A refund can occur in many different circumstances and is given to a customer for an item that is returned or when the product is high in stock. A credit card refund is when a prior charged amount is returned back to the credit card from the credit card company.
A refund can also be money paid by the Federal government, due to an excess in payment made by an individual or business on taxes. A refund can also be considered money given or due when a loan has ended.
To receive any kind of refund you must know the policies of a business or store and keep accurate records and receipts.
Click for the full glossary of credit card terms.