DAVIDROD -- Thanks for your post; I'm in the same situation. Due to no more CTO's, refunded tickets at LAX two weeks ago (not an easy accomplishment!!) but still no credit to AX account. Like you, advised to wait "two billing cycles" even though I received credit card receipts showing refund.

By the way, my "upgraded" miles were sent to me within a week in the form of vouchers, NOT redeposited to AAcount as requested.