- The ability to get stuff cheap – computers, gift cards, games, iPods, housewares, etc.
- Thrilling – “entertainment shopping” can be fun
- Buy it Now – Even better = minimal loss to consumer
The Bad – (Downsides of Legit Penny Auctions)
- Lose money -Watch what you spend, pay your bills first! Power/net outages could lead to loss too
- Obtain stuff you may not need
- Time consuming
- Frustration/stress/anger towards opponents
- Intimidation – “revenge attacks” by other bidders
The Ugly – (Possible Scam/Dishonest Sites)
- Loss of money
- Really walk away with nothing
- Fake bidders
- Shill testimonials
- Time wasted
- “Con artists” with your personal information – sometimes even third parties, beware if asked to provide sensitive information such as ID scans (yes, a site has asked for this!)
- Recurring and not clearly disclosed fees
- Threats and blackmail by site operators
Make sure you read over everything, do your research and watch what you spend, penny auctions can be rewarding, but there are precautions!
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