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PayPal's holiday gift: Price-matching refunds up to $1,000

Starting today through December 31, the payment service will price-match your purchases and give you free return shipping.

PayPal is getting competitive for the holidays. The payment service will refund customers up to $1,000 if they find that an item purchased through PayPal is advertised for cheaper elsewhere during the holiday season.

From today through December 31, PayPal will price-match your purchases with a limit of $250 on a single item, according to a blog post from PayPal Shopping Specialist Claudia Lombana.

"If the item you purchase is advertised for lower with any merchant within 30 days of purchase, you can receive a reimbursement for the difference," Lombana writes. "It doesn't matter if you bought the item online, in a store, or a new item from eBay's Top-rated sellers using "Buy It Now". And get this -- even airline tickets from the same carrier that drop in price within seven days of your purchase are eligible for price match."

The company will also pay for return shipping, limited to $100 total and $25 per eligible item, and offers six-month special financing on purchases of $99 or more (pending credit approval).

The holiday promotion puts PayPal in competition with major retailers who also hope to lure customers with price-match programs. The news comes just a few days after PayPal announced the elimination of about 325 employees as part of a major shake-up of its organization, with most cuts coming out of PayPal's product and technology units.