I just wanted to clarify one thing...the 5 day cancellation policy is for ROOM ONLY deals. Package deals are entirely different. For a package deal if you cancel between 5 days and 44 days before arrival you lose $100, if you cancel less than 5 days out you lose $200. The kicker is that any change made to your package that changes the rate (such as applying a discount code, adding the dining option or changing resorts or room category) results in a $50 fee if that change is made less than 45 days before your arrival.
So if you book room only, no there is no charge for cancellation as long as it's more than 5 days out. There is no charge to apply a code (like someone mentioned above, having an existing ressie does not guarantee availability of the code for that room when codes are released). If you have a PACKAGE, you lose $100 for cancellations between 5 and 45 days prior and $200 for cancellations less than 5 days prior and if you want to apply a code inside of 45 days, you pay a $50 change fee. There are no exceptions. CRO won't wave the fee because you are changing from a mod to a deluxe etc. If you change it, you pay the fee. If you cancel it, even if you rebook room only immediately, you pay the fee.