My friend Ken and I sat down at the computer with a glass of wine apiece, and he was ready to show me how penny auctions work. Ken says he often places bids at a couple of the best penny auction sites in an attempt to win gift cards for cheap prices. He has become skilled at this type of auction system and is doing well at getting these cards. A person needs to have an effective strategy to win items with penny auctions, because he has to pay the amount of all the bids he makes. Each bid is one cent, but that can add up over time. A guy doesn’t want to wind up paying $25 for a $20 gift card because he has been placing so many non-winning bids.
Ken says if I want to get into this game, I have to practice in a virtual manner before spending money. He logged in at one of the best penny auction sites and showed me how it works. Of course, I wanted to start bidding right away that evening, but he encouraged me to practice first for at least a few days. It’s not like these are rare, vintage items and you hardly ever get a chance to find them.