If you reserve a hotel on say booking.com and cancel the credit card (this is very common for certain kinds of travelers...) used and then do a no-show how will they charge the (usually) one night penalty fee?
if merchant has secured booking in advance and locked your payment doesn't matter
card is valid or cancelled, you will be charged after no show.
if debit/credit card payment is not secured and cancelled before no show up
then you will not be charged