Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. Business Insider may receive a commission from The Points Guy Affiliate Network, but our reporting and recommendations are always independent and objective.
Icelandic budget airline Wow Airlines abruptly suspended operations on Thursday morning, the latest international budget airline to fold, throwing more doubt on the long-term sustainability of the low-cost trans-Atlantic airline industry.
Wow's woes were not unexpected, after several merger and capital-raising efforts fell through over the past several months. The airline cut 111 jobs in December, and began scaling back its route network over the past several weeks, cancelling flights from many of its destinations.
Thousands of passengers were left stranded by Wow's immediate operating halt, while more were left with imminent vacation plans in doubt.
Fortunately, passengers who are stranded - or those with affected future plans - may have several options.
If you're stranded for any reason, the most important thing is to find a way home.
In this case, Icelandair, Wizz Air, and possibly other airlines are offering discounted rescue fares for stranded passengers who were originally ticketed on Wow. Contact your airline of choice to see what options you have, and, if possible, try to put the ticket on the same credit card you used to purchase your Wow flights - this can make things simpler if you submit a claim to your credit card's included insurance (more on that in a bit).
Alternatively, if you purchased your flight as part of a package or tour with a third party, contact the travel provider directly to get an alternate flight home.
You have some options for compensation and refunds
"Passengers should not count on assistance or refunds from Wow Air," said Henrik Zillmer, CEO of AirHelp, a company that helps passengers claim compensation for cancelled or delayed flights. "Claims are usually the last items to be paid out in bankruptcy estates," he told Business Insider.
That said, you have some options.
If you paid for your tickets with a credit card, contact your card issuer and ask to dispute the payment. You may be able to initiate a charge-back, since the service you paid for is not being rendered.
"If passengers booked directly with Wow Air and used a credit card as payment, they can contradict or cancel the payment," said Zillmer. "Also, passengers may be able to claim a refund for their flight if it was booked via a travel agency or partner airline."
Learn more: 6 lesser-known credit card travel benefits that'll save you thousands of dollars if anything goes wrong on a trip
If you booked either directly with Wow or by another method, you may be able to get help from your credit card provider even if the charge-back doesn't work.
Some credit cards offer built in travel insurance that may cover you in the event of a ticketing airline suspending operations.
Both the Chase Sapphire Reserve and Chase Sapphire Preferred Card offer extensive trip cancellation and interruption insurance that covers you as long as you used the card to book your tickets. Financial insolvency of a travel provider is generally a covered incident under these plans - call the number on the back of your card to initiate a claim, or to find out more information.
Both of those Chase cards also offer trip and baggage delay insurance, which covers expenses if your flight is delayed overnight, or for more than six hours (in the case of the Sapphire Reserve) or 12 hours (in the case of the Sapphire Preferred). Click here to learn more about the difference between the two cards.
Finally, if you purchased third-party travel insurance from a company like Allianz, contact your provider as soon as you can in order to initiate a claim, and see what will be covered.
Most American Express cards don't offer trip cancellation or interruption insurance, but having some of these cards may be helpful if you find yourself stranded. If you have the Platinum Card® from American Express, you have access to a premium global assistance hotline. The hotline can help you find a way back home, or manage logistics surrounding the flight cancellation.
Learn more: The best credit card rewards, bonuses, and benefits of 2019
Keep in mind that if you haven't flown yet and still want to take the trip, even if you can get your money back for the Wow tickets, you'll still have to purchase a new flight, which may be more expensive. You won't be able to claim reimbursement for the fare difference.
If you booked your flights as part of a travel package or a tour, AirHelp's Zillmer suggests reaching out directly to the provider. "Travel agencies or partner airlines may be responsible, depending on whether flights are covered by travel insurance."
Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.
Business Insider may receive a commission from The Points Guy Affiliate Network, but our reporting and recommendations are always independent and objective.
Next Story
I tutor the children of some of Dubai's richest people. One of them paid me $3,000 to do his homework.
A 13-year-old girl helped unearth an ancient Roman town. She's finally getting credit for it over 90 years later.
It's been a year since I graduated from college, and I still live at home. My therapist says I have post-graduation depression. 
Sustainable Gardening Practices
Beat the heat: 10 amazing places in India to embrace summer
Yogurt vs. greek yogurt: exploring the key differences in dairy products
An interplanetary collision might have shrunk Mercury to its current size, scientists think
DIY delight: Easy steps to make almond milk at home
