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Save Money: Don'T Play Penny Auctions

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They sound like you bid a penny each time. But it costs you about 60˘ everytime you place a penny bid. You buy bids ahead of time -- people are surprised to find that their credit card is charged for those bids before they even use them.
And think: if a product sells for $20, that means there were 2000 bids on it. If each bid costs 60˘ then the seller is making $1200 minus the $20 it sells for.

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And if it took you 50 bids to win that item for $20, it cost you $30 just to place bids. And consider how easy it would be to set up a bot (fake person) to bid against you and force you to keep buying bids.
- Submitted by HAWKTHREE 9/14/2011 in Saving Money | 4 Comments
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Member Comments

HAWKTHREE 9/17/2011 7:47:00 PM

    I didn't learn this the hard way -- hubby did. I grew up with parents who loved untangling the real cost of things. Hubby has a Yale law degree and he wouldn't believe my analysis until he paid close to $200 for bids that won him nothing.
SARINA1978 9/27/2011 3:14:00 AM

    I've never heard of penny auctions but that's quite interesting.
U4LOVE 9/21/2011 5:24:00 PM

    cynthia.tagor@yahoo.com
h
ello
My Dear,
how are you today i hope Ur doing fine over there,i will like to introduce my self to you, my name is miss cynthia, i'm single never marry, and its my pleasure to write you after viewing your profile and i love it which really interest me in having a friendship with you. and i want you to contact me back so that i can give you my picture and tell you about me.have a nice day, yours new friend.
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Please Copy My Private Email Ues It To Reply Me Back
(cynthia.tagor@yahoo.com)>
DUSTYPRAIRIE 9/17/2011 6:34:00 AM

    Sounds like you may have learned the hard way. I didn't realize this and am so glad I lost my password! I hope many people read this tip.

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