Yeah your baggage fees will not be waived.
Beware, even if you book a CO flight through contiental.com on your contiental CC, you could be in trouble. If the CO flight # begins with a 6. It is being operated by United and you will not be able to get your baggage fees waived. Also this means you have to check-in through United and not through CO.
I found this out the hard way recently. Continental will not refund since it was United that charge me, and United are complete @$$holes aobut the whole thing. One United rep even swore up and down that Continental isn't waiving baggage fees anymore, talk about ill-informed.