If you receive a refund to a credit card but don't have an account with the card's issuing bank, where does the refunded money go?

I usually get the refund when i buy stuff online and the item is returned and my money is refunded.

Using DBS credit card, it will appear as CR beside that amount.

The refunded amount will store as credit in your credit card account and will be used to offset your other expenses. Otherwise it will remain as credit until you spend money then that credit will become zero.
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The refunded money goes back to your credit card, allowing you to offset future purchases.

And no to your sub question.

Cheers.