Thanks for all the replies guys. All airlines have a 24 hr free cancellation (I believe it may be US law) and this was confirmed by the AA rep. My issue is that once you cancel you have to call/request online a refund. IMO this shouldn't be allowed. They are obviously hoping that most people don't realize this and will not request a refund. Very sleazy practice
Edit: here is the link to the 24 hr cancellation law
https://www.transportation.gov/airconsumer/notice-24hour-reservation