Yes, when a trip is canceled, any charges on your card will either be voided or refunded. Depending on your credit card issuing bank, it can take 2-4 business days for the funds to return to your card. If you want to speed this up, we recommend reaching out to your credit card company / bank and requesting that they release the funds.
Normally, when you cancel a trip a few days after booking, you'll see a charge on your credit card statement followed by a credit dated a few days later. This is what's called a refund. If you cancel soon after booking, the charge will be voided rather than refunded. In this case, once processed by your issuing bank, the charge will just disappear—they'll be no charge nor a refund on your credit card statement.