Originally Posted by
MSPeconomist
Refundable means that all or part of the price can be returned to your original means of payment, such as a credit to the credit card used to purchase the flight, perhaps with a big service charge.
part of the price can be returned
This is important! If looking for refundable fares, make sure you read the fine print and understand exactly what you are getting. For example, if you search on UA for refundable fares, you very often will get fares that give you a refund less a service charge. (IOW, not fully refundable, IMHO.)