Some hotels offer a discount to people who prepay in advance of a stay, but these deals generally come with a no-cancellation, no-refund policy. In this video, Corey Sandler, consumer expert and author of Bottom Line’s Secrets of the Savvy Consumer, discusses prepaying and concludes that you should take advantage of such discounts only when you know your plans won’t change. Be honest with yourself as to how often your plans change or you cancel reservations. If you aren’t absolutely sure of your plans, you may end up losing more than the value of the discount.

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