I had an opportunity to cancel and rebook airline booking using Elite card travel site.

It went very smoothly. Smoother than I thought.
Comparing to Wells Fargo, where you had to call in and get an agent to cancel and put points back.
This is rather smooth.

The cancellation happened within 24 hours of booking. Once cancelled, the points went back instantaneous.
The rebooking also worked perfectly.

I am rather impressed. :-)

NB: Do not use the middle name field when using this BofA booking channel.