Welcome to the forums! There are no penalties for having a negative balance (a positive balance would be if your balance was greater than $0; in your case it will be below $0) with a card issuer, as long as the money spent was not used to achieve a spending bonus such as for a new card. With the current situation, there are many travel refunds being issued, so each lender may approach that differently. But as long as a signup bonus is not part of the equation, you are fine. Your next statement will simply show a negative balance with no payment due, adn your balance will be reported as $0 to the credit bureaus. You will also have rewards points deducted for the refunds with Chase, equal to what you earned on the transaction(s), and it is possible to have a negative UR points balance. I recently (in past 2 months) had an issue where a refund from a merchant caused a Chase account to go negative because they did not refund in time before my payment was due, so I paid the account in full a few days before my statement closed and they refunded the transaction after payment was due but before statement closed.
You can either spend back up to $0 or request a check be issued to you for the negative balance. The timeline and requirements of that vary by lender.
