You will soon be able to get a discounted ticket on select American Airlines flights.

That is, as long as you don’t mind parting with the bulk of your belongings for the duration of the flight.

The airline’s new Basic Economy class does away with a free overhead bin for carry-on luggage. You also can’t pick your seat, you’re the last to board, and there are no changes or refunds allowed (so basically, you can borderline kiss your dignity goodbye).

But – hey, at least you got a cheap flight, right?

If you’re a member of American’s AAdvantage frequent flyer program, don’t expect any free first-class upgrades, either. Elite status qualification is also cut in half, though they will earn frequent flyer miles.

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Not surprisingly, regular checked bags will cost you extra as well (because airlines just love tacking on those add-ons).

The good news is that you’ll still be able to bring things like backpacks on board, as long as they fit under the seat in front of you.

Your on-board experience will be the same as everyone else in coach, however, AAdvantage elite members can still put their bag in the overhead bin and receive the standard free checked bag allowance.

The whole point of the new no-frills class is to offer cheaper flights (and at the end of the day, especially for cash-strapped millennials, it’s all about the trip, not the flight).

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When it comes down to it, the choice is yours: perks or price.

The Basic Economy fares go on sale next month on select flights in 10 markets, with expansion to additional markets coming later this year.

American Airlines isn’t the only company to jump on the discount travel bandwagon as of late. And we’re not complaining.

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