If a companion voucher (such as the popular British Airways Executive Club or Southwest Companion Pass) expires, its value is typically lost entirely, as airlines are notoriously strict about these "use-it-or-lose-it" benefits. For British Airways users, you must book and fly the outbound leg of your journey before the expiration date printed on the voucher; simply making the booking is not enough. Once the date passes, the voucher will vanish from your account, and the airline rarely offers extensions unless there were extreme "exceptional circumstances" like a widespread grounding of flights. For Southwest Companion Pass holders, the "expiration" refers to the end of the calendar year (or the specific earned period); once it expires, your designated companion can no longer fly with you for free unless you re-qualify for the pass through flight segments or points. In 2026, it is vital to track these dates in your loyalty app. If you find yourself with a voucher nearing expiration and no travel plans, many savvy travelers will book a "speculative" trip to a nearby destination just to utilize the benefit, as a lost voucher represents hundreds or even thousands of dollars in potential flight savings.