Travel Deal of the Day (July 29, 2008)

Did you know that many airlines still allow a 24-hour hold? Did you know that some airlines offer a free cancellation within 24 hours of purchase? There are two great features that can save you money.

The Deal:
Some airlines offer a 24-hour hold to your reservations – this can be a great feature if you need to solidify your plans. The 24-hour hold may require you to call the airline (and incur a booking fee), but some airline websites allow for holding reservations. It is important to inquire whether the 24-hour hold reserves the fare in addition to your space on the plane. If the fare is guaranteed, even if the fares in the market you are traveling go up, your fare will not change. If there is no fare guarantee, you are only reserving a seat on the plane, but not guaranteeing a fare. One other important caveat – be sure to note if you are purchasing a fare with advance purchase rules that require you to purchase on the same day you booked the ticket. For instance, if you are booking a 14 day in advance fare exactly 14 days in advance, even if the airline has a 24-hour hold policy, the airline will not normally allow you to hold that fare (to allow you to purchase with only 13 days advance purchase).

The 24 cancellation policy allows you to cancel within 24 hours of purchase for a full refund. You should inquire with your airline whether such a policy exists and, if so, what are the restrictions. Some policies require you to use the airline’s website. Some policies require you to be a frequent flyer with the airline. Be sure to know the rules, since it may save you a lot of money.