Valve has finally revised their policy and now officially allows game refunding under certain conditions. Which I think is great. Now you really don’t have to worry and the end result will be people buying even more games. Not because they’ll be able to potentially abuse the system, but because you can purchase games you’re interested in without worrying about wasting tons of money on something you might absolutely hate because of bugs, stupid gameplay mechanics or other reasons that aren’t apparent from trailers, game description or game reviews. Thank you Valve. It’s how you do good business.
Latest up-to-date terms & conditions can be found here.
Refunding terms & conditions (on 2015-06-02)
You can request a refund for nearly any purchase on Steam—for any reason. Maybe your PC doesn’t meet the hardware requirements; maybe you bought a game by mistake; maybe you played the title for an hour and just didn’t like it.
It doesn’t matter. Valve will, upon request via help.steampowered.com, issue a refund for any reason, if the request is made within fourteen days of purchase, and the title has been played for less than two hours. There are more details below, but even if you fall outside of the refund rules we’ve described, you can ask for a refund anyway and we’ll take a look.
You will be issued a full refund of your purchase within a week of approval. You will receive the refund in Steam Wallet funds or through the same payment method you used to make the purchase. If, for any reason, Steam is unable to issue a refund via your initial payment method, your Steam Wallet will be credited the full amount. (Some payment methods available through Steam in your country may not support refunding a purchase back to the original payment method. Click here for a full list.)
Where Refunds Apply
The Steam refund offer, within two weeks of purchase and with less than two hours of playtime, applies to games and software applications on the Steam store. Here is an overview of how refunds work with other types of purchases.
Refunds on Downloadable Content
(Steam store content usable within another game or software application, “DLC”)
DLC purchased from the Steam store is refundable within fourteen days of purchase, and if the underlying title has been played for less than two hours since the DLC was purchased, so long as the DLC has not been consumed, modified or transferred. Please note that in some cases, Steam will be unable to give refunds for some third party DLC (for example, if the DLC irreversibly levels up a game character). These exceptions will be clearly marked as nonrefundable on the Store page prior to purchase.
Refunds on In-game Purchases
Steam will offer refund for in-game purchases within any Valve-developed games within forty-eight hours of purchase, so long as the in-game item has not been consumed, modified or transferred. Third-party developers will have the option to enable refunds for in-game items on these terms. Steam will tell you at the time of purchase if the game developer has opted to offer refunds on the in-game item you are buying. Otherwise, in-game purchases in non-Valve games are not refundable through Steam.
Refunds on Pre-Purchased Titles
When you pre-purchase a title on Steam (and have paid for the title in advance), you can request a refund at any time prior to release of that title. The standard 14-day/two-hour refund period also applies, starting on the game’s release date.
Steam Wallet Refunds
You may request a refund for Steam Wallet funds within fourteen days of purchase if they were purchased on Steam and if you have not used any of those funds.
Refunds on Bundles
You can receive a full refund for any bundle purchased on the Steam Store, so long as none of the items in the bundle have been transferred, and if the combined usage time for all items in the bundle is less than two hours. If a bundle includes an in-game item or DLC that is not refundable, Steam will tell you if the whole bundle is refundable during check-out.
Purchases Made Outside of Steam
Valve cannot provide refunds for purchases made outside of Steam (for example, CD keys or Steam wallet cards purchased from third parties).
If you have been banned by VAC (the Valve Anti-Cheat system) on a game, you lose the right to refund that game.
We are unable to offer refunds for movies on Steam.
Refunds on Gifts
We are unable to offer refunds for gifts after they have been redeemed by the recipient.
Refunds are designed to remove the risk from purchasing titles on Steam—not as a way to get free games. If it appears to us that you are abusing refunds, we may stop offering them to you. We do not consider it abuse to request a refund on a title that was purchased just before a sale and then immediately rebuying that title for the sale price.
How to Request a Refund
You can request a refund or get other assistance with your Steam purchases at help.steampowered.com.