I flew SWA last summer for the first time in 20+ years so I'm not real familiar with their options. I'm looking at booking a flight in March, but it will be a late afternoon flight after an event the day of departure and possibly be squeezed in between another event the day after returning. Any possible bad weather that would likely affect either flight would probably cause me to cancel.

What are the cancellation policies on SWA? Is it full refund on the credit card, or is it only the value of the tickets in credits for later use?

If it is credits, are they able to be used for any flight? For example, the original flight is to Chicago for 3 people and costs $1,500. After cancelling, I decide I want to fly to Las Vegas (assume cost is $1,000 and it will only be 2 people). Can I fly to Las Vegas using $1,000 of the credit and still have $500 left to use? Is there a time frame that I have to use the credits up if they do not refund back to the credit card? What about requirement for the same destinations and passengers?

SWA has a promo right now for 40% on certain flights. If the Chicago flight happens to have one or both legs where the discount applies, does that change anything with the cancellation and available use of credits after cancelling?

If you cancel your flight on SWA, you will receive flight credits in the amount you paid that don't expire (not destination dependent, you can go anywhere). That is per person, if you bought the Wanna Get Away fare. So if each ticket was $500 for three people totaling $1500, then each person would have $500 in his/her account. If you bought the Wanna Get Away Plus fare, those credits are transferable but will start off in the original account until the holder transfers them.

The Anytime and Business Select fares are refundable to your credit card.