Methods and systems for providing a best price guarantee

A system comprising:

• a server of a financial institution adapted to receive purchase information regarding a customer who completed a transaction with any merchant to purchase a product using a credit or debit card issued by the financial institution, wherein the purchase information comprises a purchase price of the product, a description of the product, and an identifier of the customer's credit or debit card issued by the financial institution;
• a first database communicatively coupled to the server and adapted to store the purchase information from the completed product purchase transaction;
• and
• a second database communicatively coupled to the server and adapted to store product information, wherein the product information comprises a lowest price datum;
• wherein the server is configured to:
• update the lowest price datum in the second database by tracking and comparing the lowest price datum to a second price datum obtained from an external source;
• receive an image of a receipt corresponding to the completed product purchase transaction;
• extract the purchase information from the image of the receipt;
• store the extracted purchase information into the first database;
• locate product information stored in the second database corresponding to the description of the purchased product stored in the first database, and identify the lowest price datum in the product information;
• and
• generate and transmit a data file based on a difference between the lowest price datum and the purchase price of the product when the lowest price datum is less than the purchase price within a predetermined time period from the completed transaction to purchase the product, wherein the data file initiates a payment to the customer.