Latest Airline Fee: $9 to Lock in Airfare

Dec. 13, 2010— -- It looks like the airline industry has found a new fee to squeeze some extra cash out of the flying public: the rate lock fee.

Continental Airlines this afternoon announced "FareLock" a new service which allows passengers to pay fees starting at $5, and rising to $9 or more, to hold a seat at a given price as a hedge against rising airfare. The price can vary depending on the itinerary and other factors.

Continental, which merged with United Airlines but is still operating as a separate airline, is the first carrier to offer such a service but, as with baggage fees, expect the rest of the industry to soon follow Continental's lead.

"I think it's a great idea, so I think others will follow," said Ray Neidl an airline specialist with the Maxim Group. "It's still one more thing they figured out how to get a fee."

But Neidl points out that many savvy travelers were already able to lock in prices without paying a fee.

"They're spinning it as something we're doing that is great for you, but it was free before," he said.

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Continental, Delta, United and other airlines currently allow customers to get a full refund on any ticket within 24 hours of purchase. Some travelers game the system by booking, canceling the next day and then rebooking to ensure the best fare. American Airlines currently allows customers to hold a ticket -- and the fare -- for 24 hours for free.

Continental said that, for now, it won't abandon its 24-hour cancelation policy and that its new FareLock just gives travelers more options and more time to decide.

Neidl said he isn't sure how much money it is going to raise but that it will probably be less than the revenue for onboard food and surely "nothing close to baggage fees."