I found the explanation of the process when credit card refund is credited but disputed by merchant and final decision is with Mastercard very clear. I actually got my refund from credit card company within 2 months. Merchant (hotel) disputed just within 45 day limit, and I have been waiting just over 6 months to see if I can keep the refund as Mastercard need to make final decision. Hoping it doesn't take too much longer. I noticed that when searching online about credit card refunds, the questions are usually about refund process and whether you can get money onto your bank account rather than credit card, but I could find nothing about my problem. So it was great to get a detailed explanation of my situation.