Hey all,
I'm pretty sure its okay to do but wanted to quickly double check please.
I have a Iberia metal flight (MAD - USA) that I booked on British Airways.com. I tried to search but might have used the wrong terminology. Am I correct that it's okay to do cancel and the points should go back instantly and fees and taxes (minus a cancel fee of USD $55)?

I know booking partner award flights on Iberia.com is non-refundable, so just wanted to make sure so I don't do anything catastrophic.

Thank you!!!