Avoiding Penny Scams
To begin, understand that you are not actually paying a penny every time you bid; your bid may be one penny but you are also paying for the actual bid
. This means you are paying to press the bid button, and paying the amount you bid. It is very important to make that distinction so you do not press that "Bid" button multiple times, not knowing that you are being charged each for each click of the mouse.
Don't be fooled by the whole "penny" aspect of the bidding, however, because when you bid you aren't actually spending a penny. Instead, you are required to buy bids. Each bid costs a certain amount of money, and you are required to buy the bids before you can participate in an auction.
Most regular auction sites, like Ebay, allow you to bid for free, and you only pay the dollar amount that is won with the auction. So if a T.V. auction on Ebay stops at the highest bid being $45, then that bidder pays $45 for the T.V.
Penny auction sites, on the other hand, require users to buy a package of bids instead of just purchasing singular bids. So users purchase a package of anywhere from 20 to 1,000 bids, and if you don't use a bid that you purchased, you cannot return it. So be careful with the amount of bids you buy, buying too many can leave you with extra bids that mean wasted money.
After you purchase the amount of bids you think you will need, they are put into a "bid bank" and you use those during the auction. Once enter the auction, you can bid on the item you want, and each time you press the "Bid" button, you use one of the bids in your "bid bank."
This is where you have to be careful; you should only bid after you see a lot of other people bid first, this will make sure you don't use a bid unnecessarily and waste them. If you run out of bids, you have to purchase more, and this will take you away from the action you are watching, and could cause you to lose the item you want.
To avoid being a victim of a scam, make sure you do some research. Auction sites like Ebay are credible businesses that are known to give customers exactly what the pay for. There are many sites that do not have that credibility, however.
Look up the penny auction site first, don't just look at their website, because they are biased, have a vested interest, and are in control of what content goes on their site. Instead look at reviews from users on external sites and look for a professional review specifically for businesses or internet sites.
Sometimes sites have things at the top of their homepage saying they are endorsed or recommended by CNN or some big network, or they put "As seen on TV" to make them seem more credible to site visitors. Do not be fooled by these tactics, most are lies, unless you can see that same endorsement on CNN's website.
The odds are the endorsement won't be on CNN's site, and it wasn't actually shown on television. This type of site is a scam and should be avoided. Do not give any personal information to this site or credit card numbers, because the odds are that they will take money from your account without consent from you.
If you do find a credible site, make sure that you know all of the rules of the site and procedures so you do not unknowingly pay more money than you actually should or need to.
by: Ronald Pedactor
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