One of Southwest Airlines best features is its flexible cancellation policy, which gives customers a lot of freedom. If schedules change travelers are free to reschedule flights up to ten minutes prior to takeoff without being penalized. In Southwest Cancellation Policy complete reimbursements are given using the original payment method within the first 24 hours of the reservation. After this time, cancellations result in travel funds that are still good for upcoming journeys within a year less any relevant taxes.