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(Updated August 6, 2006; original text is crossed out, corrections follow in text. Reason for update is here.)

Yesterday’s Wall Street Journal (republished here) advises travelers to look for discounted first class fares: Q-UP, Y-UP, and Z fares. Some of these are technically coach fares, with an automatic upgrade. Though these fares often look like a coach fare, based on the booking codes, they actually book into first (or business, on three-class planes). This is a subject we’ve addressed before, with regard to international travel.

A few observations:

Finding a coach-with-automatic-upgrade discounted first class fare is nice, but it’s not generally rockbottom cheap, so don’t plan on paying $225 for a first class ticket from New York to San Francisco. These tickets are cheaper than last-minute full-fare economy fare, and certainly cheaper than full-fare first class, so undoubtedly preferable, but not cheaper than long-term advance economy purchases.

For example: Chicago-Los Angeles and back, May 16-23 on United. A search for first class fares on united.com automatically yields an itinerary with fare basis code QUAUP. This is one of the fares the WSJ is talking about. The price? $1418.59 round trip. The cheapest upgradable coach fare? $280.60. Sure, that doesn’t mean that the upgrade is guaranteed, but that’s still a big spread between “discounted” first and coach.

The lesson: See if you can upgrade a cheaper fare before you buy one of these fares. They may be less than full-fare first, but if you have upgrades, and the spots are available, use ‘em on a cheap fare. Call your airline first to check upgrade availability.

The article is also a bit glib on how to find these fares. They’re not available for every route, for every date, or every airline. Searching for first class tickets should bring them up, if they’re available. Otherwise, try using this tool from Travelocity, which lists all available fare classes for selected airlines on your chosen date. You’ll see the list of fares, ranked by price. Some of them may read Q***UP or Q***UPN, for example. These are your auto-upgrade discounted first class fares. Once you’ve found the fare you want, (try to) book wherever you like.

Finally, not all Q-UPs, etc. are created equal, and these fares are more restricted than full-fare first (”F” fares). F or A fares are most likely refundable; Q-UPs, etc., may not be. For example, on United, if there is an “N” at the end of the fare basis code, it’s not refundable. Read the rules before you buy.