European airline launches new 'All You Can Fly' pass — but it comes with several catches

European budget airline Wizz Air recently launched the All You Can Fly pass, a subscription that offers passengers unlimited flights for an annual fee.

The program is available at a discounted price of 499 euros ($550) per year until Friday. If you decide to sign up after Friday, it will cost 599 euros ($660).

The membership unlocks a year of unlimited flights on more than 950 Wizz Air routes across Europe, North Africa, the Middle East and Asia. Flights beginning Sept. 25 will be eligible for the pass.

The membership, which resembles Frontier Airlines' Go Wild! All-You-Can-Fly pass, is the only one currently offered by a European airline.

However, the membership has more than a few caveats you should know about before signing up.

You're not actually getting unlimited free flights

Although it might seem like you can purchase the membership and start booking flights without extra costs, that's not entirely accurate.

For each flight you take, you'll be required to pay a small booking fee of around 10 euros ($11). This might not seem like a ton of cash, but given that Wizz is an ultra-low-cost airline that frequently advertises flights for not much more than double that amount, you're not saving a lot.

To get the most value from the membership, you would need to fly more than 60 times with the airline within 12 months. For many people, that isn't realistic. If you're not planning on flying that often, you would probably spend less money if you just bought the plane tickets outright.

Baggage limitations 

While you can go on unlimited flights with the membership, you will only be entitled to the basic baggage allowance, which includes a single personal item. If you wish to travel with any additional luggage, including a carry-on or checked bag, you'll need to pay extra at booking.

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Since the pass will likely be most useful for spontaneous travelers hopping between cities, this may not be an issue for everyone. But, if you want to use the pass for a longer vacation, you'll need to budget for the additional luggage costs.

Booking constraints

Though the All You Can Fly pass currently has no blackout dates, fares can only be reserved at the last minute — up to three days before departure. If you're the kind of person who likes to plan vacations far in advance, you may struggle to get full use of the membership.

You might be forced to pay full price anyway

The timing constraints of your booking don't just apply to when you take off; they could also affect your return options. According to the terms and conditions on Wizz Air's website, if you're unable to book a return flight for your trip due to seat availability or, crucially, because it is not within the three-day booking window, you'll need to book your fare using the regular process.

Assuming you can drop everything all at once, getting your departure flight should be relatively straightforward. But getting back at the end of your trip — particularly if you're planning a longer vacation — could prove tricky. Plus, it could cost you just the same as it would without a membership.

There are limited membership spots

At launch, there are only 10,000 All You Can Fly passes available. Although it's possible that more spaces could open up later if the program proves to be successful, if you miss your chance now, that could be it.

That said, given the constraints mentioned above, the 10,000 slots may not fill up as quickly as you'd imagine, as the pass will likely only appeal to a specific type of traveler.

Bottom line

Wizz Air launched an All You Can Fly pass, which applies to flights taking off Sept. 25 and beyond. Currently, it's the only all-you-can-fly pass available from a European airline. However, as great as the idea sounds, several restrictions may make getting full value from the subscription difficult.