Continental Airlines announced on Tuesday that it was unveiling a new service that would allow customers to hold a reservation and lock in the ticket price before paying.

The new system, called Farelock, would charge passengers for the privilege of holding the price for three days or a week. The Houston-based carrier plans to charge customers $5 for a three-day hold and $9 for a week-long hold.

The Farelock service would allow customers to lock in a good airfare rate without having to risk paying large cancellation or change fee. Typically, a cancellation or change fee costs from $100 to $150.

Unlike other airline surcharges that have added fees to services that once were free, Farelock offers a convenience that has not been offered by an airline before, making it different from the other ancillary fees being charged by the airlines.

However, the new fee might not always be necessary. Continental already offers customers a 24-hour period in which they can make and cancel a reservation without charge.

Want to know why fees are rising: Extra Fees Provide Big Boost To Some Airlines’ Profits

In addition, Continental says that these fees may be higher depending on the actual itinerary of the passenger and how soon the passenger will be traveling. So, in theory, fees may be much higher for those reserving a few days before their flight.

Regardless, the new fee is unusual in that it might actually reduce the amount of money Continental raises in change and cancellation fees.

Auxiliary fees have become a big business for the airlines. On Monday, the U.S. Department of Transportation reported that U.S. airlines raised more than $4.3 billion of auxiliary fees in the first nine months of this year.

The money for checked baggage fees alone raised $590.4 million in the third quarter for U.S. airline carriers.

If Continental’s Farelock is successful there is a high chance other airlines might follow suit. The major airlines have historically taken up almost every new fee introduced by a competitor since 2008, though Southwest and JetBlue remain holdouts when it comes to charging for checked luggage.

Only a controversial carry-on bag fee introduced by Spirit Airlines has failed to gain momentum. The fee was so reviled by passenger and the media that other airlines have not imposed it.

By Adriana Padilla for PeterGreenberg.com.

Related Links: CBS News, Bloomberg

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• Airlines & Airports: Air Travel section
• Airlines Profit Thanks To Ancillary Revenue Like Baggage Fees
• Airlines Profits Soar As Staffing Shrinks, Fees Rise
• Extra Fees Provide Big Boost To Some Airlines’ Profits
• Fee Hikes, Service Cutbacks To Continue Through Fall Among Airlines
• GAO Official Report: Airline Fees Are Misleading
• Spirit Airlines’ Carry-On Baggage Fee In Full Effect