Kirker,

Please note this is not a "usual" refund.

This is a compulsory cancellation initiated by AA who, on their terms and according to their e-mail, promised in writing a refund within seven days.

AA BR charges on 8/21: 3,490 BRL ---> USD/BRL @ 3,49 = 1,000 usd
AA BR refunds on 9/11: 3,490 BRL ---> USD/BRL @ 3,87 = 901 usd

If there was a currency fluctuation in the meanwhile AA will transfer this cost to the customer who voluntarily chose to do business overseas, regardless where the card was issued. AA is liable to refund in full in the currency originally charged. I cannot expect AA BR to hedge against each currency, though I do expect AA BR to monetize for the float of this refund, which in BR runs at over 1%/month, thus a highly profitable operation for AA BR

I can only imagine AA has sent a boiled plate e-mail promising a seven-day refund, eventually the usual for AA US, but AA BR works with a thirty-day time frame. Additionally floating money in Brazil is highly profitable, everyone can foresee that all the 30-days shall be financially worked within AA's interests.

The above arguments would constitute one more reason for AA to honor these tickets as the customer chose voluntarily to do business on the AA BR shopping cart, aware that fluctuations work both ways. It is not reasonable that because the currency fluctuate against the customer, it is the customer who also carries the burden of the currency rate depreciation.