If you've never even heard of penny auctions, it's a fun way to get gift cards, gadgets, and other stuff for really discounted prices. By winning 500 free bids (a $200 value), you can win a ton of auctions for free!
Here are a few more specifics:
Each day there are new auctions, so I check out the days offerings and pick something that I want. There's no shortage of great options, with giftcards to stores including Target, Amazon, and Costco. You'll also find iPods, iPads, Nintendos and more.
Click on the item you are interested in winning to see more details about that auction. Prices typically start at 90% off retail price and go down for each bid placed. The timer will show you how much time remains until the auction ends. Now all you have to do is click the Bid button!
If the time remaining is less than the specified maximum seconds (generally 30 to 45 seconds), then every bid placed extends the auction by 15 seconds. This prevents anyone from "sniping" an auction at the last second.
If you're the last bidder when time runs out, you win! After winning, pay the final price plus shipping.
Here's the great part:
If you don't win a Buy Now auction (auctions with the
icon), you have 12 hours after it ends to purchase the same item for the retail price minus the value of the bids you placed (discount is 40¢ per bid). Bonus Bids placed cannot be used towards your discount. For example, let's say you placed 20 bids and 5 Bonus Bids on an item that has a retail price of $50.00. Your price is $50.00 minus $8.00 (20 bids x 40¢), for a total of $42 plus shipping and Buy Now fees. The price cannot be discounted to less than $0 and shipping cannot be discounted. There is a Buy Now fee of 7% (up to a maximum of $19.99) of the retail price for all Buy Now opportunities. However, if you Buy Now within 30 minutes of the auction ending, we'll waive the Buy Now fee! So you're usually paying a couple of bucks for a $50 gift card if that. Sometimes the auctions go negative and you even get bids back!
It sounds much more confusing than it is. So enter the drawing, win the giveaway, and rack up tons of stuff for holiday shopping and gifts.
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