What is ‘price adjustment’ and how can you take advantage of it?

Pat Foran explains why shoppers should know about 'price adjustment' policies in case something you bought got cheaper.

Now that the holiday season is over, chances are you’ve returned any gifts that weren’t a right match.

It could be a sweater that was too big or a gadget you didn’t need, and you got a refund.

As well as being aware of refund rules, customers should also know about “price adjustment” policies in case something they bought got cheaper.

Before customers shop, they should take a quick look at the store’s price-adjustment and price-match policies. These policies can let you claim a lower price, even after you’ve checked out.

“When you know a retailer’s policies, it can help you navigate shopping there and get the best discounts. The best deals possible,” said Samantha Gordon with Consumer Reports.

So how do they work?

“When you’re price matching, you’re doing it before you buy. With price adjustments, it’s after you’ve already bought something and you’ve seen a price drop. You can go and get an adjustment and get a partial refund,” said Gordon.

However, every retailer’s policy is different.

Walmart will only match a price if you’re shopping in-store: see something for less on their website, and request a price match in person.

There are also exclusions, and Walmart doesn’t price-match competitors’ prices.

The same goes for Costco.

If you buy an item and the price drops within 30 days, you can request the difference online for online purchases and in-store for in-person purchases.

No matter where you shop, make sure you compare the prices of two exact items, down to the colour. And be sure you have proof, such as receipts, ads, screenshots, or printouts of competitors’ prices, which can often help your case.

It may seem like a lot of effort; however, Consumer Reports says it’s worth it.

“Taking that extra few minutes to look at these policies is always going to be worth it,” Gordon said.

If a store refuses to offer you a lower price, check with your credit card company. Some cards offer price protection benefits that might be able to refund you the difference.

If you’re returning items, some stores may not issue refunds if the product has been opened or used.

They may also charge restocking fees and for online orders -- you may have to pay the shipping costs to return the item.

Some stores are making it harder to return items, and you could be “red-flagged” if you return things too often.

You may be told your return was approved this time, however, future returns or exchanges may be denied, even with a receipt.