I had my credit paid out to my bank account, and it shows as being a ‘payment reversal’. I expect the description is not reflective of how it is actually treated by the accountants however and that this will be the root of the problem.

I guess it is reasonable to expect a reversal of points earned on the original spend. My travel insurance was refunded on my previous statement so that might also account for that.

I expected to see a reversal on my airpoints statement, which hasn’t happened, so perhaps Beano’s suggestion is just what is happening, no further airpoints credits until the refund amount is ‘spent’.