3 Ways To Get A Price Drop Refund After You Purchase An Item

SaleHave you ever bought an item then realized, a week later, that the price has dropped since you originally bought the item? It sucks. How do I know?

This exact situation recently happened to us when we bought my wife’s new camera. The price dropped a couple hundred dollars just days after we bought it.

We were bummed, but there was no way we would know that the price would drop ahead of time. Instead of just being bummed and complaining, we decided to do something about it.

Get Your Price Drop Even After You Bought An Item

A couple hundred dollars is way too much money to simply throw away so we decided to try to get it back. There are a few ways you can try to get a price drop after you bought an item, but none of them are guaranteed to work every time.

Use Your Credit Card Price Protection Service

Credit cards are awesome. Price protection is one of the awesome services that some credit cards may offer you. Depending on which program you have, the benefit may work differently.

Some credit cards will automatically credit your account if they find a lower price within a certain number of days after your purchase. Other credit cards will require you to submit information on the lower advertised price you personally found.

Regardless of how your particular program works, make sure you learn about the details and get your money back whenever you find a lower price within the time period.

Return The Item And Purchase It Again

If you didn’t make your purchase on a credit card, then you can try out this money saving trick. Simply return the item you bought to the store and purchase it again at the lower price.

You need to make sure that you follow all of the rules of the stores return policy including the time period of purchase and what needs to be returned to get a refund. You’ll also want to make sure the item is in stock so you can purchase it again. If it is out of stock, you may not be able to get the better price anyway.

Keep in mind, some stores charge restocking fees on certain items. If this is the case, it might not make sense to take this route, as you’ll lose money to a restocking fee. However, if the savings are greater than the restocking fee, you’ll recoup at least some of the difference.

Ask The Vendor For The Price Difference

We personally asked the vendor for a refund for the price difference for our new camera. All you have to do is ask! There is no guarantee this will work but it never hurts to ask.

The vendor was very reasonable and awarded us an in-store credit for the price difference. While we would have preferred a refund, something is better than nothing at all.

We would have tried the other methods above, but the price we received was a special unadvertised price so we wouldn’t have been able to use a credit card price protection service. Since our item was purchased through the mail, we didn’t want to hassle with a return and re-buy, either.

Regardless of how you go about trying to get a refund for the new price difference, you should try! It never hurts to try to get some extra money back, especially if the difference is significant like our case with our new camera.

What do you think about these ways to get money back after a price drops on a recent purchase? Do you have any other methods you try?

Photo by: twicepix

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About Lance Cothern

Lance Cothern, a Certified Public Accountant (CPA) licensed in the Commonwealth of Virginia, is the founder of Money Manifesto. You can read more about him here or connect with him on Facebook, Twitter, Google+ or Pinterest.

Comments

  1. Sounds like a great idea, but keeping receipts is something I will have to work on. I normally don’t have those kind of organizational skills.

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