Have you seen the commercials for Quibids.com? I have and I was skeptical to giving it a try because it seemed too good to be true. Who actually can win gaming systems, electronics and gift cards for pennies? Really? Well I am here to tell you that I have had enough success, that I HAD to post about it!
Quibids is a GENIUS idea because everyone wins and you can’t lose money (in my opinion). Basically you buy bids for $.60 each. Seems like a lot, huh? Well, it turns out it isn’t, when the items you win, sell for as little as $.01. Stay with me…
Here’s exactly what it looks like…
You pay $60 to buy a 100 bid package. Then you go see what’s up for auction. Say there is a $25 Shell Gas Station gift card for auction and no one has bid on it! You will see the clock ticking down and when it gets to one second, BID! That cost you one of your bids, and the price of the gift card is now $.01. Because you bid, the clock gets set back 20 seconds, 15 seconds, or 10 seconds (based on how long the auction has been going on). This gives another bidder a chance to keep the auction going. If you are the last bidder to bid when the clock hits 0, you win!
I immediately won a $50 Kohl’s gift card + 20 bids (for $.44) and a $25 Shell gift card + 20 bids (for $.28) in two auctions. Here’s the breakdown on return of investment.
-$60.00 for initial investment of 100 bid package
+$50.00 Kohls gift card I won
+12.00 (20 bids I won during this auction)
-$.44 for the cost of the Kohls gift card
(I already accounted for the loss of my bids in the initial investment at the top)
+$25.00 Shell gift card I won
+$12.00 (20 bids I won during this auction)
-$.28 for the cost of the Shell gift card
So after 20 bids, I’m already in the positive $34.28! Plus I still had 120 bids to use on other auctions. So even if I lost every other auction I participated in, I am still making money.
Here’s what I like about the company…they protect the bidders. After I won those gift cards, I got into a bidding war on an Xbox 360 Kinect for my kids and before I knew it, I had spent $144 in bids towards the thing and LOST. I lost because I hit the “bid” button a fraction of a second too late and it was OVER. The only reason I spent that much in bids, is because I was going out the next day to buy one at a retail store for full price anyway. I thought I’d give Quibids a try and see if I could get it for a deal. The system ended up selling for $45.00 — that’s less than 1/8 of the cost of retail (+ the amount spent in bids). Well, even though it was depressing that I didn’t win, Quibids offers the “buy now” option for anything you bid on. That means you get to apply the amount of money in bids you spent during the auction, towards the retail cost of the item. So I was able to apply that $144 towards the XBOX and just buy it through them for retail. I paid $15 in shipping and avoided tax, so I still got a better deal through them than getting it at a local store.
The irony is, I was on Quibids the next two days and saw the SAME SYSTEM go for $.75 and $1.74. Man I wish I had gotten into a better auction.
Here are my tips…ONLY bid on what you would buy ANYWAY in your normal life. I never would have gone after a big item, like an Xbox, if I wasn’t already in the market to buy one. Same goes for all electronics. If you are in the market for a new computer, t.v. or game system, Quibids is a no brainer. At worst, you’ll buy it for retail, pay shipping, and still pay less than buying at a local store, because you avoid paying tax. At best you will get A RIDICULOUS DEAL that no one will believe. I also only went after gift cards to places I shop frequently and/or that I can combine with coupons (like CVS).
Also, only bid with 1-2 seconds left on the clock.
Only bid during the times there are LOTS of items up for auction and most people are working. This is usually 1-5 p.m. EST Monday-Friday