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Did you know that there is a 24 hour cancellation period even on non-refundable tickets?

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I'm just curious if anyone else knows about this? A friend just told me his experience when he was able to cancel (at no penalty) some tickets he'd purchased the day before. He'd been watching fares and had seen just what he wanted. Unfortunately he didn't jump on it and it was gone by evening. Finally, after a week of continued watching, he decided to buy some tickets that were not as convenient and a little more expensive than he'd wanted to pay. Of course, the next day the ticket prices on the flights he's really wanted were back. So, he called United (or was it American) and said he remembered something about a 24 hour period in which you can cancel tickets with no penalty. Sure enough they let him do it, and he was able to buy the Northwest tickets he wanted. I thought once the purchase button was pushed, that was it on non-refundable non-changeable tickets. Did you know that airlines have this practice, and have you ever done it?

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