How do I know when my item has been refunded? And when it does, how much will I be refunded?

Check accounts.microsoft.com and seeif issued

If so unless its ms currency it wont be immediate

Depending o. Your bank it could be upto 30days

I've recently asked for a refund on a few things I bought on my Xbox, and I was just wondering How I will know when it gets refunded, and if it does, how much?

Asking for a lot of refunds aint good and can land you a marketplace suspension unlss its fraud

Until you can be sure of your purchases

And yes the refund policy isnt to be abused

I only asked for a refund on like 2 things that I accidentally purchased.

Well how do I know when they will refund me?

Hey there! I apologize that you are dealing with this, I know how this goes as I have been through it myself. The one things stopping you from being able to get a refund is the fact you agreed to this:

"This transaction is subject to the Xbox LIVE Terms of Use.Your credit card will be charged at this time. No refunds."

This is what stops you from being eligible for a refund. When ever you buy just about anything on the Marketplace you agree to the fact that there are no refunds regardless of what the item is or the description says.

Once again, I know this can be frustrating, and I apologize but you do have the outfit and it is available for your use at any time.

Hope this helps as much as possible!