Unlike other airline rewards programs, if you make a reservation using Southwest Rapid Rewards points and have to cancel your flight, your points will be redeposited into your account and no fee will be charged.
In addition, Southwest does not charge a fee to make a change to a reward reservation. However, all tickets are subject to any fare difference that may apply.
It also seems from the terms that if you book an award flight and miss the flight, the unused points will be redeposited into your account. Wow!
