FlyerTalk Evangelist
Join Date: Aug 2011
Location: Barcelona, London, on a plane
Programs: BA Silver, TK E+, AA PP, Hyatt Globalist, Marriott LT Plat, Hilton Diamond
Posts: 13,043
Was your original flight fully cancelled and you generously agreed to accept a voucher? Or was it voluntary for you to choose the voucher?
Although you are due a refund because of the latest cancellation, the regulations aren't designed to cover situations where the airlines voluntarily allowed you to cancel non-refundable flights in exchange for a voucher. It's perfectly legitimate to argue that the refund should go back to the original form of payment (i.e. a voucher) in the same way that you would expect to get miles refunded (not a cash equivalent) if an award flight is cancelled.
By the same token, I have no idea if people who recently bought IB gift cards at a 25% discount would be entitled to a cash refund, instead of getting their gift card back. Maybe some people are attempting that sort of arbitrage...
An MCOL claim is certainly the only way you will get more than the voucher refund that IB has offered. What BA does is 100% irrelevant.