If I load up $734 in steam credit on steam and buy a deck but refund it and receive steam credit, am I still able to request for that steam credit to be refunded directly into my PayPal/credit card?
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No.
If your funds come from “Steam Wallet” it goes to “Steam Wallet” on refund.
If your funds come from “Paypal” it goes to “Paypal” on refund.
If your funds come from “Credit Card” it goes to “Credit Card” on refund.