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Anyone have experience with penny auctions?

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Hi everybody. I am new here, but I have already found enough great money saving advice to know that I will be a long time regular. Anyway, in my quest to save money and buy cool stuff, I have come across quite a few penny auction websites. For those new to this, an example is bids4lessstore.com

I used that site once and got a little more than half off a $40 visa gift card. Not bad, but I have also heard that a lot of penny auctions are a rip off. I am wondering if I just got lucky, or maybe this site is one of the few good ones?

Have any of you done penny auctions? Were your experiences good or bad?

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  • kashmak
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    I'd steer well clear of penny auctions. I used to be very into penny auctions. The only reason I managed to get out of it in the black was because I took a risk on a couple a new auction sites that put up high end items without the user base to support them. Even both of those ended up going sour. Plenty of other ones have gone bad too. Don't know about the US market but as far as UK ones I'm not aware of any I'd be willing to risk money in now due to various issues
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