iPhone Return Policy
If you are not fully satisfied with your iPhone purchase, you can return your undamaged iPhone to the Apple Online Store within 30 calendar days from shipment for a full refund by calling 1-800-MY-APPLE. If you return your iPhone within 30 calendar days from shipment, you will not be charged a restocking fee. The iPhone must be returned in the original packaging, including any accessories, manuals, and documentation. For more details, refer to iPhone Help page.
The former makes more sense since you don't get charged unil the product is shipped. Most retail companies give customers 30-90 days from the original date of purchase to get a refund in the original form of payment.I've always wondered what they meant by "from shipment." Is this when then Apple shipped the product? Or when customers receive product? It seems that it should be latter since it seems to make more sense on the customer's end. But it's probably the former.