on everything else. You get 40,000 bonus miles after you spend $2,000 in the first 90 days. The annual fee is $75, but it is waived for the first year. Once per year, you can buy an Alaska Airlines ticket at the standard price and get a companion ticket for $99 (plus taxes and fees), which is the card's most concrete benefit if you travel with someone regularly.

The card also includes checked baggage coverage, trip delay reimbursement, and emergency medical and dental coverage while traveling. These protections matter most if you travel frequently or internationally, because they overlap with what your health insurance may already cover at home. The card does not earn bonus miles on hotels, rental cars, or other travel purchases outside of Alaska Airlines itself, so the rewards structure is narrower than some competing airline cards.

Key Takeaways

  • You earn 3 miles per dollar on Alaska Airlines tickets and 1 mile per dollar on all other purchases, with a 40,000-mile sign-up bonus after spending $2,000 in 90 days.
  • The $99 companion fare (plus taxes and fees) is available once per calendar year and applies to any Alaska Airlines flight at any price point.
  • The first year's $75 annual fee is waived, so you can test the card's value before deciding whether to keep it.
  • Travel protections like baggage coverage and trip delay reimbursement come with the card but may duplicate coverage you already have through your employer or existing insurance.

How the companion fare works and when it makes financial sense

The $99 companion fare is the card's signature perk. You buy one ticket at the full published price, and your companion flies for $99 plus the same taxes and fees you paid. The fare applies to any Alaska Airlines flight — no blackout dates, no seat restrictions — and you can use it once per calendar year as long as you hold the card.

The math works best if you travel with the same person at least once a year and that person would otherwise pay $300 or more for a ticket. On a $400 round-trip ticket, the companion fare saves roughly $300. On a $150 ticket, the savings shrink to about $50, which barely covers the annual fee. If you travel alone or only occasionally with others, the companion fare may not offset the $75 annual fee in year two and beyond.

The companion must be named when you purchase, and you cannot split the benefit across multiple people in a single year. If you travel with different companions throughout the year, you can only use the discount once, so you have to choose which trip gets the benefit.

Miles redemption and what they are actually worth

Alaska Airlines miles can be redeemed for flights on Alaska Airlines, its partner airlines (including American, Delta, and United through the OneWorld alliance), and partner hotels and car rentals. The redemption rate varies by route and season. A domestic round-trip flight typically costs 25,000 to 50,000 miles, depending on distance and demand.

The card's 40,000 sign-up bonus covers one domestic round-trip flight or a portion of an international ticket. If you earn 3 miles per dollar on Alaska Airlines purchases, a $1,000 annual spend gets you 3,000 miles — enough for a short domestic flight or a partial redemption on a longer trip. The 1 mile per dollar on other purchases is modest compared to cards that offer 2 miles per dollar on all spending.

Miles do not expire as long as your account has activity (a flight, a purchase, or a redemption) at least once every 24 months. If your account goes inactive, Alaska Airlines will close it and you lose the miles. This is a real constraint if you earn miles but do not travel or use the card regularly.

Annual fee trade-offs in year two and beyond

After the first year, the $75 annual fee renews every year on your card anniversary. You need to decide whether the benefits justify the cost. If you use the companion fare once per year and it saves you $200 or more, the fee pays for itself. If you do not travel with a companion or you travel infrequently, the fee becomes harder to justify.

Some cardholders downgrade to the no-annual-fee Alaska Airlines card (which earns 1 mile per dollar on all purchases and no bonus miles) after the first year, then upgrade again the following year to capture another sign-up bonus. This strategy works if you can meet the spending requirement and if you are willing to manage multiple card applications. It is not a may provide path — Alaska Airlines can deny upgrade requests or change the terms of the offer.

The card does not offer an annual fee credit or waiver based on spending, so you pay the full $75 regardless of how much you charge to the card.

Travel protections and insurance coverage

The card includes baggage delay reimbursement (up to $100 if your bags are delayed more than 12 hours), trip delay reimbursement (up to $300 if you are delayed more than 6 hours), and emergency medical and dental coverage while traveling outside the United States. It also covers lost luggage and provides roadside information.

These protections are secondary, meaning they pay only after your primary insurance (through your employer, homeowner's policy, or travel insurance) has paid. If you already have travel insurance through your employer or a separate policy, the card's coverage may not add much value. The emergency medical coverage is capped at $250,000, which is substantial but not unlimited.

The card does not include trip cancellation insurance, which would reimburse you if you have to cancel a prepaid trip for a covered reason. This is a notable gap if you book expensive trips and want protection against cancellation.

Bonus miles and sign-up offers

The current sign-up bonus is 40,000 miles after you spend $2,000 in the first 90 days. This bonus has varied over time — it has been as low as 25,000 miles and as high as 50,000 miles depending on the promotion. Alaska Airlines periodically changes the offer, so the bonus you see today may not be the same next month.

The spending requirement ($2,000 in 90 days) is moderate compared to other airline cards, which often require $3,000 to $5,000. If you have regular expenses you can charge to the card — groceries, utilities, gas — you can reach $2,000 without changing your spending habits. If you do not normally spend that much, you may need to plan ahead or time your process around a large purchase.

Alaska Airlines occasionally offers limited-time bonuses for existing cardholders, such as bonus miles for spending a certain amount in a calendar quarter. These offers are not may provide and appear randomly, so you cannot count on them when deciding whether to keep the card.

How this card compares to other airline cards

The Alaska Airlines card's main advantage is the $99 companion fare, which has no blackout dates and applies to any fare level. Most other airline cards offer companion fares with restrictions — specific routes, specific times of year, or a higher price. The card's 3-mile-per-dollar rate on Alaska Airlines purchases is competitive, though some cards offer higher rates on airline purchases specifically.

The card's main weakness is the 1 mile per dollar on non-airline purchases. Cards from other airlines (United, American, Southwest) often earn 2 miles per dollar on all purchases or have higher bonus categories for dining and travel. If you spend heavily on groceries, gas, or restaurants, a general-purpose rewards card or a different airline card may earn more miles per dollar.

The $75 annual fee is in the middle range for airline cards. Some airline cards charge $95 or more; others charge $0. The waived first-year fee gives you a low-risk way to test whether the card fits your travel pattern before committing to the annual fee.

Frequently Asked Questions

Can I use the companion fare on a ticket I already bought?

No. The companion fare applies only to new tickets purchased after you set up the benefit. You cannot retroactively explore it to a ticket you bought before receiving the card or before activating the offer. You must purchase the primary ticket first, then buy the companion ticket in the same transaction or within a specific window (usually the same booking).

What happens to my miles if I close the card?

Your miles stay in your Alaska Airlines account as long as your account remains active. Closing the card does not close your frequent flyer account. However, if your frequent flyer account has no activity for 24 months, Alaska Airlines will close it and you will lose the miles. You can keep the account active by taking a flight, redeeming miles, or using a different Alaska Airlines card.

Do I earn miles on the annual fee?

No. Annual fees do not earn miles. Only purchases and sign-up bonuses earn miles. Some cards offer statement credits or other perks to offset the annual fee, but the Alaska Airlines card does not.

Is the sign-up bonus worth more than the annual fee in the first year?

Yes, if you value miles at the typical redemption rate. The 40,000 bonus miles are worth roughly $400 to $600 in flight value (depending on the routes you fly), while the first-year annual fee is waived. In year two, you pay the $75 fee, so you need to earn enough miles or use the companion fare to justify keeping the card.

Can I earn bonus miles on the companion fare ticket?

Yes. Both the primary ticket and the companion ticket earn miles at the standard rate (3 miles per dollar on Alaska Airlines purchases). The $99 companion fare price does not earn miles — only the full-price primary ticket does — but the companion ticket itself earns miles based on the full ticket value.