Understanding Price Matching Policies to Save Big
Shopping for the best deal often means comparing prices across multiple retailers. But did you know that many stores have price matching policies that allow you to get the best price without the hassle of visiting multiple stores? Price matching policies are designed to help consumers save money by ensuring they receive the lowest available price on identical products. By understanding how these policies work and how to use them strategically, you can save big on everything from electronics to groceries.
What Is Price Matching?
Price matching is a policy that allows customers to request a lower price on an item if they can find the same product for less at a competitor’s store. Essentially, it’s a promise from a retailer to match the lowest available price, giving you peace of mind that you’re getting the best deal.
Types of Price Matching Policies
There are two main types of price matching policies:
- In-Store Price Matching: When a retailer agrees to match a competitor’s price on the same product, either at the time of purchase or within a specific period after purchase.
- Online Price Matching: Some stores will also match prices from online competitors, such as Amazon or Walmart.com, giving you the same price even if it’s only available online.
Additionally, some retailers offer a price adjustment policy. This means that if you buy an item and the price drops within a set number of days, you can request a refund for the difference.
Why Price Matching Matters
Using price matching can lead to significant savings, especially on big-ticket items like electronics, appliances, and furniture. Additionally, it allows you to consolidate your purchases in one store, saving you time and gas money without compromising on price.
How to Make the Most of Price Matching
While price matching is a powerful tool, maximizing its benefits requires a bit of strategy. Here’s how to approach it.
1. Do Your Research Before You Shop
Price matching is most effective when you know exactly what you’re looking for and where to find it for less. Use price comparison tools to identify the lowest price before heading to the store.
- Use Price Comparison Websites: Tools like Google Shopping, PriceGrabber, and ShopSavvy can help you find the best prices on identical items across various retailers.
- Check Major Competitors: Before you shop, check prices at major stores, especially for popular items. Many big-box retailers will match prices from competitors like Amazon, Best Buy, and Walmart.
- Monitor Price Drops: For major purchases, consider using price tracking tools like CamelCamelCamel (for Amazon) or Honey to get alerts when prices drop.
2. Understand Each Retailer’s Policy
Not all price matching policies are created equal. Some retailers match a wide range of competitors, while others have more restrictive policies.
- Read the Fine Print: Some stores only match local competitors, while others will match online prices. Understanding a store’s specific rules will save you time and frustration at checkout.
- Look for Exclusions: Many retailers have exclusions, such as items on clearance, during special sales (like Black Friday), or from third-party sellers.
- Be Aware of Timing: Some policies only allow you to price match at the time of purchase, while others let you request a price adjustment within a certain number of days after buying.
3. Keep Proof of the Lower Price
To request a price match, you’ll need proof of the competitor’s lower price. Make sure you have documentation or a digital copy ready when you approach customer service.
- Use Your Smartphone: Take a screenshot of the competitor’s website showing the lower price. Ensure the image includes the item’s name, price, and any specific identifiers like model number.
- Bring a Print Ad: If you found the lower price in a printed advertisement, bring the ad to the store for verification.
- Check the Product Details: Price matching requires that the item be identical in brand, model, and size. Make sure these details match exactly, as even small differences can disqualify a price match.
4. Timing Is Key for Price Adjustments
If a store offers a price adjustment policy, keep an eye on prices after you make a purchase. Many retailers allow you to claim a refund if the price drops within a certain time frame.
- Monitor Prices After Your Purchase: Some tools and apps, like Paribus, automatically monitor price drops and help you get refunds if the price of an item decreases.
- Know the Adjustment Period: Check the store’s policy to see how many days you have to request a price adjustment. For many retailers, this window ranges from 7 to 30 days.
- Keep Your Receipt: To request a price adjustment, you’ll usually need your original receipt. Store it in a safe place until the adjustment period has passed.
Top Retailers with Great Price Matching Policies
Knowing which stores offer the best price matching policies will help you plan your shopping trips strategically. Here’s a look at some of the most popular retailers and their specific policies.
1. Walmart
Walmart’s price matching policy covers prices from a limited range of online competitors, including Amazon, Target, and Best Buy.
- Policy Highlights: Walmart matches prices for identical items on Walmart.com and select online competitors, but only at the time of purchase.
- Exclusions: Walmart does not price match items sold by third-party sellers or during special promotions like Black Friday.
2. Target
Target has a strong price matching policy that includes both local and online competitors, with a 14-day price adjustment period.
- Policy Highlights: Target will match prices from over 25 online competitors, including Amazon, Costco, and Sam’s Club. The store also honors price adjustments within 14 days of purchase.
- Exclusions: Exclusions include clearance items, closeout sales, and third-party sellers. During holiday sales, such as Black Friday, price matching may not be available.
3. Best Buy
Best Buy offers one of the most comprehensive price matching policies, covering major online competitors and including a generous post-purchase adjustment period.
- Policy Highlights: Best Buy will match prices from select competitors, including Amazon and Newegg, at the time of purchase and offers a 15-day price adjustment period.
- Exclusions: Best Buy does not price match third-party sellers or prices from marketplace competitors. Seasonal promotions like Black Friday are also excluded.
4. Home Depot
Home Depot’s price match policy includes a unique 10% price beat, where the retailer will match a lower price and offer an additional 10% off in some cases.
- Policy Highlights: Home Depot matches prices from local and online competitors, with an additional 10% off for certain local in-store matches.
- Exclusions: Exclusions include installation services, custom orders, and special order items. Online price matching is available, but some restrictions may apply.
5. Lowe’s
Similar to Home Depot, Lowe’s matches prices from local and online competitors, including Amazon and HomeDepot.com.
- Policy Highlights: Lowe’s will match prices from local stores and select online retailers, and may offer an extra 10% discount in some cases.
- Exclusions: Items that are part of bulk orders or custom orders are excluded, as well as marketplace sellers and promotional events like Black Friday.
6. Amazon
While Amazon doesn’t have a traditional price matching policy, its prices are frequently competitive. Some credit cards offer price protection on Amazon purchases, which can be useful.
- Price Drop Tracking: Use tools like CamelCamelCamel or Honey to track price drops on Amazon and make purchases at the lowest possible price.
- Check Price Guarantees with Credit Cards: Certain credit cards offer price protection, so if the price of an item drops soon after purchase, you may be eligible for a refund of the difference.
Maximizing Savings with Price Matching
Taking advantage of price matching policies requires more than just knowing the rules. Here are additional strategies for using price matching to maximize your savings.
1. Stack Price Matching with Coupons and Rewards
In some cases, you can combine a price match with other discounts or rewards, such as store coupons, credit card cashback, or loyalty program points.
- Use Loyalty Points: Retailers like Target offer additional discounts through loyalty programs. Price matching can help you save even more when combined with these rewards.
- Apply Coupons at Checkout: Check if the retailer allows you to apply coupons or promo codes after a price match. Some stores may allow this, while others may not, so it’s worth asking.
2. Use Apps and Extensions to Simplify Price Matching
Several apps and browser extensions make it easier to find price matches and track price drops.
- ShopSavvy: This app allows you to scan barcodes in-store and find the best price for an item, either online or locally.
- Paribus: Paribus automatically monitors purchases and requests price adjustments if a retailer drops its price after your purchase.
3. Price Match for Big-Ticket Items
For high-value items like electronics, appliances, or furniture, price matching can lead to substantial savings.
- Electronics and Appliances: Use price matching on items like TVs, laptops, and kitchen appliances, as these tend to have frequent price variations across different retailers.
- Furniture and Mattresses: Big-ticket items often have large price discrepancies, so check competitors before making a purchase.
Avoiding Common Price Matching Pitfalls
While price matching can save you money, there are a few common pitfalls to watch out for.
Watch for Limited-Time Deals
Some price matching policies exclude items on clearance or special sales. Be aware of these exclusions to avoid disappointment at checkout.
- Ask About Exclusions: Before shopping, review the store’s exclusions list, as some items may not be eligible for price matching.
- Plan Around Black Friday and Holidays: Major sale days often come with price match exclusions, so plan accordingly.
Ensure Product Details Match Exactly
Retailers require that items be identical in brand, model, size, and features for a price match.
- Double-Check Model Numbers: Ensure that the product’s model number, color, and size match the competitor’s listing exactly, as even slight differences can disqualify your request.
- Be Ready for Verification: Some stores may need to verify the competitor’s price on their website or through a call.
Beat the Price Tag
Understanding and effectively using price matching policies can be a powerful way to save money on everyday purchases and big-ticket items alike. By researching prices, understanding store policies, and using digital tools, you can make sure you’re always getting the best possible deal.
With these strategies, you can shop confidently, knowing that you’re maximizing your savings and getting high-quality items at the lowest price available. Whether you’re buying electronics, groceries, or home improvement supplies, price matching allows you to take control of your budget and make smarter shopping decisions.
