They tell you that you can use the credit within 12 months. When you try to book the flight, there is no way to apply the credit yourself, so you have to speak with a rep to do it. They place you on hold for hours! When you finally do speak with someone who can help you, you are told there is a re-booking fee added to be able to use the credit, making it cost more than if you just purchase a new ticket without adding the "credit"! Bottom line is that they say there is no penalty and that you get the credit, but you do not. They are liars and unethical, at best.

Nah, they'll just refuse to cancel/refund after 24 hours.

Yes their approach to customer service is to keep you on hold. Maybe you'll die. If not, they run you through a gauntlet of others who make you re-state your case once again. Invariably they can't make the decision and place you on hold. Invariably you wish you were dead and so do they.

Short answer: Yes.
Long answer: This company should be brought up on charges. They are a major league scam. If there is any opportunity to take and/or keep your money that is what will happen with Travelocity. Very sad as I believe they were a legitimate company at one time.