There are dozens of “penny auction” sites out there where you can potentially purchase a hot item at up to 99% off retail and I have been contemplating jumping in and trying to win a few items.  If you have thought about giving it a shot as well then I want to let you know about BidRack. After some research and resent policy changes on their part, I have determined that they are one of the most reputable and easy to use Penny Auction sites currently out there.  Here is how they work:

  1. Go to Bidrack and register.  Take 30 seconds and create a login and screenname.  I am TheKrazyCouponLady (shocker, right?) so watch for my bids.
  2. I highly recommend you watch the instructional video. They will describe things much better than I can here.
  3. Purchase a bid pack when you are ready to start trying to win.
  4. Bids run about $.50 each.  When you bid, you will raise the auction price by $.01.  I recommend you do not bid until the last few seconds of an auction.
  5. If you do not win something, Bid Rack will refund all of your bids.  Here is their “win” guarantee:  If you purchase a $60 or more bid package we guarantee that you will win at least one beginner auction. If you do not win,  any bids you have spent will be instantly credited back to your account to try again. We’ll keep crediting your bids back until you win – it’s that simple!
  6. Be sure to stay calm when you bid.  If you let the excitement or your emotions run away with you, you could end up spending almost as much on bids as you would on just buying the item.  That being said, if you are planning to purchase a $500 ipad anyway, feel free to bid up to $500 worth of bids.  If you don’t win then you can just apply the bid values towards the purchase of the item. So if you planned to pay full price anyway, you ought to give it a shot as you may be able to get it for much cheaper!

Go here to register, and like I said, watch the video.  It can be confusing to start but they have some great visual helpers to help you figure it all out.