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If you hand in your ticket early, you will not get a pro-rata refund on an annual season ticket. Annual season tickets are sold at a discount (about 25%) compared to the equivalent number of weekly tickets.
Lower your expectations. Typically, you do not receive your refund as cash or a credit to your credit card. ABC News says that most airlines refund the difference in ticket prices in the form of a voucher, which you can apply only to future travel with that airline. If the cause of the price drop is a special promotion, you might not be eligible for a refund.