For a Southwest Airlines flight in 2026, you must cancel your reservation at least 10 minutes prior to the original scheduled departure time to avoid forfeiting your travel funds. This remarkably lenient policy applies to all fare types, including "Wanna Get Away." If you cancel on time, your funds will typically be returned to you as a Transferable Flight Credit (or a refund to your original payment method for Business Select or Anytime fares). However, if you fail to cancel within that 10-minute window and do not show up for the flight, the airline's "No Show" policy kicks in, and the entire value of your ticket—including points and any taxes/fees—may be forfeited. It is important to note that while the cancellation itself is free, the flight credit usually expires 12 months from the date of the original booking, unless you have a specific tier of "Choice" or "Business" fare that offers extended or permanent credit validity.