How do Voluntary Changes work?
 

I'm thinking of booking a complicated itinerary with AA, all in I class. Originating from Budapest to HNL, all on AA flight codes, but on AY, BA and AA metal. BA can't ticket it for some reason, so I can't take advantage of their generous Covid policy.

If worst comes to worst and I decide not to fly in December, what will my options be? My preference would be for voucher (less any charges) or refund (unlikely?).

AA list here I can make a voluntary change for up to $750.

• Are changes likely to cost the maximum $750? Can I determine this in advance?
• Is it possible to use the value of the remaining booking for another trip entirely? If so, can this trip be beyond the original flights dates and/or ticket validity?
• Do I have to decide at the time of cancellation/voluntary change the new destination, or can I "park" the booking and decide later?

You'll have to check the detailed fare rules to see if there are any change fees associated with your exact fare. I just looked at ExpertFlyer for a BUD-HNL roundrip on a random date in November, the cheapest 'I' fare does not have any change fee.

If you decide to cancel/reschedule the trip, you can book whatever other trip you want, however all travel typically needs to be completed within one year of the original ticket issue date. Also keep in mind that the country of origin typically cannot change on a ticket, so if you buy BUD-HNL and decide to change it, whatever other trip you book will also have to start in Hungary.

And you can just cancel the ticket without rebooking anything else, the value will stay attached to the ticket, when you're ready to rebook just call AA (or you might be able to use the value online, not sure for a ticket issued outside of the US).