All Virgin America co-branded credit cards will be closed on January 4, 2018.
The benefits and mileage earnings on the card will end on December 31, 2017. If you currently have this card, you might want to switch to another credit card by the end of 2017 because you will no longer earn the soon-to-be-obsolete Elevate points for card purchases starting on January 1, 2018.
Assuming you are transferring or have transferred the Elevate points to the Alaska MileagePlan miles account, you might want to consider the chance to sign up for a new Alaska Airlines Visa Signature Credit Card. When you sign up, you are eligible for the signup bonus.
This closure of the Virgin America co-branded credit card account may adversely affect your credit score slightly because it will be no longer be part of your credit history calculation; especially, if you have owned the card for a long time.
I think the new application for the new Alaska credit card will be a new hard inquiry on your credit report, which in turns, may cause your credit score to drop a few points since it is not an auto conversion from an old card account to a new one.