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Voucher user's guide
So you have an airline voucher to use up, what are the things to watch out for ?

The following are things to consider when using an airline voucher, always read in full everything printed on the voucher so that you know exactly what the voucher entitles you to, how long it is valid for and when you can use it. Different airlines have different rules regarding the using of vouchers, so it's important to understand those rules that apply to your voucher before you go to the airport for your flight.
One of the best guides for what to look out for when using vouchers is an article written by Dave Downing which covers among other things airline vouchers. He suggests checking the following :
What is the actual value? An offer of "a $500 travel voucher" is not the same as an offer of "$500 in travel vouchers." The former is one voucher you can apply toward one ticket; the latter could be five $100 vouchers, which often cannot be combined to purchase a single ticket. Furthermore, some vouchers have no residual value -- so if you buy a $350 ticket with a $500 voucher, you lose the remaining $150. Read the fine print; many vouchers can also be applied toward first-class lounge fees, excess-weight or -baggage charges, and ticket-change fees.

How and where can I redeem the voucher? Many vouchers are only redeemable in person at an airport ticket counter or at an airline ticket office, so you can't use them for online or phone purchases. Also, they're only good when you're buying tickets directly from the airline and not a travel agent or other provider. Some vouchers also have restrictions -- such as blackout dates -- and almost none are good in conjunction with other discounts, promotions, or coupons.

How long is it valid? Most vouchers must be redeemed within a year. If your voucher is about to expire and you have no immediate travel plans, use it to purchase a ticket to a destination you're likely to visit within a year. Then, when you've chosen your exact travel dates, call the airline and rebook your flight. You'll still have to pay a change fee, but it's better than losing the entire value of the voucher.

Is it transferable? Few airline vouchers are transferable, but in most cases you can apply a portion of them toward a ticket for someone travelling with you. Depending on the airline's policy and the gate agent's mood, you can also request that the "name" field be left blank so that the voucher can be applied directly toward a ticket for someone else.
The full article can be found here.

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