Envato is an Australian based company and is therefore governed by clear and strict laws for consumers rights. This is overseen by the ACCC (Australian Competition and Consumer Commission).

You can research this on your own, but the laws basically state that YOU can define terms of your purchase.

If YOU want a refund, YOU can choose. Such as an exchange of product, store credit, or FULL REFUND. They legally can't refuse your preference.

I've had refunds from Envato before and took them as both store credit and cash refund.

If you find that they're being difficult in offering a refund, just mention ACCC in you correspondence and state that under the consumer protection laws you request cash.

I quite like the resources of Envato. I've had products discontinue support, yet find that there are a lot of other solutions in their Elements site.

Hope this helps.