Making money with penny auctions is easy once you’ve mastered the art of how to win penny auctions. The key is to maximize your odds of winning without paying the full retail price or more for any given penny auction item. To do this you need to identify which penny auction sites have the best benefits and features that enable you to spend less total money overall to win an item. Upon winning an item you can then easily resell it on other sites like eBay, Amazon, and Craigslist.
For some penny auction sites, even if you lose you still win. That’s because they will let you choose to buy the item that you lost at a discount equal to the amount of bids you’ve placed on it. Hence, you’ll never have to pay more than the actual retail price for the item. With sites like BidHere and BigDeal you never have to leave empty handed; you can still get a good deal on products which can then be resold for a decent profit.
One of the main features of many penny auction sites that you’ll want to focus on is the ability to earn free bids. There are numerous penny auctions that will give you free bids just for joining the site. This is a great feature as it gives you the opportunity to test the waters on a site before spending your own hard earned cash on bids. Entertainment shopping auctions will also give you free bids for every friend that you refer to them. Those referral bids can add up overtime and they can be used to help save you substantial amounts of money.
Nowadays it’s becoming common practice for penny auction sites to give you credit for any bids you may have used and subsequently lost in an auction. These are the penny auction sites that you want to stick to because you’ll be able to use the value of those bids towards the purchase of an item. Such features are great for getting the most out of the money you spend on bid packs and why it’s important to buy bids in bulk. Some penny auction websites may not give your full credit for the bids but instead permit you to earn a percentage of your used bids back as opposed to all of them. Either way, it’s better to get partial credit for lost bids than none at all.
Penny auctions that offer rewards points to later be redeemed towards the purchase of items is another way to credit the bidder for lost bids. Usually these sites let the bidder earn rewards for every dollar spent or for each bid placed in an auction. The bidder can then redeem these rewards for high quality items in the site’s rewards store. Most of the time the items in the rewards stores are just as good or better than the item you were initially bidding on. This is another excellent way to minimize your overall purchasing costs and improve your chances of getting an item at a discounted price.
Before you start bidding it’s a good idea to set a limit for yourself so you don’t end up paying more money for an item than it’s really worth. This is where the auto bidder, also known as a bid butler, can really come in handy since you can indicate the maximum amount you’re willing to bid up to and the number of bids you’re willing to place. Another great penny auction tip is to stick to sites that offer free shipping; thereby reducing your costs and maximizing your resale earning potential.
To learn more about penny auctions and how to find out which ones offer free shipping, free bids, bid credit, and other great penny auction features, see our penny auction sites review article that currently lists over 40 penny auction websites. Included in that entertainment shopping auctions review article is a comparison chart that allows you to quickly identify and target the best penny auction sites on the web.
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