Some commercial airliners utilize charter flights as a way to offer cheap airfare to travelers while adding a scheduled flight. Travelers can also utilize charter flights for last-minute trips for business and for pleasure through companies that specialize specifically in charter flights. In some cases, you can reserve an entire flight for your group.
Unlike private charters, charter flights run by commercial airlines do not run unless they are at or close to maximum capacity. Smart Travel explains that stricter cancellation policies are associated with charter flights and credits are not given for future flights.
Charter flights scheduled at the last-minute, and those reserved for a small group of people, will cost more than commercial flights. If you come across a deal on a charter airline, make sure that you can make the flight, or else you will likely lose out on your money.