Due to spread of Coronavirus named COVID-19 majority of airlines in the U.S.A. are now offering free cancellation (in some cases free change of dates). There is a catch though for all of them where the refund will be provided as a credit for the future ticket (again the length of validity of that credit varies). The policy are different for different airlines in regards to when the tickets were booked and the flight date till which the policy would be applicable.
The good news is that if you have any travel plans within the eligible dates then the time is to book NOW!! Since you are eligible to cancel without any reason you can be assured that if your plans change you will not lose your flight money completely (although it would be tied to particular airline only). The policy also applies to "basic economy" fares which are the most restrictive otherwise.
That being said the best deal out there is with JetBlue Airways as there policy applies equally to both revenue fares purchased as well as Award Tickets. So below are the links for major U.S. Airlines regarding their change/cancellation policy.
JetBlue Airways: Policy applies to both revenue fare as well as Award Tickets. The refund will be provided in "JetBlue travel bank" credit for revenue ticket and taxes+fees on award tickets. The credit expires 1 year from initial issue date.
Alaska Airlines: Policy applies to revenue fare only. The refund will be provided in "Alaska Wallet" which is valid for travel till 28th Feb 2021.
American Airlines: Policy applies to revenue fare only and only "changes" are allowed. Also there are few "gotcha" in terms of the valid dates of booking and travel which you need to be aware of.
Delta Airlines: Policy applies to revenue fare only and only "changes" are allowed. Both domestic and international tickets can be changes without paying change fees when booked within applicable dates.
United Airlines: Policy applies to revenue fare only and both changes and cancellations are allowed. For cancelled tickets the original ticket value will be retained for future travel up to 12 months from the original ticket issue date. Also this applies only to tickets purchase within applicable dates.
So, if you have any travel plans within the applicable booking cancellations dates now is the best time to book it.
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