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Whats the difference between refundable and non-refundable fares?

Refundable Tickets:

Refundable tickets can be returned for a refund to your credit or debit card. Some tickets are fully refundable. Other tickets require an airline service fee in order to process a refund.

If has processed a refund for you, it will take up to two billing cycles for the refund to be posted back to your account.

Non Refundable Tickets:

Non-refundable tickets cannot be returned for a refund. However, if you cannot use your ticket, you may be able to apply its value toward a future flight. The airline may charge additional fees for changes made to a non-refundable ticket.