If something goes on sale after you buy it, try taking advantage of the store's price match policy or return policy. If those don’t work, check whether your credit card has price protection insurance.
Key Takeaways
- When an item you recently purchased goes on sale at a lower price, you can take advantage of the retailer's price match policy and receive a refund of the difference in price.
- The store may have a return policy that allows you to return the item and re-purchase it at the lower price.
- Some credit cards include price protection insurance, which means you can make a claim and receive a refund for the price difference.
1. Use the store’s price match policy
Many retail stores in Canada offer a 30-day price match policy. This means if the price of an item goes down at either the same retailer or a competitor, the store will match the price and refund the difference.
There are usually a few stipulations for a store to match a competitor's price on an item:
- The item has to be identical (brand, size, model, etc) to the one you bought and it has to be available for immediate purchase
- Specific sales from competitors usually aren’t honoured, such as “going out of business” sales, advertising misprints, limited quantity sales, holiday sales, or sales that involve buying multiple quantities of the same item
- In order for the store to match the competitor's price, you'll need to show proof (an advertisement) of the item with the lower price
Example: Best Buy price match
Let’s go over a quick example to give you a better idea.
Best Buy has a pretty standard Low Price Guarantee which says they’ll match a competitor’s price within 30 days of your purchase. The item must be the exact same and in stock. This also applies to their own products, if they happen to go on sale within 30 days of your purchase.
All you have to do to get your money back is bring the proof of the lower price and your receipt of the item. You can also make a request online if the item was bought online.
Want to compare the return policies at Canada’s most popular stores?Get your free PDF download right here .
2. Use the store’s return policy
Some stores have longer terms for return policies than for price match policies, which means you can return the original item and buy it again at the new lower price.
If you buy an item from a store that has a 30-day price-match policy and 90-day return policy, make sure you continue to watch the price of the item for 90 days after you buy it.
You can even ask a representative if the store would extend the term of the price match policy – it can't hurt to ask and give yourself more time to watch for a lower price.
But even if they won’t extend the term, a long return policy still provides the opportunity to return the item and buy it again at a lower price.
Example: Amazon return policy
Amazon returns are pretty straightforward – you can return items within 30 days of receiving the shipment. All you have to do is go to your account, find the order, and request a return.
The downside is that it isn't as easy as returning something in a store, since you'll have to print off the return label and head to an Amazon-affiliated return centre. But from my experience, they're fairly lenient with the items being returned as long as you do it within the time limit.
For more information, see About Our Returns Policies.
3. Use your credit card’s price protection insurance
Another way to handle a price drop on an item you’ve already purchased is to take advantage of price protection insurance offered by a handful of Canadian credit cards.
Here are a few details to keep in mind when using price protection insurance:
- The item in question must have been purchased with the credit card
- You'll need to show proof that the lower-priced product is available for immediate purchase
- A copy of your original receipt may be required
- The credit card issuer will likely ask you to complete a claim form
Example of a credit card that offers price protection
This type of credit card insurance is rare, but there's one specific Canadian credit card that does offer price protection: the MBNA Rewards World Elite® Mastercard®.
If something you bought goes on sale within 60 days of your purchase, you can make a claim and get the difference refunded.
This card earns up to 5 points per $1 spent on purchases, plus a few other benefits as well.
FAQ
What can I do if an item goes on sale after I buy it?
The store may have a price match policy or return policy that allows you to receive a refund of the price difference. If purchased with a credit card, check to see if you have price protection insurance coverage.
If an item goes on sale after I buy it, can I price match the difference?
Some – not all – stores have price match policies that cover situations where you buy something that later goes on sale. In this case, the store will likely reimburse you the price difference within a certain timeframe.
How can I take advantage of a store’s return policy?
Stores usually have their return policy indicated on their website, but you can always ask a store associate for more information. If you bought the item within the return timeframe, simply return it and repurchase at the lower price.
What is credit card price protection?
Credit card price protection is a fairly rare type of insurance. If you buy an item with a credit card that has this type of coverage, you may be eligible for reimbursement by submitting proof of the new price.
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