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Free Companion Airline Ticket with Delta Platinum Amex Card. How does it really work?

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We just upgraded our Delta American Express card to Platinum and one of the perks is that you get a free companion airline ticket every year when you renew the card.
This sounds to good to be true, of course the annual fee alone is like $130 and there are a bunch of black out dates. But how does it really work??

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