Keep in mind that the gift certificate value doesn't expire. However if you purchase an itinerary and later cancel it past the 24 hour free cancelation to the original form of payment, the funds will go into your wallet and the 1 year expiry date of those funds is imposed.

Cancellation Policy

• If an Alaska Airlines Gift Certificate is redeemed for a non-refundable ticket, and the ticket is canceled within 24 hour of the time of purchase, the refund will be issued in the form of a new non-expiring gift certificate
• If an Alaska Airlines Gift Certificate is redeemed for a non-refundable ticket, and the ticket (or a portion of the ticket) is canceled more than 24 hours after time of purchase, the value of the unused portion of the ticket will be returned as a new credit certificate. Any portion of the credit certificate value not redeemed by the stated expiration date will expire on that date
• The applicable fare terms and conditions will govern ticket exchanges
  
  

*Ticket Change Policy

• Alaska Airlines current Peace of Mind waiver covers change and cancellation fees for all flights booked through December 31, 2020. Differences in fare may apply
• Beginning January 1, 2021, change fees will be eliminated on Main and First Class fares everywhere Alaska flies. Differences in fare may apply
• Saver fares purchased through December 31, 2020 cannot be exchanged, but they can be canceled for future travel credit under the Peace of Mind waiver. Saver fares purchased in 2021 cannot be changed or canceled

James