What does Refund mean?
Refund in credit cards pertaining terminology, means that a certain amount is added back to your credit card account. It is especially the case when, for example you return a product which has been paid for using the credit card. Then, you will not be receiving the cash back, but instead, the merchant is sending back the respective amount to the issuer who will then reload your account with the respective sum.
It any times depends on the credit card company how long this “refund” period will be; sometimes it even takes one month until you can actually see the amount back in your account. That is why it is very important that you read the terms and conditions in the fine print before applying for a certain credit card, as there might be some drawbacks such the case with refunding credits.