Originally Posted by
scoow
No. They also don't ask you to pay the difference if prices increase between the time you buy and the day you fly.
Some airlines will permit you to rebook at the lower rate, if you pay a change fee. The change fee (often $100+) will usually exceed any price drops.
Southwest does offer full credit (no change fee) on future travel if you cancel a ticket, but I'm not familiar with the details on this. If there is a delay receiving the credit, you won't be able to use it toward the immediately rebooked ticket.
I've done it with Southwest. You don't actually cancel the flight and rebook it, instead you change the flight, but choose the exact same flights (at the lower price), so it's same PNR and everything, and you get the credit to use towards a future flight. The credit has to be used within 1 year of booking the original flight. It was a relatively painless process and I was able to do everything online, including using the credit for another flight.