This study investigated the effect of price-matching refund policies on consumer's perceived credibility, and also explored the interaction effects between two situational variables (reference price and store image). In experiment 1, we test the effect of intensity and the efficiency of price-matching refund policies, results showed that consumers gave the highest credibility evaluations to the less intense and efficiency mix, 100% price difference refund and return in 7 days. In experiment 2, the interacting effects of reference price and store image under high credit price-matching refund policies were verified. Results showed that, with good store image and reference price provided, high credit price-matching refund policy could effectively reduce the search intention, while also increase the shopping intention. But the inverted U-shaped curvilinear relationship between conditions and perceived credibility was not observed, and the partial mediation, not fully mediation role of perceived credibility was founded.