+1

I cancelled a 2-4-1 booking earlier this week within 24 hours and the Avios and 2-4-1 were redeposited immediately and were redeployed when BA released additional Club World seats for this Xmas.

I was told by a telephone agent that BA doesn't charge your credit card for 3 days, and sure enough the "pending" transaction that was noted on my AMEX disappeared shortly after I processed the cancellation.