Fly Alaska occasionally? Use a companion fare only when the full booking beats an acceptable alternative. A discounted companion ticket can still leave you paying more for the trip.
The hypothetical comparison: $600 versus $550
Suppose an eligible companion booking costs $450 for the primary traveler and $150 for the companion, both including taxes and fees, with the baggage and seats you need covered. An acceptable alternative costs $275 per person, all in, with comparable flight times and baggage needs covered.
These are hypothetical prices, not live fares. The $150 is the assumed actual companion total for this example—not a published fixed price.
Hypothetical cost for two travelers
The regular tickets win by $50. Using a benefit is not the same as saving money—the certificate does not deserve a participation trophy.
The minimum is not your checkout total
Bank of America advertises the Alaska companion fare at $99 plus taxes and fees from $23. That makes $122 the advertised minimum companion price, not a guaranteed final price and not the total for both travelers.
Use the actual checkout total in your comparison. Before relying on a certificate, check its eligible routes and cabins, booking and payment requirements, and expiration terms; do not assume it works for the itinerary you want.
Compare trips you would actually take
Price both options with the baggage and seats you need. Compare departure times, connections, airports, and change or cancellation terms, too—a cheaper itinerary you would refuse to fly is not a useful benchmark.
If the companion itinerary is more convenient, decide whether that convenience is worth the extra cost. In this example, choosing it means paying $50 more for your preferred trip; it does not mean the companion fare saved $50.
For your own comparison, use practicalrewards.com/calculators/alaska-companion-fare.html and enter the actual prices.
Practical verdict
Use the companion fare when its full booking cost beats a comparable trip you would otherwise buy. Skip the redemption when regular tickets cost less and work just as well. Judge this booking on its savings; judge a card separately on its full package of benefits you realistically use.