Booking.com

In addition to Hostelworld, Booking.com is another site I use to book accommodation when traveling. Although I usually start my search with Hostelworld, many times I will make reservations through Booking.com. They offer many similar benefits to Hostelworld, but also have a few extra perks.

Free cancellations 
Hostelworld will hold reservations for a $1 fee and a down payment of a percentage of the reservation. However, Booking.com offers the option to reserve accommodation on their site or app for free.  This can be a great benefit when you are unsure of your plans.  You can book multiple options and cancel the options you won't use.  There is usually a decline of 48 hours prior to the date of the reservation to cancel.  Also, not all of their rates are refundable, so be sure to pay attention.

Hotels
While I prefer to stay in hostels when traveling, if I need to stay in a hotel Booking.com is usually a better bet than Hostelworld.  As their name would suggest, most of Hostelworld's available reservations are from hostels.  However, Booking.com offers a variety of accommodation options such as hotels, apartments, villas, resorts, and even boats.

Discounts
If you book through this link, you receive $25 off your reservation and I receive a $25 credit!