Originally Posted by
shadow520
Points go right back into your account like you never spent them. Normal point expiration rules apply (must have points-earning activity every 24 months).
Source: have cancelled several points-booked flights.
I don't know about transferring points.
So doesn't that give an advantage to purchasing tickets using points? I can cancel those whenever with no penalty. If I use cash with a "wanna get away" fare, when I cancel the funds are tied up with southwest for a year and risk not being used at all.