Domestic Bliss Real Cheap

Not interested in an overseas trip? You're in luck. With the exception of President's Day weekend, the first quarter is extraordinarily slow on domestic routes. Hence the eye-popping deals on virtually any destination you fancy.

Besides that $46 New York-Charlotte fare, you can fly some coast-to-coast routes on Virgin America for as little as $99 each way. JetBlue Airways has put its entire network on sale too. Its prices begin at $39 one way (Boston-Baltimore, for example), include some $99 one-way transcontinental flights and also offer bargains such as $67 (Chicago-New York) and $59 from Long Beach, California, to Seattle. Frontier Airlines also has great fares, including $76 from its Denver hub to Tulsa, Oklahoma. Other airlines almost always match on routes where they offer their own flights, of course. Buy-by dates and the days when you can purchase the cheapest prices vary by airline.

Weekend at the Waldorf—Or Somewhere Else

Major hotel chains approach the weak first-quarter travel environment even more aggressively than airlines. They not only cut nightly room rates, but they also offer their richest frequent-guest-program promotions of the year.

You'll find a bonus-points offer from Marriott Rewards and Starwood Preferred Guest, a free-nights deal from Hilton HHonors—and a choice of points or free nights from Hyatt Gold Passport.

The best hotel price deals are on weekend getaways. Marriott's promotion, for example, offers 20 to 40 percent savings on weekend stays until March 21. On the other hand, Hilton is offering 20 to 50 percent off on weekends for the entire year. But there's a catch: You have to prepay Hilton by the end of the month for any weekend rooms you book this year. A slightly different wrinkle comes from Radisson. Its winter promotion, called A Room, A Meal, A Deal, is for midweek stays until the end of February. It gives guests a $50 food-and-beverage credit for each two-night stay.

Don't see something you like? Check you favorite airline or hotel. There's bound to be something for less money than you expect. But be warned: The travel industry has mastered the art of charging for ups and extras and unbundling taxes and fees from the quoted rate. You'll almost always pay more than the advertised price. And don't forget to book in advance. The closer you get to the departure day, the more you'll pay.

The Fine Print…

Now is also a great time to cash your frequent-flyer miles or frequent-guest points, since airlines and hotels are willing to redeem "off peak" awards. Case in point: My wife and I are headed for a little R&R in Rome next month. I secured two business-class tickets on Continental Airlines for just 105,000 miles each. They'd cost 250,000 miles each during the peak season. But be reasonable: You're not likely to score free seats to Orlando for the family over President's Day weekend. To get those, you'll have to pay the airlines handsomely—and in hard cash.