Steam refunds changes: nearly any purchase, for any reason.

[Heptagon_ru]

I have just read on some IT resource that Steam improved its refund policy, allowing to return games during 14 days after purchase and if you played less then 2 hours. For bundles - summary play time is considered. Returning full-price purchase when a discount has just appeared - ok. Details: http://store.steampowered.com/steam_refunds

[Marius49]

So you can just buy a game, play it for 1h and 59min, then give it back? That sounds like renting a game for free ain't it? ;)

[Sverf]

If you do it too often your account gets flagged and you loose the right for refunds.

[InsaneJ]

Also keep in mind that the default return policy puts the refunded money into your Steam Wallet. You can opt to have it refunded in other ways if you prefer.