New FareLock option from Continental allows travelers to ‘lock in’ ticket prices -- for a fee

Fees that may make fliers gnash their teeth proved to be big money for airlines this year. How big? The top 20 carriers made $2.6 billion in baggage fees and $1.7 billion in reservation cancellation or change fees in the first three quarters of 2010, a Bureau of Transportation Statistics report said Monday.

So that may mean more fees are on the way. Continental Airlines, for example, rolled out a new optional fee Monday called FareLock that allows you to “lock in” an airfare that you like for three or seven days – for fees that start at $5 and $9, respectively.

What’s the point? Well if you want to hold a fare and shop around or aren’t sure that your travel dates will pan out, FareLock could provide a cheap way to buy you some time.

Here’s how it works: When you book a Continental flight, you may be offered the FareLock option once you have selected your flights.

As a test, I went online and selected round-trip flights from Los Angeles to Washington, D.C., leaving Jan. 19 and returning Jan. 24 for $258 plus tax. When it was time to pay for the ticket, I had the option of buying the ticket, paying $9 to hold the ticket for 72 hours or paying $19 to hold the ticket for seven days. (FareLock fees vary by the flight.)

But you won’t find FareLock available for every flight. For example, code-sharing flights are excluded. I checked some Los Angeles-to-New York flights and couldn’t find a FareLock option. And it’s available only online. Continental spokeswoman Mary Clark said the option will be rolled out to call centers soon for those who make reservations by phone.

Anne Banas, executive editor of SmarterTravel.com, said the optional fee might benefit customers buying high-end tickets or business travelers who need some flexibility in scheduling flights for meetings. “If you’re a traveler and you know when you want to go and you are comfortable with the price, for most people, it’s not worth the money,” Banas said.

And remember: Continental, like many airlines, already offers a 24-hour grace period on any reservation, during which you can change or cancel without penalties. So that may be all the “insurance” most of us need.