QuiBids is a penny auction site that has everything from high-end electronics to gift cards and gadgets. If you're savvy enough, you can win televisions and gaming systems for $20.
So how does QuiBids really work? This site can actually be confusing at first, but once the concept is explained and you try your hand at winning a prize, you won't have any trouble at all. To start out, you'll have to register with QuiBids and purchase your bids. Each bid equals $.60, and the website requires you to purchase 100 bids upfront. That is a total of $60 to get started.
Next, you will be able to bid on any item you want. When you use each bid, the price of the item you're bidding on goes up by a penny (which is why it is considered a penny auction). There is also a timer under each prize. The timer increases after you place a bid.
So how do you win a prize? When the timer on the clock runs out, the person who placed the last bid is declared the winner. The winner is responsible to pay the total ending price.
It is important to know your limits and what constitutes a good deal. Don't forget to calculate the cost of your bids into the final price that you will be spending on the item. Let's say it took you 20 bids to win a $25 gift card, and the gift card sold for $5.68. After adding the $12 you spent on bids to get the gift card, you come away spending a total of $17.68 for a gift card worth $25. That is a great deal. If both figures combined added up to more than $25, then you wouldn't have made a good deal.