what's the catch with the website "quibids"?
i heard about this website where they auction products such as mac computers, ipads etc....really nice, expensive stuff at 0.01 cent per bid. people are supposedly walking away with these products for next to nothing. (for ex: if you bid 500 times @ 0.01/cent a bid, you're down $5.00) it seems too good to be true, so what's the catch? if any? and if no catch, then what? you just got lucky? please explain cause i'd love to give it a try if it's legit.3 years ago - 2 answers
The problem is that to get those 1 cent bids (really closer to 2 cents, but lets not quibble) you first sign up for the 60 cent bids and you spend them to buy the 2 cent bids. SO, let's figure this out - let's say you are trying to buy a 100 bid page and you win that package for $2.00, but it took you say 25 of those 60 cent bids - that means you buy 100 bids for $2.00 (your bid price) plus $15 (the cost of 25 60 cent bids) so the 100 bids are $17 or 17 cents a bid. Now you can bid on stuff...but remember, you need to keep say 25 of those 100 bids to bid on more bids...so whatever you bid on now is costing you 17 cents, not 2 cents, plus the actual bid price...still not a bad deal assuming you can win whatever you bid on but if you lose the auction, you have burnt through those bids - lose too many auctions and you are back to buying bids for 50 cents each.
If you have say $25 or $50 to play with, why not try and you might get lucky - as with anything, the trick is to watch the auctions and try to gauge the flow of bids on items so you don't overbid (too many bids) or overspend.
The bids don't cost you only one cent. The bids cost you SIXTY CENTS each. If you bid 500 times, you would have spent THREE HUNDRED DOLLARS.
That's the catch. It's a huge one.