Letter of Credit - what is this and what can it be used for?

[gerig]

My Oasis cruise scheduled for August, 2021 was cancelled.  I paid for it in full with a combination of credit card payment, royal caribbean gift cards and  FCC from prior cancelled cruise.  My travel agent informed me that my refund will be a credit to my credit card, the FCC will be reissued and my royal caribbean gift cards that was applied to this cruise will a letter of credit.   I am waiting to get this documentation but they are slow getting the refunds - 45 business days so I should have it sometime in August.  Does anyone know what the letter of credit can be used for?  Can it only be applied to a cruise or can I use it for on board spending.  

[gerig]

6 hours ago, gerig said:

My Oasis cruise scheduled for August, 2021 was cancelled.  I paid for it in full with a combination of credit card payment, royal caribbean gift cards and  FCC from prior cancelled cruise.  My travel agent informed me that my refund will be a credit to my credit card, the FCC will be reissued and my royal caribbean gift cards that was applied to this cruise will a letter of credit.   I am waiting to get this documentation but they are slow getting the refunds - 45 business days so I should have it sometime in August.  Does anyone know what the letter of credit can be used for?  Can it only be applied to a cruise or can I use it for on board spending.  

So it appears that my TA also doesn't know what it is and told me I need to find out.

[Jimbo]

1 hour ago, gerig said:

So it appears that my TA also doesn't know what it is and told me I need to find out.

No your TA has that all wrong, YOUR TA needs to find out !!

[Ken at the beach]

8 hours ago, gerig said:

  Can it only be applied to a cruise or can I use it for on board spending.  

Only for a cruise.