You are correct. If you use points to book a flight and then cancel that flight, the points get refunded back into your RR acct. If you change a flight booked with points and the new flight is less points than the original, the difference will be refunded to your RR acct (if the new flight is more, the difference in points will be subtracted from your RR acct). Travel credits expire 1 yr from original booking date, but points never expire.
Yes that is exactly what I thought. but today when I tried to change a May flight to make it a week later and the Red Banner was on top of top of the screen I got a message saying I could not make change as one of my flights was expiring....I am wondering if it’s because when I paid the extra charge of $11.20 that they add on to your points payment that money was from credit fund...if this is the case they should let you know that ahead of time.