Chicago

Money & costs

Costs

First the good news: it’s possible to dine and drink very well in Chicago, without spending an arm and a leg. And thanks to the occasional (though increasingly rare) free days at local museums, coupled with the discounts offered in the Chicago Guidebook of Special Values coupon book (available at the Chicago Cultural Center Visitors Center, there’s a good chance you’ll be getting into most attractions without having to pay full price.

Now the bad news: your hotel room can cost an awful lot. The rack rates on rooms here are shocking. This is partially because of the 15.4% hotel tax levied by the city, which Chicago depends on to maintain its parks and public buildings. But the city is only partially to blame for the price tags on hotel and motel rooms. Business travelers are the other culprits. Because of the huge number of conventioneers in Chicago at any given moment, hotel rooms are almost always at a premium. And unlike leisure travelers, the business travelers 1) have to come here whether they want to or not, and 2) get reimbursed for their lodging costs.

The high demand and looser purse strings of conventioneers have put hotels and motels in a position where they can charge whatever the market will bear. And with the city getting a substantial cut of the revenues, there’s little incentive for anyone to bring down the prices.

Given the facts, there are things you can do to save money on lodgings in town. First and foremost, shop around as much as possible on the internet before committing to anything – sometimes the room price listed on a discount travel website can be $100 lower than the price quoted by the hotel reservation agent. Otherwise, start wooing those long-lost family members you have in Chicago. Aunt Bertha may be annoying, but her foldout couch is crucial to your wallet’s plumpness.

Once you conquer the accommodation issue, you’re looking at a reasonably priced holiday in the Windy City. Those on dirt-cheap budgets can save further by eating at the choc-a-bloc hot dog and burger joints and taquerias (taco eateries). And you don’t have to pay a dime for entertainment in summer, thanks to the free music and cultural festivals in Grant and Millennium parks.

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Tipping

Adding a tip of 15% to the pre-tax bill has long been standard for adequate service, though outstanding service might call for as much as 20%. If the service made the meal worse, express your displeasure with a smaller tip; truly awful service warrants no tip and a discussion with the manager, which might be awkward, but may bring a reduced bill. If you’re dining with parties of six or more, the gratuity, often as high as 18%, will be added automatically.

For counter service, like inexpensive cafés or taquerias, there are no hard and fast rules, even if the tip jar is prominently displayed. If someone delivers food to the table, it's kind to leave 10% in the tip jar, though takeout orders don’t require a tip.

Valet parkers should get anywhere from $2 to $5 when they return your car.

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Money

The US currency is the dollar ($), divided into 100 cents (¢). Coins come in denominations of 1¢ (penny), 5¢ (nickel), 10¢ (dime), 25¢ (quarter), 50¢ (half dollar – rare) and $1 (silver dollar – rare). Notes (bills) come in denominations of $1, $2 (rare), $5, $10, $20, $50 and $100.

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ATMs

You can find ATMs everywhere in Chicago, with many convenience stores getting in on the action as well. All machines are connected to Cirrus and Plus, the world’s two largest banking networks.

Unless you find an ATM belonging to your bank, you will be charged a fee of around $2 to withdraw money from one of the machines. The exchange rate you get by taking money out of the ATM is usually the very best available (though the fees may nullify that advantage).

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Credit cards

Major credit cards are widely accepted by car-rental firms, hotels, restaurants, gas stations, shops, large grocery stores, movie theaters, ticket vendors, taxicabs and other places. In fact, you’ll find certain transactions impossible to perform without a credit card: you can’t reserve theater or other event tickets by phone without one, nor can you guarantee room reservations by phone, or rent a car. The most commonly accepted cards are Visa and MasterCard. American Express is widely accepted but not as universally as the first two. Discover and Diners Club cards are usually good for travel tickets, hotels and rental cars, but they’re less commonly accepted in other situations.

If your credit card is lost or stolen, call the card issuer.

American Express (800-528-4800)

Diners Club (800-234-6377)

Discover (800-347-2683)

MasterCard (800-307-7309)

Visa (800-336-8472)

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