When people first hear about penny auctions they’re usually completely clueless as to what these auction sites actually are. Some people even get the idea that they’ll win products for actual pennies. Of course that leads them to start spending a lot of their money on these sites not knowing how exactly they work. You can win new phones, gift cards, cameras, television sets, and a bunch of other stuff for a couple of dollars, but you probably won’t win them for pennies. Anyway, this is our FAQ section so you can find out what these auctions are all about!
1. What Are Penny Auctions?
Answer: A penny auction is basically a pay to play auction. You purchase bids in the form of a bid pack from a penny auction website of your choosing. The cost of the bids you purchase usually ranges from $0.40 to $0.90 per bid (it depends on the website). Each time you place a bid on a product $.01 is added onto the auction price, and a countdown timer gets 10-20 seconds added onto it. The last person to place a bid before the timer runs out, wins! The winner then has to pay the current auction price of the item and usually additional shipping charges to receive it.
2. What If I Purchase Bids, Use Them, And Don’t Win Anything?
Placing bids on products doesn’t guarantee that you’ll win them, and if you don’t win, you’re usually given nothing. However, certain penny auction websites have a “buy it now” option where you can use your bids towards purchasing the product at its retail price. When you have this option, you can use the bids you lost towards buying the product outright.
3. How Long Does It Take Before I Receive The Product I Won?
The time it takes to receive your products depends on the penny auction site you’re using. Different websites have different shipping times, and you have to check with them directly. Generally though, the top penny auction websites usually ship your product within 2 business days, and you should receive them within 5-20 days.
4. I Purchased A Bid Pack, Are My Bids Refundable?
Most penny auction websites don’t allow you to refund bids you’ve purchased; even if you haven’t used them yet. If you call up the penny auction websites customer service phone number, you might be able to talk them into providing you with a refund. However, this probably won’t happen in most circumstances.
5. Is There A Limit To The Amount Of Products I Can Win?
Most penny auction websites try to keep everything fair, so they do have a restriction on how many products you can win in one day and/or one month. They want everyone to have a fair chance of winning products, which is why they keep these restrictions in place.
6. Are There Strategies I Can Use To Win In Penny Auctions?
There are certain strategies that expert bidders have been known to employ. Some of them include developing a shark reputation and last second bidding. You can find more information on these strategies in other areas of our website.
7. What Sort Of Products Can I Win In Penny Auctions?
Depending on which website you use, there are a variety of different products you can win. Most penny auctions are for high tech electronic items, but there are also auctions for gift cards, fashion products, jewelery, and even concert tickets!
8. Are All Penny Auction Websites Created Equal?
The short answer is no. Every penny auction website has different rules, different live auctions, and different types of people participating in them. Also, there are a lot of new scam type penny auction websites that pop up on the Internet, so you want to make sure you find a reputable one to participate in. We’ve rated different penny auction websites on our homepage, and you can find reviews and customer ratings for each one. Do your research before purchasing a bid pack from new penny auction websites!
9. Does This Site Receive Compensation for Reviews?
This website does receive compensation for certain reviews made on it. If you sign up for a penny auction website through our links we may receive compensation from them. Please keep this in mind when reading the information on our website.