Penny auctions are like penny slots. Don’t go in expecting to win thousands of dollars, or an iPad, and you’ll do fine. Penny slots are an appropriate analogy because the auctions really are like gambling for entertainment. (Yay!) What penny auctions are great for are winning smaller items like jewelry, toys and especially gift cards.
Two auction sites I’ve been playing with are QuiBids.com and BidRack.com. BidRack gives away FREE bids every day with a spin-the-wheel game, which I love. QuiBids doesn’t give away free bids but has tons and tons of gift cards for auction, which improves your chances of winning.
If you’re leery of penny auctions, I don’t blame you. I was too. But just a little math and common sense can help you feel more confident about the process.
Example at BidRack: Bid packages start at $27 for 40 bids, but best values are with larger bid packages. I purchased 100 bids for $60, which made each bid worth 6 cents. With 2 to 20 free bids you receive every day, you can bank a nice number of bids in your account. I’ve won one auction there, a $25 Target Gift Card for $3.28. But I spent alot of bids to win that, so I really paid $20 for the $25 gift card–still a 20% discount for a gift card that I’ll definitely use.