how does Quibids work?
whats the catch?6 months ago - 2 answers
It's perfectly legitimate. People get stuff for 95% off.
What they don't tell you:
1. Bids cost about $1 each...sometimes as low as 60 cents
2. You can only increase the bid by a penny at a time. So even if you want to raise the bid by $10 or $20, you cannot because the bid site operator wouldn’t make any profit. They make a dollar profit from each bid that raises the price by a penny at a time.
3. That $2000 flat screen TV that goes for $30.00 resulted in $3,000 of income for QuiBids. A nice profit.
Unfortunately, there's no way to know for sure what the end price will be. They could also be posting shill (look up the word) bids to keep the bidding alive so the count-down timer doesn't run out before they collect enough bids.
Some practical points:
There's a $60 sign up deposit required
For every winner there are 10 people with nothing to show for their bids in this casino like site.
Lost bid money can go toward a buy now purchase at near list price.