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Quick Points: Book now and then periodically check for hotel and airline price drops

Sept. 06, 2024
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4 min read
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Editor's Note

This is a recurring post, regularly updated with new information.

I often have sticker shock when booking flights and hotels. Even so, I select the best option and book a rate that offers free cancellation.

By doing so, I’m securing a reservation in case prices increase. However, I periodically check my hotel and flight reservations for price drops and find I can often rebook several at a lower rate each time I sweep through my upcoming reservations.

I like spending less on travel, and I suspect you do, too. In this article, I’ll discuss how and why you should book travel you can freely cancel now and then occasionally check for price drops.

Book refundable travel

Whether traveling domestically or internationally, booking travel you can cancel without fees is usually best. Doing so gives you flexibility with minimal downside.

Man using a laptop and holding a credit card
PIXELSEFFECT/GETTY IMAGES

Luckily, most hotel award nights are freely cancelable until shortly before your stay begins. And you can often find good-value cash rates that allow you to cancel until a few days before arrival. Meanwhile, some airlines allow you to cancel award flights — and sometimes even paid flights — for no fee. In some cases, you can even refund a nonrefundable airline ticket.

Related: Ultimate guide to canceling a flight and getting a refund with major US airlines

Check for better rates

Being able to cancel flights and hotels for free doesn’t just give you flexibility if you decide not to travel. It also lets you cancel and rebook if you find a better deal.

Woman booking a flight
XAVIER LORENZO/GETTY IMAGES

Every two weeks, I receive a Todoist reminder to check for price drops on my upcoming flight, hotel and car rental reservations. When searching for price drops, I focus on paid rates and programs that use dynamic award pricing. I’ve had particularly good luck catching price drops on IHG stays, Marriott stays, American Airlines award flights and Southwest Airlines flights.

Related: Key tools and tips to find the cheapest airfare

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Rebook at a better rate

Some programs let you quickly change an existing booking when you see a price drop. For example, it’s easy to reprice a Southwest flight when the fare decreases. And if you've booked a Delta Air Lines flight that allows free changes, you can quickly rebook your same flight when the price drops. Marriott Bonvoy also makes it easy to reprice stays by modifying your stay via the website or app.

Woman discussing with man over laptop by daughter at kitchen island
MASKOT/GETTY IMAGES

Unfortunately, some programs don’t allow you to change your reservation to a lower price. To reprice your stay, rental or flight with these programs, you must make a new reservation and cancel your existing reservation.

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

Bottom line

Catching price drops can save you serious points, miles and cash. So, I recommend setting aside time every few weeks to check pricing on your freely cancelable bookings. If your experience is like mine, you’ll likely see more price drops than expected. And unless you have a lot of upcoming travel bookings, it likely won't take too long every time you go through your pricing checks.

Featured image by WESTEND61/GETTY IMAGES
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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  • Intro Offer

    As High As 100,000 points. Find Out Your Offer.

  • Annual Fee

    $325

  • Recommended Credit

    Excellent to Good

Why We Chose It

There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)

Pros

  • 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
  • 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
  • Packed with credits foodies will enjoy
  • Solid welcome bonus

Cons

  • Not as useful for those living outside the U.S.
  • Some may have trouble using Uber and other dining credits
  • You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
  • Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
  • Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
  • Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
  • Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
  • Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
  • $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
  • $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
  • $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
  • $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
  • Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
  • No Foreign Transaction Fees.
  • Annual Fee is $325.
  • Terms Apply.