You can be qualified for a full refund if you cancel your reservation if you bought a refundable ticket. The original payment method will receive a refund. Here is what Is
LATAM Airlines cancellation policy. If you cancel your reservation, you might be eligible for a credit towards future travel on LATAM Airlines if you bought a non-refundable ticket. The credit has to be utilised within a year of when the original reservation was made. When cancelling a LATAM Airlines reservation, you have up to 24 hours from the time of booking to do so without being charged a cancellation fee.