I was looking through my recent transactions, why did i receive a "Xbox Live Rewards...

If you use the Microsoft Rewards program and redeem points towards an Xbox gift card, you'll get that. If you have it set to automatically redeem when you earn a certain amount of points, that may be the case as well.

I've received the same thing. I've received a "$10 xbox live rewards deposit," and two "$5 xbox live rewards deposit." I thought this was kind of odd, as I did not request these. Also it states on the transaction record that these "deposits" are also "refunds." Weird!!!

I was looking at my account and noticed this "transaction."

Xbox Live Rewards Deposit

$0.00

Refunded ($12.15)

So it looks like it was put on my account breifly then removed? This probably happened because there was a billing hiccup with my card, but as it shows in my account history, my payment did go through. However, the rewards point were never given back to
me.

I recently upgraded to gold but my rewards account wasn't recognizing it. So I haven't received points or credit for anything I've been doing for about a week. So, I contacted Xbox Live Rewards and they said there is a problem with my live account itself
that needs fixed first before they can fix my rewards. They did not know what nor say anything else besides that.

There are no Xbox Live outages currently showing. Have you received an error code that the transaction did not go through yet? If you do or have waited awhile, I would close the window, verify through your account billing history that the transaction did
not take place, and try again. Could just be a weird glitch, I've had that happen a few times.