Xbox store:
You place the order
You get beta access
They don't take the money until 20 days before release
I read the T&C for PS store (or whatever it's called) and they are the same
Activision / Bungie will have pre-order numbers but no money. Most people who pre-order will never bother to cancel though so it's money in the bank
English
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Like the fellow guardian said, you can cancel any time, i preorder destiny 1 just to get in the beta and planned to cancel my preorder after the weeked ended but i liked the beta soo much that i keep the preorder. Tons of people would preorder and then cancel their preorders just to get the codes.