From the fine print on the Alaska Air credit card application: (Boldface text highlighted by me)
"Annual Companion Fare benefit. Visa Signature® cardholders who make any combination of Net Purchases totaling at least $1,000 that post to the account within 90 days of the account open date will qualify for a round-trip coach Companion Fare on Alaska Airlines from $121 (USD) ($99 base fare plus taxes and fees, from $22 depending on your Alaska Airlines flight itinerary) when traveling with another passenger on a paid published coach airfare on the same itinerary, booked at the same time. A Companion Fare code will be credited to the primary cardholder's Alaska Airlines Mileage Plan™ account approximately within the first two billing cycles after qualifying for the Companion Fare benefit. Visa Signature cardholders whose accounts are open and in good standing on their annual Account Anniversary date will receive a Companion Fare code within the first two billing cycles after the Anniversary date each year. Platinum Plus® Visa® cardholders do not qualify for this benefit. The Companion Fare code must be redeemed within 12 months of the date of issue. Once ticketed, travel may be completed after the expiration date of the Companion Fare code. The expiration date cannot be extended and, once your Companion Fare code has expired, it cannot be exchanged. If your Account is closed, changed from an Alaska Airlines Visa Signature Account to an account other than a Visa Signature Account or an Account with no annual fee, you are no longer eligible to receive this benefit. Mileage cannot be used as a form of payment, however mileage credit accrual is allowed for both passengers. The Companion Fare code is not valid with award travel, and cannot be combined with any other airfare discounts. Applicable taxes and fees are subject to change."
Dave