With the rise of online shopping and e-commerce, it’s no surprise that airlines are now offering installment payment options for airline tickets. For some travelers, this payment option can be a lifesaver, allowing them to book and pay for flights in manageable installments rather than in one lump sum. However, there are also some downsides to booking installment airline tickets that potential buyers must consider before making a decision.
Pros of Booking Installment Airline Tickets:
1. Flexibility: One of the most significant advantages of booking airline tickets in installments is flexibility. By paying for airline tickets in installments, travelers can space out the payments over a more extended period, making it less likely to put a huge dent in their finances. This flexibility can be especially beneficial for users who want to travel but need to budget their expenses wisely.
2. Accessibility: By offering installment options for airline ticket purchases, airlines have opened up air travel to a more extensive audience, including people who may have trouble paying for an entire flight up front. For example, if travelers need to fly to attend an important event or for an emergency but are low on cash, installment plans can offer a feasible path for them to reach their destination.
3. No Credit Score Required: When booking an airline ticket through an installment payment option, there’s typically no credit check required. Instead, the only requirements are having a valid debit card and a bank account. This means that people with lower credit scores can still access air travel, which would not have been possible otherwise.
Cons of Booking Installment Airline Tickets:
1. Higher Interest Rates: Most installment plans come with interest, which means the entire amount paid for the flight could be much higher than the actual fare. The interest rate can vary by airline and lender, but some can be as high as 30%. This can lead to travelers paying much more for the same ticket than if they had paid for it upfront.
2. Late Payment Fees: With installment plans, it’s crucial to make the payments on time. If a payment is missed or late, there may be additional fees charged, which can be as much as $35 per transaction. Making late payments can also harm a traveler’s credit score.
3. Hidden Fees: Some airlines may charge additional fees for booking tickets with installment plans. It can be frustrating for travelers to realize that they are paying more than the actual ticket cost due to additional fees.
In conclusion, booking installment airline tickets can be a great option if travelers need flexibility and accessibility while booking flights. However, it’s crucial to consider the downsides, such as higher interest rates, late payment fees, and hidden fees, before making a decision. Travelers should weigh the pros and cons before opting for installment plans that airlines offer and assess whether it’s a beneficial choice for them.
