What are Penny Auctions?

Penny Auctions are websites that auction off items like electronics, computers, phones, gift cards and other merchandise.

Each bid usually costs 50 cents or more. Every bid usually brings the price of the item up by one penny.

You purchase bids, then you start bidding on the item you want once that auction has begun.

The clock keeps ticking down towards zero.  Every bid adds another small amount of time to the clock. Eventually the clock hits zero and nobody else places a bid... the last and highest bidder remaining at that point wins the auction.

With patience, practice and a little luck it is possible to get some items at fantastic discounts.

Some Penny Auctions will let you apply the dollar value of the bids you have spent to buy the item at retail value and NOT lose the cost of those bids.  So in those auctions you can lose and still get a decent product in the end for a decent price.

Of course some auctions only offer this for certain items, and other penny auction sites do not offer this feature at all because it cuts into their profit margins.

One should get fully acquainted with the rules, features, and nuances of each penny auction before getting started to minimize the "learning curve" losses that beginners often face.

It is also a good idea to read up on the opinions of others and see what kind of experience they have had with some of these sites.  Many will be happy with the auction, product shipping time and customer service.  Also, check the review and ratings sites to see how each one measures up.

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