I would not be surprised if you get screwed on the $$$ refund. When they say 'apply for the refund later' is is airline speak for 'we are going to screw you but will do it when you are not standing in front of us at the ticket desk'

They will say that economy seat is a full economy fare- NOT the economy fare when you booked a discounted biz. For some airlines, it is not unusual for the fare refund to be $0 (ie "advanced purchase biz fare" versus "last minute, day of travel full coach")

Could be wrong....