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Flight pricing
Pricing is very dynamic due to airlines' sophisticated revenue management software–it is constantly adjusted based on:
- Fare class
- Demand
- Time until flight
- Availability
On any given flight, even people sitting in the same row are likely to have paid very different prices due to the different class fare prices.
Note: Final pricing is never guaranteed until a ticket is issued.
Flight economy classes
Make sure to note the type of flight class you book and its associated restrictions.
Basic Economy
- The cheapest and most restrictive fare you can book with an airline
- Still seated in the economy class cabin
- Limited flexibility, no carry-on, no elite status accumulation
- Mainstream airlines rolled out basic economy fares to compete with LLCs but do not actually want to sell this
Economy
- Seat selection at the time of booking, if available
- Other options for customizing your travel
Economy (flexible)
- Refundable fare, but cancellation and change fees may apply
- Seat selection at the time of booking, if available
- Enjoy other options for customizing your travel
Flight voids and cancellations
The ticketing process consists of a two-step process:
- Holding a seat on the flight
- Issuing an actual ticket on the itinerary
For US flights only, airlines must give users at least 24 hours from the time of ticketing to cancel their seat and be fully refunded without penalties.
After 24 hours, the seat can be cancelled, but the ticket may still retain some value–depending on the cost of the ticket exchange fee.
Flight ticket exchanges
Fees for ticket exchanges are very complex and vary by airline, fare class, and fare rules:
- Generally, domestic airlines usually charge a $150-$200 ticket exchange fee for making changes to a non-refundable airfare after 24 hours.
- For international flights, the ticket exchange fee can be up to $400.
- Southwest Airlines does not charge a change fee for tickets, which makes it a popular choice among scrappy companies.
- The actual cost of a ticket exchange is impossible to predict in advance and is based on two things:
- The ticket exchange fee (which is a fixed fee, written in the fare rules at the time of original ticket purchase).
- The cost of mark up between the old ticket vs the new ticket (which is constantly changing).
For more information, please read these TravelBank blog articles:
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