There's a 40K Alaska Visa Offer that is being targeted by mail, which I received recently. In general I don't focus on earning Alaska Mileage Plan miles since there's less award availability for Cathay Pacific First Class, JAL First Class and sometimes even Cathay Pacific Business Class than with AAdvantage (see AAdvantage Trumps Alaska Mileage Plan Again). And while Alaska was previously great for making free changes up until 60 days prior to departure, in June 2018 Alaska added a $125 change fee for both paid and award tickets.
All the same, Alaska does have some attractive Mileage Plan award charts if you find award availability, and I do recommend diversifying frequent flyer miles and points when it's possible to do so cost effectively. Even with the $75 fee, that equates to buying 40,000 bonus Mileage Plan miles for less than a fifth of a cent per point.
Note that in the past, many West Coast and Hawaii residents have been able to see a public 40,000 Alaska Visa offer on Alaska Airlines' Web site, and those with a VPN that is set to a location on the West Coast have often also been able to access the offer, even if you're not targeted. The usual public offer for this card is 30,000 bonus miles.
- Earn 40,000 Mileage Plan miles after spending $2000 or more on purchases within the first 90 days of account opening
- Free checked bag on Alaska Airlines flights for cardholder and up to 6 other guests on the same reservation
- Earn 3X miles per dollar spent directly on Alaska Airlines purchases
- Earn 1 mile per dollar on all other purchases
- Earn one Alaska companion fare from $121 after meeting minimum spend of $2000 within first 90 days of account opening and on each account anniversary.
Note that since 2012, the Alaska companion fare has only been valid for economy class tickets, not first class, so it's not all that valuable.
Have you seen an offer for the 40K Alaska Visa, either via targeted mail or on Alaska's Web site?
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So this is a good but not great offer. I just signed up for the Alaska card for the third time when I was booking a ticket on Alaska. I got only 30,000 miles BUT I also get a $100 statement credit after spending $1,000. The minimum spend required to get the 30K bonus miles is also only $1,000. Finally, the $99 copay on the companion ticket is waived during the first year. IMHO, that’s almost a wash since I tend to use the Alaska companion ticket.