Jan 26 2010

Have you entered this huge contest yet?


Money Crashers is hosting a ginormous contest ending soon. Total prize value has exceeded $9,000! You oughta check it out and enter.

I’d love to win a Kindle. They’re priced too high for me to want to buy one right now, but if I won one…then big yays all around! Of course, I’d be happy with any of the prizes.

Ok enough of my jibber jabber. Go enter!

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Jan 24 2010

Are bid-auction sites a good deal?


I’ve been getting a few e-mails from MyPoints advertising a bid auction site called BidCactus. As I’m writing this post, several auctions have ended: A $100 Walmart gift card sold for $4.97 and a $50 Home Depot gift card went for $0.16.

On the surface, these sound like great deals. But what’s the catch?

You have to pay for each of your bids.

Before bidding on anything, you have to buy a “bid pack.” According to this particular site, bids cost $0.75 each and you must buy at least 25 bids at a time ($18.75).

You place a bid, and the item increases in price by a penny or a dime, depending on the type of auction. So $0.75 is deducted from your account with each bid.

If you or someone else bids in the last 20 or so seconds of the auction, more time is added to the clock to give other bidders a chance to jump in.

Even though you’re paying to bid, there’s no guarantee that you’ll win anything. And, if you luck out and win a $50 gift card for “just a few bucks,” you’ve also got to factor in how much you spent on bids.

Bottom line — these types of bid auction sites are not the way to get a good deal. They’re more gambling than deal-hunting, in my opinion.

You want to know who comes out ahead? The auction sites! Take a look at the $100 Walmart gift card that sold for $4.97. If it was a penny auction, then that means 497 bids at $0.75 each were placed. That’s $372.75 for a $100 item!

Have you tried one of these bid auction sites? Did you get a good deal?

Hey! I'm Kacie, wife and mother of 3. I write about my family's finance: how we save money, improve our spending, and plan for the future.

I hope I can inspire and encourage you to improve your situation. See disclosure.

I'm adopting a much slower-paced posting schedule, and treating this as a hobby blog now.

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