How Walmart's Savings Catcher Works
After you shop at Walmart, you can either scan a smart phone QR on the bottom of the Walmart receipt (after downloading the Savings Catcher app), or you can use your computer or other online device to go to Savings Catcher online. (I don't have a smart phone, so I can only give details about what it's like to use Saving's Catcher on my computer.)
Once at the Savings Catcher website, you'll need to set up a password, then enter a 21 digit number off your receipt, plus the date of purchase. That's it; the website does the rest. You'll receive an email that your info was received by the site and then, within a handful of days, you'll get another email explaining whether Savings Catcher found any better deals at other grocery stores. If it did, the email tells you how much money is going back into your pocket.
According to the Savings Catcher FAQ, each customer may enter up to seven receipts per week, and there is no minimum number of items that must be on the receipt. However, receipts can be no more than seven days old.
* Savings Catcher online is very easy to use, taking no longer than two minutes, tops, to enter your password and receipt information. Presumably, using a smart phone scan is even easier.
* Any money that comes back to you can be saved up - or turned into a gift card right away.
* According to a news release, Savings Catcher will soon include produce and general merchandise.
UPDATE 10/7/14: Click here to learn how to double your Savings Catcher funds.
The Not So Good
* Not too surprisingly, there are a number of items Savings Catcher does not consider. It doesn't compare prices on advertised sales that offer a percentage off, that require a separate purchase to get the advertised price, BOGO deals where no price is listed, online purchases, store brand items, deli, bakery, weighed items (like meat), consumables (like toilet paper), health and beauty items, and "select general merchandise items...including, but not limited to, electronics, media and gaming, toys, sporting goods, housewares, small appliances, home décor, bedding, books and magazines, apparel and shoes, jewelry, furniture and seasonal products...tobacco, firearms, gasoline, tires, prescription drugs, optical and photo products and services, or products that require a service agreement such as wireless, automotive or financial products."
* If Savings Catcher finds an item at a lower price, you can only get the savings in the form of a Walmart gift card.
* Each customer can earn a maximum of $599.99 Reward Dollars per year.
* The Savings Catcher website says they "compare advertised prices from the top retailers located nearby the Walmart store where you shopped." The list of stores they compared prices with is available once your receipt has been processed and you've received information on what (if anything) you saved. In my case, none of the stores were what I'd consider comparable to Walmart; they were stores that very, very rarely have prices lower than Walmart. Worse, we have at least two grocery stores - closer than some of the stores Walmart used as comparables - that are what might be called "discount" grocery stores, with prices more in line with Walmart, that the Savings Catcher did not include. I hate to say it, but this seems pretty disingenuous; if Walmart really wants to make comparison shopping unnecessary - if they really want to "offer customers yet another reason to trust us when it comes to helping them save" - then they need to compare prices with ALL the grocery stores in a given area - even those that may have lower prices than Walmart.
* Savings Catcher appears to work best if you buy a lot of processed food. The only items I saved money on were two processed food items my husband likes to eat once in a while. I suppose this shouldn't be a surprise since the Savings Catcher FAQ says they don't compare prices on anything weighed - which is a good portion of what we buy when we cook from scratch. (That said, Walmart is promising to soon include produce in the Savings Catcher; that could make Savings Catcher more worthwhile.)
While I'm not very excited about how Savings Catcher currently works, I do think it has potential. If Walmart will compare prices with all grocery stores in a given area, and if they will include produce and meat, Walmart will really have a competitive edge. In the meantime, I will probably continue adding my receipt information into Savings Catcher - at least for a time - in the hopes that it will improve.