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Southwest Airlines offers flexible cancellation policies that allow you to cancel your flight without a penalty under certain conditions. If you purchased a refundable fare, you can cancel the flight and receive a full refund to your original form of payment. For non-refundable fares, you can still cancel without a penalty, but instead of a refund, you'll receive a credit for the amount paid, which can be used for future travel. The credit is valid for up to one year from the original booking date. It's important to cancel your flight at least 10 minutes before the scheduled departure to avoid any issues.