Penny Auctions

[cardfelon]

Is anybody else buying stuff from the various penny auction websites? I recently started doing them and have picked up some great deals.

[zjnkzjen]

watch out mate, some might be scam :S

Take care

one in minds is : auctionbid or something like that.

[cardfelon]

Oh yeah there are lots of scam sites out there. There is a forum for penny auctions so it is a great place to find out information on who is legit or not from other fellow people.

[123]

Hmmmm interesting concept, I never heard of these penny auctions till I googled them just now. Seems like a cool concept, are these actually popular? I would think most people would be weary about paying to bid with no guarantee.

[rsot]

A cheap form of online gambling - it seems popular for silly reason of course...

[lakeman]

There was a thread on these several months ago. I bought $20 worth of bids and lost it all. It definitely takes skill to win these. I have read about a lot of people saying they won some good deals though.

[rsot]

Pretty crazy if you analyse it - say for an iPad - penny auction - 150 people buying $10 worth of bids (and that's an average figure) - big profit.

[lakeman]

Yeah the Penny sites are making a killing!

[123]

Yeah wow I'm surprised I never heard about this... props to whoever founded this concept I personally wouldn't use it not my kind of thing but I'm sure the popular sites are making a killing

[yellow0102]

I love these! They supplement my monthly income quite a bit!

They are WAY addicting though, cant stop bidding on them lol

[yellow0102]

if your interested, message me up for some of the good sites

[imjustme]

I wonder how long some of these penny websites will last, especially since many people could be doing chargebacks through their credit card companies if they end up not winning the item.

Too many chargebacks = closed merchant account = no more penny auction website.

[BubbleTea]

Originally Posted by imjustme

I wonder how long some of these penny websites will last, especially since many people could be doing chargebacks through their credit card companies if they end up not winning the item.

Too many chargebacks = closed merchant account = no more penny auction website.

Well, the buyer buys the bids, and the seller delivers the bids.
A chargeback is only valid if the item was not delivered or not as described.
If I were the site/ seller and you pay me $20 and I give you 20 bids, regardless of whether those bids got you anything, you got your bids and you were able to use them.
Therefore, item was delivered and item is as described.
Your file for chargeback is invalid and I can contest that, with full evidence of your bids being delivered and used, since everything is electronically recorded, and the transaction being done in accordance to the terms of service.
There are also clearly written disclaimers on the website that your bids do not guarantee a win and no refunds will be given.