Yes, American has a comprehensive cancellation policy. FIf you purchase a refundable ticket, you can cancel your flight anytime before departure without any fees, and you’ll receive a full refund to your original payment method. For non-refundable tickets, cancellations can still be made, but you’ll receive an eCredit for future travel, and a cancellation fee may apply, depending on the ticket type.
Source: https://soporte.itse.com.co/es-ES/forums/general-discussion/c63acd48-e584-ef11-9443-7c1e52419512