I can't conceive of a ramification. Especially when the law, EC 261/2004, is crystal clear.

This process is simply meant to discourage refund requests and funnel people into accepting a credit / rebooking / voucher because they grow tired of the push back.

The key to the successful chargeback is to document everything, keep copies, screenshots and the like and keep your chargeback request short & succinct. E.g., carrier cancelled flight, I requested a refund, more than 7 days have passed and the carrier has failed to initiate a refund as required by EC 261/2004. Less is more.