Join Date: May 2002
Location: Pittsburgh
Programs: MR LT Titanium, AA LT PLT, UA SLV, Avis PreferredPlus, HH Gold, Hertz PC, National Executive, etc.
Posts: 31,616
There certainly exist valid pre-paid but refundable rates. Las Vegas is well known for this. I've had my card charged the day of a reservation, then refunded weeks later when I had to cancel, with no problems, as long as it was before the stated deadline.
I'm unaware of a "any rate, you have 24 hrs. to cancel with no penalty" rule with hotels. Did I miss that somewhere?