There is a fee, I think it is $99.00 per year, but the first year you get $250 Westjet dollars which can be applied to any Westjet flight, once a year you get a companion fare voucher that allows you to book your companion's flight for $99.00 plus taxes(domestic flights and higher amount for non domestic flights) and the free baggage.
I just used my $250 to book a flight to Calgary, but have not been able to use my companion voucher. I was hoping to use it for March 2018I with my kids, but West jet's fare was too high. Once I return from Calgary and take advantage of the free bags I am going to cancel the card as as I use my AirMiles card for pretty much everything.
It was great the first year, but not the same value now. I know a few friends who got it for a specific flight and then cancelled the card .