Receiving a credit or a refund is determined by the terms of the fare purchased, not by the travel agency's whim. The fact that the ticket was purchased with points is invisible to the airline, they were paid with money.
I’m sorry, maybe I was unclear. I’m not looking for a refund. I just wanted to apply the flight credit towards a new ticket which you can’t seem to accomplish online using the Chase portal. You have to speak with an agent to do it and you don’t get any residual credit if the new fare you book is lower. Chase UR 3rd party vendor said you lose the unused value of your credit.