If you book a flight with a Southwest LUV Voucher and then cancel that flight in 2026, the value of the voucher will not return to the original voucher code, nor will it be refunded as cash. Instead, the funds will be converted into a Transferable Flight Credit. This is a significant distinction because while LUV Vouchers eventually expire, Southwest's flight credits (as of a 2022 policy change that remains in 2026) do not expire. However, once the voucher is "used" to book a flight and then canceled, that value is now tied to the passenger's name as a flight credit. One major benefit of the "Transferable" version is that you can move the credit to another person’s Rapid Rewards account once. If you were hoping to "refresh" the expiration date of an old voucher by booking and canceling, this tactic is no longer necessary since the resulting flight credit will have no expiration date anyway.