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Experience with Alaska Airlines Companion Tickets?

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If you get an Alaska Airlines credit card, you get a certificate for a companion ticket. They used to list it is as a "free" ticket, now they say "Receive an annual Companion Fare from $110 (USD) ($99 base fare plus taxes and fees, from $11 depending on your Alaska Airlines flight itinerary).

Anyone here used these recently? What was your experience? Can you use it for a first class ticket? Any issues with availability? What kinds of fees did you pay?

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