(From a newbie here)

I understand that when I reserve a night at a Category 4 (normally 30k points) using Points & Money (say 15k pts for $40) my cc gets charged the $40 plus taxes, and my HHonors account gets charged the remaining 15K points. So I essentially "buy" 15K points for less than 0.3 ct/pt. If I then cancel, do I get the $40 back, as well as the points ? Or do I retain the 15K points I "bot", with no refund of my cc payment?

I ask this b/c this seems like a real cheap way to buy points. I've done with with Priority Club-- make the rez, pay with points+cash, cancel, keep the points and they keep the cash.
Is HHonors like that?

Thanks in advance.