PHOTO: An American Airlines 787. (Photo via Flickr/LoadedAaron) Over the last year, several of the bigger airlines have rolled out a product aimed at value-based customers. Called the “basic economy fare,” these fares barely include more than a guaranteed seat on a plane, yet supposedly come with lower prices than the average base fare.American Airlines was one of the last major airlines to implement this change, announcing a basic economy fare in early 2017. With this fare, you’ll get a seat on the plane. However, you won’t be able to check or carry on a bag, and you’ll have to board the plane last. Lastly, you won’t earn as many miles as you would with a regular main cabin fare.MORE Airlines & AirportsBasic economy fares are supposed to be cheaper. After all, it’s the same model discount airlines like Wow Air, Allegiant Air, and Frontier Airlines use. By starting at a cheaper price point for basic airfare, they allow consumers who don’t need all the extras to buy a bare bones flight experience.The problem arises when consumers don’t really know what they’re getting. Unfortunately, a lot of people book basic economy fares without realizing how extremely limiting they are or that they may not even be able to sit with their family. While these fares are cheaper, their lower earning structure means they won’t do a lot to help you inch your way toward your favorite airline’s elite status requirements, either.If you’re a no-frills flyer, then you may not mind the fact you can’t bring more than a backpack or purse and you could get the last plane on the seat. If you’re hoping to make your flight experience a little better, however, it’s best to avoid basic economy fares when you can. READ MORE  American, United Announce Slimmed-Down Basic Economy Options   Read the fine printWhether you’re booking directly with an airline or with a flight discount website like Expedia or Priceline, it’s crucial to read the fine print. Some websites make the fact you’re about to purchase a basic economy fare plain as day, while others obscure those details until the very end of the transaction. If you’re not paying attention, you may miss it.Make sure to read upgrade optionsIt’s especially frustrating to search for airfare on discount travel websites who don’t present your options clearly, but if you’re asked if you want to “upgrade” to the main cabin, you’ll know for sure you’re booking a basic economy fare.Check for special restrictionsWhile some websites may not alert you when you’re booking a basic economy fare, they may provide a list of restrictions. If those restrictions list the fact you won’t be able to pre-select your seat, or that you can’t carry on a bag, you can be sure you’re booking a basic economy fare.Basic Economy Fares: Know Before You GoWhile all basic economy fares avoid offering in-flight luxury, they aren’t all created equal. If you hope to end up with airfare that makes sense with your travel plans, it’s best to recognize the subtle differences between programs.With Delta Air Line’s basic economy fare, for example, you are allowed one carry-on bag, whereas United and American only allow a carry-on bag if you’re a premier member or you carry certain co-branded credit cards.Either way, it’s best to know before you go. If you book a basic economy fare and don’t know what that is, you’ll be in for a rude awakening when you realize what you’ve done.