Airlines are not required to offer both a hold and a refund option. Check your airline's policy before purchasing a ticket. However, if an airline accepts a reservation without payment, it must allow the consumer to cancel the reservation within 24 hours without penalty.

Your ability to get a refund after canceling a flight depends primarily on the type of ticket purchased and the timing of the cancellation. Under the U.S. Department of Transportation's "24-hour rule," you are entitled to a full refund to your original payment method if you cancel within 24 hours of booking, provided the flight was booked at least seven days before departure. Beyond this window, most "Basic Economy" or "Non-Refundable" tickets do not offer cash refunds; instead, the airline may provide a "Flight Credit" or "Travel Voucher" minus a potential change fee (though many major airlines like Delta and United have eliminated change fees for standard economy). If the airline cancels the flight or makes a "significant schedule change" (usually 3+ hours), you are legally entitled to a full cash refund regardless of your ticket type. For true flexibility, you must purchase a "Fully Refundable" fare, which is significantly more expensive but allows for a return of funds at any time. If you have "Cancel for Any Reason" travel insurance, you may be able to recoup 50-75% of your costs through your insurer if the airline denies a refund.