You bring up an interesting issue. Is it better to get a refund, deposit funds in your wallet, or that third option, the email certificate/code.

First of all, I never make a booking I don't intend to use. If I must change, I have tried all 3 options.

Within the 24 hours of making a booking, getting a refund to my card is my preference. I am ok with any refund delay.

Outside of 24 hours, I often use the wallet for convenience. I seem to make enough bookings on Alaska that I will use the wallet funds within the month.

I have tried the certificate. That is something else I have to track. If I recall corretly the benefits of that option is the expiration date is longer and the certificate can be used by anyone with the number. In other words, the credit certificate is transferable. That may be of help to someone who doesn't expect to travel in the upcoming 12 months.

In your case as a 75K and as already presumed by Xrayman, I too would presume you make bookings often enough to find the wallet convenient. But maybe your 75k level was the result of a status match and you don't fly Alaska Airlines that often. Were you status matched?