Airline pricing is famously unpredictable. The person sitting next to you on a flight likely didn’t pay the same fare you did. In fact, several people in the same row may all have paid completely different prices for the exact same flight.
That’s because airlines use dynamic pricing – a system that adjusts fares based on supply, demand, timing and a long list of other factors. For travelers, it has created something of a game – “The Challenge to Secure the Cheapest Airfare.”
You sign up for airfare alerts so you’ll know the moment the price drops. You go through the booking process on different days of the week, testing the long-debated theory that Tuesday is the best day to buy airline tickets. You’ve heard that three months before a trip is the “sweet spot” to book ... only to find that the fare fails to dip to the price you saw published five months out!
Attempting to time the market and “crack the code” is hard work, especially since many airlines now offer price-adjustment credit if the fare for your flight drops after you purchase your ticket. That’s right, you can book when the timing is right for you and still achieve savings if prices fall later!
The Basics of Securing Flight Refunds
Many major airlines dropped their change fees for domestic flights in 2020 to boost consumer confidence in booking travel amid the COVID-19 pandemic. It created the opportunity for travelers to take advantage of price drops by canceling and rebooking flights to secure additional savings.
Policies vary by airline and fare type, but a few basic requirements seem to be consistent across carriers:
- The booking must have been completed directly through the airline. Flights booked through third-party sites are not eligible.
- Main cabin bookings and above (e.g., premium, first-class, etc.) qualify. Change and cancellation fees still apply for most basic economy fares, which could negate the potential savings.
- Your savings typically come in the form of an airline credit, which must be used within a set timeframe (usually within a year of the original booking).
- If the flight was booked with reward miles, credit card points or as a companion ticket, all is not lost. Contact the airline directly to learn how those miles, points and/or credits will be handled before canceling flights.
Airlines like Delta, American, United, Southwest, JetBlue and Alaska Airlines – to name a few – have really simplified the process to rebook or – in some cases – simply reprice your ticket within the same reservation. And while discount carriers might not have the same customer-friendly policies, you may have options. For example, Frontier Airlines waives its cancellation fees if you’re more than 60 days out from travel, making it possible to cancel and rebook with no penalty.
If it sounds like too much work, don’t worry; there are new tools that do the heavy lifting for you. The Points Guy tested out two tools that can help – PAiback and Junova. Learn more about their features, fees and how they work!
Bottom line – travelers who worry about booking their flights at exactly the right moment can rest easier knowing that flexible airline policies and flight credits can alleviate some of the angst of booking travel. So, instead of setting up price alerts to find the optimal time to book, keep an eye on the changing price of your already-booked flight to possibly build up airline credits for that next adventure.
Do you have a flight booked for upcoming travel? Reserve your airport parking!
Book Your Space