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The $5 discount will be prorated based on the total purchase and split between each item.
$29.99 + 4.99 = $34.98
$29.99/$34.98 = 85.7%
$5 x 85.7% = $4.29
$29.99 - $4.29 = $25.70
Incorrect. I've bought Destiny 2 along with another item and was able to refund Destiny 2 alone. Your case applies only to bundle purchases, not shopping carts.
I.E. If you buy 2 bundles, you can refund each of them separately, but you cannot refund a single item from a bundle. It's all or nothing
^this is correct.
Good to confirm. I'll keep that in mind for the next sales
The $5.00 discount effectively gets split up between each item according to the percentage of the purchase it represents. So when you refund an item, you get refunded the amount you actually spent after discount. The discount doesn't get applied to a single game, or arbitrarily, or whatever most convenient scenario you imagine. It gets applied how Steam designed it to be applied.
So if you spend $29.99 + 4.99 = $34.98 on games. And you refund the $4.99 game. The $4.99 game makes up ~14.27% of the purchase. Since the $5 discount was applied to each according to it percentage of the purchase $5 * 14.27% = $0.71 cents. And ~$0.71 gets applied to the $4.99 game. And when you do $4.99 - $0.71 = $4.28. So as far as Steam is concerned you only paid $4.28 for the game, because of the relationship with the $5 discount, so that's what you get refunded.
Heeby-Jeeby already did all the math for the case of refunding the $29.99 game, which should have made things fairly obvious. It's pretty basic arithmetic once you stop over thinking it.