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My refund was the same day.
But the process of canceling was way harder than it should be.
They couldn’t charge my credit card for the cancelation every day for 3 days.
When it finally “worked,” it didn’t.
The payment didn’t go through – I found out by calling Iberia and asking for the status of the cancellation.
Finally, someone was able to charge me the cancellation fee, they asked me to check if it showed up on my credit card as a pending charge while on the phone with me.
Once that was done, the refund came at the end of the day on the same day, both points and taxes/fees.