Quick Points: Get a flight voucher when you rebook flights after the fare drops

One of the most euphoric events for a frequent traveler is finding jaw-droppingly low fare sales to exciting destinations.

Similarly, one of the most aggravating events is finding the same sale a few days after you booked your flights. Had you procrastinated just a little while longer, you could have saved hundreds (thousands?) of dollars.

If this has happened to you, all is not lost. Many airlines will let you book the lower-priced ticket and issue you a voucher for the difference. The process is a piece of cake. Here’s a quick rundown of how it works.

Rebook your airfare when it’s on sale (and earn a voucher while you’re at it)

The travel industry has undergone some pretty radical changes in the past couple of years, and perhaps none have been more positive than the emergence of customer-friendly airline change and cancellation policies.

Airlines have always offered “flexible” tickets that allow for full refunds. The only problem is that they cost exponentially more than the cheap nonrefundable fares, making them unappealing to most of us.

Nowadays, many airlines offer a compromise for those who purchase low-fare tickets instead of flexible tickets. If you purchase a nonrefundable flight, you can change your flight without charge. Here’s how it works:

• If your new flight costs more than your original flight, you’ll have to pay the difference in fare.
• If your new flight costs less than your original flight, the airline will issue you a voucher for the difference in fare.

Because of this, you can rebook your flights when the airline releases a lower price. Note that basic economy (or equivalent) fares are usually not eligible for changes or cancellations, so when you buy one, check your airline's change policy or be 100% certain that your plans won't change.

Related: Airlines that offer you a credit if the price of airfare drops

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Also, you may have to pay a fee when changing your ticket. This can vary depending on the airline you’re flying, the imminence of your departure date and your flight route. If you’ve found a lower price for your seat, be sure that you’re saving more than the fee you might have to pay.

How to get a voucher when you cancel your flight

When you purchase a flight, you can find your upcoming trip within your online account. You can view all the details, including the ticket price, the record locator, the seats you’ve chosen, etc.

When you find a cheaper price than what you paid, you can begin your voucher acquisition process in one of two ways:

• You can click a “change trip” button next to your flight in your account on most airlines.
• You can also call the airline and give your trip information to a customer service representative (in fact, some airlines may only offer this method).

You can then select the same flight as the one you’ve already booked. If the flight costs less, you’ll receive a voucher for future travel.

Related: How to use outstanding airline vouchers

You can effectively achieve the same thing by simply canceling your flight and rebooking it, as well. Upon canceling your ticket, you’ll get a travel credit equal to what you paid (minus any potential fees). You can then use that credit to rebook seats at the sale price. The portion of your credit that goes unused will remain in your account until it expires (usually one year after its issue date, but sometimes sooner).

Currently, you can receive a voucher by either changing your flight (or canceling and rebooking) with the following U.S. airlines:

• Alaska Airlines
• American Airlines
• Delta Air Lines
• JetBlue
• Southwest Airlines
• United Airlines (states that you may get a future flight credit for the fare difference)

Related: Ultimate guide to canceling a flight and getting a refund with major U.S. airlines

Bottom line

By setting a price alert on Google Flights, you'll receive a notification if the price of your airline ticket drops. If you find a cheaper fare for a flight you’ve already booked, there are a few steps you can take to reclaim that money. You likely won’t be able to get a refund on your credit card for the difference in fare, but you can at least earn a voucher for future travels.