Whether the jacket you loved in the store looks weird at home or you no longer need the gift you bought, you're bound to return an item you've purchased at least once in your life.
If you bought your item with cash, the cashier will refund the same amount you paid. But how do credit card refunds work?
Here's what you need to know about credit card refunds.
What is a credit card refund?
When you return an item, the merchant typically issues your refund as a store credit or returns the funds to the original payment method, depending on the store's return policy. If you choose to receive your refund via the original payment method and you paid with a credit card, you'll receive a refund to your credit card account.
Some credit cards may provide perks that extend the return window for purchased items, subject to terms and conditions. This commonly comes in the form of extended warranty protection or as a benefit for a store card.
Related: The top 7 credit cards to maximize large purchases
Can you get a refund on a credit card?
If the merchant allows a refund to your original payment method, you'll get the money on the credit card you used to make the purchase. Even if the merchant terms prevent you from receiving a refund, you may still be able to get back the amount you paid if your card has return protection.
