A refundable fare is a ticket type that allows you to cancel your travel and receive a full return of your payment to the original form of payment. Unlike a non-refundable ticket – which might only offer a travel credit, or nothing at all – a refundable fare gives you the flexibility to walk away from the flight entirely without losing your money. Because of this flexibility, these fares are almost always significantly more expensive than standard economy tickets.

💡 THE FLIGHT EXPERT TAKE: CASH VS. CREDIT
Don’t confuse a ticket that allows change without a fee with a refundable fare. Most tickets allow you to change your flight for free or with a fee, but if you cancel, the airline keeps your cash and gives you a voucher. A true refundable fare is the only way to ensure that if your plans change, your money goes back into your bank account.

Pro Tip: If you’re booking a segment where your plans are 50/50, check the price difference for a refundable fare. Sometimes, the Premium Economy or Business tier is natively refundable, meaning you’re getting a better seat and the refund protection for a smaller upcharge than if you added refundability to a base economy ticket.