Originally Posted by jackal

Note that the companion certificate that comes with the AS Signature Visa was recently changed to no longer include First Class. There is some debate about whether applications processed now will have a companion certificate issued before the July 31 cut-off (certificates issued on or after August 1 will not be valid for First), but I wouldn't personally count on it.

The certificate is deposited in your Alaska Airlines account online within a few weeks after you are approved for the card. You can access it under the "Discount Codes" section of your Alaska Airlines Mileage Plan account online (i.e. at http://www.alaskaair.com," not at the Bank of America site). I do not believe (but cannot affirm with any certitude) that the deposition of the certificate is conditional upon anything other than approval of your card application, so it shouldn't be necessary to activate, use, or otherwise have physical possession of the card in order to receive the certificate.

Full First Class fares are fully refundable, so it would be possible to book two seats now and then wait for your certificate to be deposited. If you receive the certificate before 8/1, then cancel your two full paid seats and rebook with the certificate. That way, your seats are "held" while you wait for the outcome of the process.

Also, note that the two-letter IATA code used on FlyerTalk for Alaska Airlines is "AS," while "AA" refers to American Airlines. It's pretty clear from the context which airline you mean, but I just wanted to point that out to avoid future confusion.