Has this ever happened to you? You purchase an item at what you think is a reasonable price and then see it’s available for less a few days later. Ugh! It’s a situation every shopper dreads. The good news is some of your favorite retailers have price adjustment policies that will give you a refund of the difference between what you paid and the new sale price.
You can only take advantage of a price adjustment policy if you know how it works. That’s why we’re here to explain the basics of this budget-friendly tool, including the price adjustment policies at your favorite stores like Costco and Target.
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What Is a Price Adjustment?
Also known as price protection, a price adjustment policy applies when an item you’ve purchased drops in price after buying it. Under this policy, a retailer will refund you the difference between what you paid and the new sale price.
As with all retailer policies, there are specific requirements and exclusions. For example, you can only get a price match on an identical item (same brand, size, quantity, color and model) within a certain time period. How much time you have to get a price adjustment varies from store to store.
Are There Laws About Price Adjustments?
Many people wonder if any federal laws govern price adjustments. The short answer is no. While the Federal Trade Commission (FTC) has laws against deceptive pricing and bait-and-switch practices, it does not specifically cover price adjustments.
As a result, retailers with price adjustment policies do not offer them because they are legally required to do so. These stores have these policies simply to promote customer satisfaction. This means you’ll find a great deal of variation among these policies.
Price Adjustment Policies for Popular Retailers
Amazon Price Adjustment Policy
Although Amazon used to have a 30-day price protection guarantee, this policy now only applies to preorders.
I saw this policy in action for myself when I preordered a book and automatically received a refund when the price dropped before the end of the release date. This thrilled both my inner bookworm and deal hunter!
Best Buy Price Adjustment Policy
If you purchase something from Best Buy and the retailer lowers its in-store, online or app price during the return and exchange period, you’re in luck! You can request a price adjustment.
Keep in mind that the return period for most products at Best Buy is 15 days. If you’re a My Best Buy Plus or My Best Buy Total member, you have 60 days to make a return.
Costco Price Adjustment Policy
Costco also offers a price adjustment policy if the price of an item you’ve purchased drops within 30 days.
For online purchases, you’ll need to complete the Request a Price Adjustment form. You’ll then receive a credit within five to 10 business days. For in-person purchases, you can get a price adjustment by visiting the Returns Counter.
Home Depot Price Adjustment Policy
You can get a price adjustment from Home Depot if an item’s price drops within 30 days of purchasing it. Home Depot allows you to request a price adjustment in-person or online, and all you need is proof of the original price and the current sale price.
JCPenney Price Adjustment Policy
At JCPenney, you can get a one-time price adjustment within 14 days of purchase when you present the original receipt at a store location.
Kohl’s Price Adjustment Policy
You can get a price adjustment from Kohl’s if the item you purchased reaches a lower price within two weeks of buying it. Just be sure to bring the original dated sales receipt.
Kohl’s will not offer a price adjustment on clearance markdowns, Kohl’s Cares merchandise, BOGO deals or brands that aren’t eligible for coupons.
Macy’s Price Adjustment Policy
Macy’s will give you a price adjustment within 10 days of your item’s order date. However, it will not also honor your previous discounts from promo codes or discount offers.
Michaels Price Adjustment Policy
Fans of arts and crafts can get a price adjustment from Michaels within seven days of your purchase. Make sure you bring proof of purchase and evidence of the lower price when requesting your price adjustment.
Newegg Price Adjustment Policy
Newegg’s price adjustment policy falls under its Price Match Guarantee. Items on Newegg.com with the Price Match Guarantee badge at the time of purchase are eligible for a price adjustment if the price drops within 14 calendar days.
You’ll receive the difference refunded on a Newegg Customer Care Card.
Target Price Adjustment Policy
If you have proof of purchase and the new lower price, Target will give you 14 days to request a price adjustment.
I recently got a price match from Target after I bought a closet organizer and it went on sale the next week for Target Circle Week. I went to the customer service desk with my receipt and proof of the lower price online. They used a calculator to determine the difference between the two prices and put that number into the register which calculated the tax. Like magic, I had the refunded amount back on my card within a few days!
The post Everything You Need to Know About Price Adjustments at Your Favorite Stores appeared first on The Real Deal by RetailMeNot.