I actually think the travel credit approach is understandable, even if I don't personally like it. Stick with me here.
I've been following this thread for the last week or so with much interest. I'm a first time renter with a 10 day split stay (Beach Club/Poly) scheduled to begin June 5th. Naturally I'm quite anxious given the enormous sum of money we shelled out for this trip. This would be our children's (8 & 11) first trip to Disney World.
It goes without saying that I'm personally most concerned about how renters are making out in the process, but I do sincerely feel for everyone involved, including owners and David's.
It seems the prevailing sentiment is that David's is being underhanded in the process. I can understand that sentiment to a degree, but I suspect David's is very much clinging to staying in business at this point and trying to walk an incredibly narrow tightrope of alienating as few owners/renters as possible. Obviously a lot of people are upset that they are asking for owners to return funds and offering renters credit rather than a refund. While I have zero inside knowledge on the subject, I find it doubtful that David's has the liquidity (ie, cash) to refund all impacted renters, even where some owners have been able/willing to return funds. Were I operating David's I would probably take the same approach, hoping that conditions improve and eventually all renters can be accommodated.
As a renter, should the resorts not reopen by early June, I'm very skeptical of the credit offer, while understanding objectively that David's almost certainly is not able to refund everyone and stay in business. Under normal circumstances I wouldn't necessarily be opposed to a credit, assuming it could be used for a year or more out (we had a very tight travel window for this year). But a travel credit is only worthwhile to me if David's stays in business, and I think that's very much in question at the moment.
So, ultimately, I don't blame David's at all for taking the travel credit approach. However, should I personally find myself in the position of having to decide, I would lean towards asking for a full refund, and if/when that is denied, attempting the charge back approach.