I made a res at a full-service hotel, and the only rate available online was a prepaid "Special Event Rate" which was non-refundable, due to a local sporting event.

Well, I didn't want to prepay for my stay, because I wanted to use MBB/MPP, and apparently there's no way to use them on a prepaid stay. So I called the hotel and asked to speak with the manager. I introduced myself as a delightful, charming person who any hotel would be lucky to have as a guest (and besides, I'm Platinum). So the manager overrode the system to allow my reservation just as a "hold" without charging my credit card.

Now the rate has dropped significantly, so I want to cancel my reservation and book a new one at the lower rate. However, it's still coded as a "Special Event Rate." When I start the cancellation process online, it gives me the warning "CANCEL FEE MAY APPLY."

Since nothing has been charged to my card up to this point, am I at risk of having a new charge entered against my card? Or is it just a warning to those who booked the rate and prepaid that their prepayment is not going to be refunded?