Travel

Priceline is a budget travel website that has been in existence since 1998; it was one of the earliest travel websites on the market. Priceline has options for traditional deals that it offers customers, but it also has a unique function called "Name Your Own Price." This function allows you to bid for hotels, airfare, and cars, especially at the last minute. If you are on a budget and looking for a travel deal, the following information should help you determine if bidding for accommodations and transportation is an option you should consider.

As Priceline notes, many hotels, airlines, and rental car companies have extra inventory. Every time a plane flies with empty seats or a hotel room sits open for a night, the company loses money; therefore, even some money is better than none. By allowing customers to bid on travel arrangements, the companies decide what they are willing to take for something that might otherwise sit open. To bid, you go to the Priceline website, and enter your dates of travel, location, and other preferences, such as hotel star rating or number of airport stops you are willing to make. After entering your demographic and credit card information, Priceline will offer your bid to their travel partners. If one of them accepts your bid, you will be notified via email. Once your bid is taken, you cannot cancel the reservation for a refund. Also, you won't know the name of the company you will be traveling with until the bid is accepted.

The Name-Your-Own-Price-bidding applies to flights, hotels, and rental cars. Priceline only works with specific airlines and chains, so you will almost always be bidding on one of the major companies. The airlines will typically be American-based airlines, although you may bid on international flights. The hotels can also be located all over the world, though, of course, you can set your desired location.

The biggest benefit is the cost savings. You will almost always save money by being flexible, which can allow you to spend more on luxuries during your trip. If you have a flexible schedule and are open to location, you can usually get a great deal. If you book last-minute travel often, you can get a good deal, as that's when companies are desperate to get rid of their inventory and willing to offer high discounts.