You've likely come across one of the websites which are called 'penny auctions'. These are websites that promote the success that folks have in buying some really cool items at very small (low) prices.
Here's a screen shot of one of the sites beezid.com. The compelling lure of these sites is again attractive merchandise with a running time counter - you bid on the item that has a price that you hope to purchase it at (for example the Nikon camera below is listed with a current bid at $2.57 (for a digital camera with a list price of $229).
The 'catch' is that you have to purchase bids to bid.
Consumer Reports has an on-line article that cautions folks about these auctions that may look better than they're worth...indicating that "you could end up spending a lot of money, and losing the bidding war".
With each bid costing 60-cents at one site, for example - it's not uncommon for someone to bid 10 to 100 times on an item they really want (and one that someone else is bidding against you on)...this would mean you spent between $6.00 and $60.00 just in the bidding - and if you do not win the bid, that's money you have simply paid to play.
This can be likened to dropping 60-bucks into a slot machine. Not a problem if you are aware of this - so now we know. Here's the article from Consumer Reports.org: Beware of penny auctions as you search for shopping deals
You guys out there are performing a great job.
Posted by: www.pennyauctionportal.com | 07/26/2012 at 11:51 PM
They are called entertainment shopping sites for a reason.. Beezid can win you crazy deals, OR, you can lose lots of bids and get nothing. I've done both.
Posted by: Lyle | 06/05/2012 at 02:48 AM