The following very helpful piece of advice was written by our forum member BabyFidgette. Thanks BF!
I’m going to explain Quibids penny auction in a nut shell. There are many other sites like Dealdash and Beezid, but the rules are slightly different. My favorite is Quibids, so that’s what I’m going to explain. Overall basic concept.
1. Penny auctions are NOT for everyone. If you don’t like to gamble, play the lottery, scratch off tickets, spend a little to get a lot, etc. Walk away and bid on eBay.
2. When you are new to Quibids you may sign up for free, BUT you must buy your first bid pack to bid.
3. If you decide you want to sign up and bid, the price to start is $60 for 100 bids. There are no lower “bid packs ” as they are called (until you are a member). That means each bid costs 60 cents. (What I mean by this is that after your first purchase of $60, if you want to continue to play, you can buy a lower pack for $27, which is 45 bids. You can not buy one bid at a time.)
4. So how does this bidding thing work? You find a product you’d like to bid on. Focus on ONE item at a time, trust me. You place a bid. One bid is deducted from your account. You always know how many bids you have left and how many bids you’ve placed in the current auction. Each time a person bids the price (up top in green) goes up one penny, hence the name Penny auction. You don’t pay that extra penny every time you bid, you just have your bids that you’ve already prepaid.
5. How do you win? If you are the highest bidder once the clock hits 0, you are the winner. Please be aware, every time someone places a bid after you, the clock goes up 10 or 15 seconds (depending on how high the auction price is at that time). So, there could be 1 second on the clock, and bam someone outbids you. Unlike eBay, where you would lose to the sniper, Quibids adds 10 (or 15) seconds to the clock giving you another chance. This can go on for minutes or hours depending on how many interested parties there are in an auction. The big ticket items (TVs, iPads, iPods, etc.) are usually the ones that you have to have patience for b/c they can go on for hours and hours.
6. So, you won an auction, now what? I will use a big win~ Plasma TV~as and example first: LG 60″ 3D 1080p Plasma HDTV sold for $99.84! – QuiBids.com The winning price was $99.84. If you look under “real bids” I used 83 bids (at 60 cents each) coming to $49.80 (voucher bids are free bids I got for something). Then I had to pay for shipping which was $29.99. My total investment on this $1399 TV was$179.63 I saved $1219.37. Not too shabby I must say.
7. Now for a smaller win. A $50 Outback gift card. $50 Outback Steakhouse Gift Card sold for $3.46! – QuiBids.com The final price was $3.46, I used 37 bids ($22.20), then I paid $1.99 to ship. So I got a $50 Outback gift card for $27.65. I saved $22.35.
8. Okay, so for those of you who are worried about getting your items. I have won over 60 items on Quibids and have gotten every single item.
9. For those who are worried about losing their 60 cents per bid. Here’s where it gets AWSOME!!! There is a buy it now on Quibids! What this means is…(and I will stick with the Outback card as an example) if you use enough of your bids to reach the $50 mark (what the card/item is worth), you press buy it now and pay for shipping! Then you lose nothing! Well, not “nothing” $1.99 to ship the card! I use this ALL the time! I wanted to get my dad some Subway gift cards for his birthday. I figured, I might as well try to win them! Well, I won one and used BIN on the other. You just can’t go wrong!
10. So my advice, is, don’t bid on anything you are NOT willing to pay retail for in the first place (unless you want to take a gamble on a TV like I did hehe). Another example…I was moving and wanted Cuisinart pots and pans. I tried to win them on Quibids, but I did not win. I used my bids up until I hit the retail price, which was $299 (I think), I hit the BIN button, and all the bids I used towards the auction now went to the price of the pots and pans! All I had to do was pay shipping.
11. I do, recommend, though, that if you decide to join you start out small and bid on gift cards. Most of the gift cards that are up are for newbies and you can win them REALLY cheap! One time I won a Lands End $100 card for 5cents and $100 Outback for 7cents. It’s really fun.
12. PS. If you want to see some of my other wins (big or small), here they are:
$25 Subway Gift Card sold for $0.99! – QuiBids.com
Nambe Claire 45-Piece Flatware Set sold for $4.49! – QuiBids.com
Kalorik Salt & Pepper Grinder sold for $1.81! – QuiBids.com
Margaritaville Frozen Concoction Maker sold for $20.79! – QuiBids.com
$50 Cabela’s Gift Card sold for $0.76! – QuiBids.com
Dyson DC23 Animal Canister Vacuum sold for $10.55! – QuiBids.com
Flip MinoHD Video Camera – Brushed Metal sold for $0.84! – QuiBids.com
Toshiba 32″ 720p LCD HDTV sold for $26.84! – QuiBids.com
Breville Single Cup Coffee Brewer sold for $16.41! – QuiBids.com
Dyson AM01 10″ Table Fan sold for $23.30! – QuiBids.com
13. Good luck! And if you decide to join and win. I’d LOVE to know!!!!!
Discuss QuiBids in our forum QuiBids and Penny Auctions Explained.
If you’re looking to try penny auctions, but don’t want to spend a penny be sure to enter our giveaway for 1,000 free bids to Beezid + an Xbox 360 Kinect bundle.
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