penny auctions=use caution

Ever heard of Quibids?

I hadn't either until today. Apparently if you are looking to purchase a big ticket item this is the place to go, and get it cheap. Similar to ebay, it's beginning to replace ebay for a lot of shoppers who like the selection and the deep discounts.  Featured in Time Magazine, USA Today, MSNBC and Rolling Stone, it's the latest go to destination for your online bargain treasure hunting. Claiming a 95% savings on your purchase, it topples over amazon, overstock and ebay. Even Government liquidations. I have yet to personally try it out, but I am definitely curious as I have an iPad, a cell phone, laptop and a new car set in my sights for the future.

With over a million users, thousands of auctions daily I would imagine getting that Kindle you've been wanting could be a stretch. They claim you'll save on average 80% off retail. So what's the difference that is making this such a big deal?

Quibids (pronounced Kwi-bids), has auctions and "Buy it nows". In order to participate you have to buy "Bid Packs" at $.60 each bid. Minimum purchase are 40 to a pack. Once you bid on an item, and every time someone bids it adds 20 seconds to the clock to allow someone else a chance to get the item. (QuiBids FAQ) I did some research on the feedback to this system and there was a pretty evenly divided amount of positive and negative experiences.  (Read them for yourself here.)

Bottom line, read the fine print, make sure you understand the rules, and be prepared to take a loss should you make a mistake. At $.60 per bid, it could get costly quickly. 

If you have tried QuiBids, I'd love to hear about your experience! Please share it in the comments to help others who may try this service.

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