Cancellation of reservations?
 

Due to point the problems of points not making it into my account in time, I'm thinking of cancellation a later reservation in order to make an earlier one. Does anyone know if points are immediately deposited back into the account for use, or am I going to wait for an unknown period of time?

I cancelled a trip a few months ago to Chicago, my points were added back almost instantly from what I remember

Yep, I've cancelled award reservations online--as long as you cancel before the cancellation deadline, the points reappear instantly.

preferred?
 

can you cancel preferred reservations before the deadline and get your points back?

Yes. They should tell you the cancellation deadline when you book. Of course, you have to cancel by phone.