Prices are constantly shifting in the competitive retail space, especially during the holiday shopping season. So what happens if you buy something only to see it on sale a week later? Or what if it’s more convenient for you to shop at Walmart, but Best Buy has a better price?
Thanks to retailers’ price-matching and price-adjustment policies, you may be able to get the best price, regardless of when and where you shop. Major retailers, including Walmart, Target, Bed Bath & Beyond, Best Buy and Kohl’s, have their own policies of matching competitors’ prices or refunding you if their own price drops. Some do both.
These policies come with plenty of fine print. It’s vital that you look up each retailer’s policies and read them thoroughly — but here are some general concepts to know.
[See: 10 Money-Saving Websites to Check Before Shopping.]
“Price matching” is different than “price adjustment.” Some retailers use these terms interchangeably — or cover both under the heading “Low-Price Guarantee.” In general, though, these terms are defined as follows:
— Price matching: The retailer will match a competitor’s price if it’s lower. Some retailers require this to happen at the point of sale. Others will match a competitor’s price after the purchase and refund you the difference. For example, JCPenney allows you to present a competitor’s ad (with a lower price) up to 14 days after the purchase for a refund of the difference — and the store will beat that competitor’s price by 5 percent. Toys R Us will also retroactively match a competitor’s price within 14 days of purchase.
— Price adjustment: If the retailer’s own price on an item drops within a specified window of time after your purchase, the retailer will refund you the difference.
Not all retailers allow both competitor price matching and price adjustments. Macy’s, for example, provides price adjustments on its own merchandise but won’t match a competitor’s price.
[See: Prepare Your Finances for the Holidays.]
You must provide documentation. When it comes to getting a retailer to match a competitor’s price, walking into a store and saying a competitor has a better deal won’t do you much good. Retailers vary in their requirements of how much proof you must provide, but, generally, you’ll need to bring in the competitor’s ad or show it on your phone. Some stores require the ad to include promo dates as proof that the better price is the current price. Others will require proof that the model number of the item they carry matches the model number of the competitor’s item.
When it comes to retroactive price adjustments, you’ll likely need a sales receipt showing the date of purchase.
Each retailer will have a different process. Some retailers require you to fill out a claim form after a price drop. Some require you to call a customer-service number to ensure your item is eligible for a price match or price adjustment. Others will require you to handle everything in store.
Not all retailers’ policies cover online purchases or prices. Some retailers’ policies allow you to get a competitor price match when shopping online. However, you’ll usually be required to call a customer-service number to conduct the transaction.
Other retailers, meanwhile, will perform price matches only for in-store shoppers. Plus, some brick-and-mortar stores will match only competitors that have physical stores — so don’t bother showing them a lower price you found on Amazon.
Some purchases are excluded. Not all purchases qualify for price matching or price adjustments. Common exclusions include:
— Custom-made items.
— Refurbished items.
— Bundle offers: Say you want to buy a video game console at Retailer A, then find the console at the same price, but offered with two free games, at Retailer B. If Retailer A excludes bundled offers, don’t try arguing that it should throw in two free games to match Retailer B’s offer.
— Buy-one-get-one offers.
— Clearance prices.
— Items that aren’t in stock in the same style and color. Say you wish to buy a pair of gray boots from Retailer A and find the same-brand boots in brown for a better price at Retailer B. Retailer A doesn’t carry the boots in brown. You probably won’t get a price match.
Some dates are excluded. Many retailers exclude certain sales holidays from their price-adjustment and price-matching policies. In fact, it’s common for major retailers to mark Thanksgiving weekend through Cyber Monday as blackout dates. So don’t count on buying a popular gaming system in early November (just to make sure you get it), then asking for a price adjustment when that system falls in price on Black Friday.
[See: 12 Ways to Be a More Mindful Spender.]
Credit cards and other services may offer price adjustment. Some credit cards offer what’s called “price protection” as a complimentary perk. This benefit essentially functions like retailers’ price-adjustment policies. If you buy an item with that card, and the item drops in price within a certain window, your card will refund you the difference. These price-protection policies tend to be more flexible than those offered by retailers, in that they usually don’t have blackout dates. However, they usually have annual and per-item caps in how much you can claim as a refund.
Some third-party services will also claim price-adjustment refunds on your behalf (they track purchases via your confirmation emails, secure your refund and charge you a portion of it). However, some retailers have blocked these services via their terms and conditions. The Macy’s price-adjustment policy, for example, states that it “does not accept” price-adjustment requests submitted by third parties.
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Everything You Need to Know About Price Matching originally appeared on usnews.com
