When PayPal refunds money back to a card, the card issuer/bank receives the funds and will post them back to the appropriate account. If they do not do this, the funds are usually sent back to Paypal. PayPal will then post them into your PayPal balance. The bad news is, the process can take 30 days or longer before PayPal gets the funds back. PayPal recommends you contact your card issuer and let them know a refund was sent to the old card so they can assist you by locating that refund and/or expediting the return of funds.
