Price matching is a shopping strategy that helps shoppers score great deals by comparing prices for the same product at different stores. Whether at the grocery store or through your favorite online shop, price matching can empower you to get a deal at your preferred retailer. Here, we’ll explore what price matching is and how it works.
What is price matching?
Price matching is when a store reduces the price of a product to match a lower-priced competitor. This way, they keep the business, and you get a better deal on your purchase. In some cases, you must make the price match request before you purchase, while other retailers allow you to submit the request after you buy. Price matching will not always be offered by the merchant.
This kind of perk is typically only available at larger retailers. While finding and verifying a lower price may require some effort, it’s an easy way to save money on something you’re already buying without switching retailers.
While Citi ShopSM does not offer price matching, it can help you search for offers and coupons. The Citi ShopSM browser extension is a free tool for eligible Citi® cardholders that automatically searches for discounts and coupons at over 5,000 online stores. Enrolled cardmembers who use the extension can also activate available offers and complete their purchase to receive statement credits.
How does price matching work?
Online merchants typically have specific guidelines for when and how they’ll honor a price match, so understanding the steps ahead of time could save you time and frustration later.
Price matching step by step
If your preferred retailer offers price matching, here are 4 simple steps to help you request a price match.
- Check the price match policy: Review your preferred retailer’s price match requirements. Check their policy rules and list of eligible competitors (if available) and check for possible exclusions.
- Find a lower price: Look for a competitor selling the same product at a lower price, either online or in-store
- Gather proof: Collect evidence that shows the lower price. This could be a receipt, a mailer, an advertisement or a web page showing the price. Some retailers may require evidence of the timeframe, too, so you might need to make sure that the date appears on the images or documents.
- Contact the retailer: Reach out to your preferred store with proof of the lower price. If the appropriate conditions are met, the retailer can choose to apply the price match.
Benefits of price matching for consumers
Here are a few of the main advantages price matching offers shoppers:
- Save time and money: Price matching can help you find a better price for your purchases without having to visit multiple stores
- Shop with more confidence: Because you may be able to get a better price on your purchase, you can be more confident that you’re making the most of your money
- Encourage comparison shopping: Checking prices at a few different retailers can help you locate a better discount. Then, when it’s time to buy, you can make an informed and budget-friendly decision.
- More money to spend on other things: Strategic price matching for the products you already plan to buy can help you stretch your budget further and get the most bang for your buck.
8 Tips for successful price matching
Here are 8 tips to help you request a price match if the retailer offers price matching:
- Get the proof: Typically, stores that offer price matching require evidence, such as a screenshot of the competitor’s website or a print ad. Gather your proof so you can make a case for price matching.
- Know the policy: Review the store’s policy to find out which items qualify for price matching and whether time or location restrictions apply. For example, some retailers specify that the product must be marked at a lower price during the same period or must be available for purchase in the same state.
- Avoid self-checkout: Many retailers require you to go through customer service to get a price match. Self-checkout may not allow customers to apply a price match discount, so ask to speak with an associate or call the store to confirm the exact process.
- Do your research: Check the prices in-store and online for multiple other retailers
- Review the terms and conditions: To be approved for price matching, the item must match the store’s terms. Check the product specs, looking for details like product size, color and condition to ensure they fit the retailer’s price-matching conditions.
- Check for exclusions: Items that qualify for price match can differ from store to store. Bundle products, clearance items or special promos could be excluded from price matching, so make sure the items you want to buy are in approved categories before you submit your price match request.
- Double-check shipping costs: Price matching is usually for the product only and doesn’t account for shipping or other fees. Make sure you’re comparing the product's final price and that you don’t include any of the other costs.
- Watch for price changes: Retailers could change their prices from one day to the next. Submit the request as soon as you spot the lower price, so you don’t miss out on a special deal.
Price matching isn’t just about getting a great price for your purchases, although that is a great perk. It’s a way to make more informed shopping decisions so you can stretch your budget.
Disclosure: This article is for general educational purposes. It is not intended to provide financial advice. It also is not intended to completely describe any Citi product or service. You should refer to the terms and conditions financial institutions provide for various products.
