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You might have come across QuiBids.com and wondered if you can actually save money and get cheap deals and discounts. Does that sound too good to be true? Is it actually a scam? We answer both of these questions and explain how it works and what the benefits are. We’ll discuss the good, bad and the ugly in this review, so that by the end of this article you will be able to judge for yourself whether or not it is for you.
(Updated for 2013)
What is QuiBids?
Quibids.com was launched in 2009 and is now the largest and most popular penny auction site in the US. Items auctioned on the site can range from gift cards and furniture to high end electronics and expensive jewelry. If you check their site you’ll see that at any moment there’s a lot of variety going on with the auctions every minute. Compared to normal auction sites like eBay where you can place unrestricted bids, penny auction sites have item bids that can be increased only by a penny for every bid. These bids are also prepaid which means you have to buy credits first to start with the bidding process itself. This is what makes penny auction sites quite controversial. So why would anyone use penny auction sites let alone QuiBids.com? The reason is you can actually get products at up to 90% off their retail prices.
What makes it different and what are the benefits?
- Fast Competitive Bidding System – auction items start off at $0.00 regardless of the retail price of the product. This is the same with other penny auction sites. However, in their main auctions the timer is set to a twenty- second refresh rate every time a bid is placed. This is quite fast compared to other penny auction sites’ reset timers making it a more competitive and fast paced bidding process.
- Buy Now Option – This applies to any auction item where you could actually use the cost of the total number of bids you’ve made for that item and subtract it from the retail price of the item which you can then immediately purchase. It basically means you’re guaranteed to get the item even if you don’t win the auction, only you’ll have to buy it at its full retail price. This makes it worthwhile if you’re already planning to buy the item in the first place and by going to QuiBids you have a chance of getting it at a much lower price.
- Safe and Secure Accreditation – the website is accredited by the Better Business Bureau and Grant Thornton. These two are major authorities when it comes to legitimate and safe business oriented sites. Not all auction sites have these accreditations.
- QuiBids Games and Achievement Badges – Rather than promo codes, QuiBids utilizes a different approach to enhance their customers’ experience. With QuiBids Games, members can play casual online games which can give them free bids if they win in the games. Achievement Badges on the other hand helps members get more bids by achieving specific tasks in the achievement badges roster.
- Shipment of Products – Won items are supposedly shipped within 2-3 days after receiving payment. Most of the time you can even track the status of your item if the item tracker is up for that particular product. Shipping costs are displayed with the item being put up for bids as well. QuiBids also have a return policy which others don’t have. You could return most items within 30 days if there are any problems regarding the product.
Is it Legit or a Scam?
As already mentioned, the site has accreditation from the Better Business Bureau and Grant Thornton. So if you’re wondering if the website employs the usage of bots or other fraudulent programs you can be assured that this is not the case with QuiBids.com. For a full account you can check both the BBB review and the Grant Thornton report on the company.
Another thing that lends credit to QuiBids.com’s legitimacy is their Buy Now Option which is explained above. Their system also has a working and responsive customer service so any disputes regarding purchase and/or shipping are always addressed.
What usually makes customers suspicious is the way penny auction system works. If bidders can get an item for up to ninety percent off the retail price, you might wonder how the site makes money? It all boils down to three main points.
- First, a customer has to purchase bid credits which cost 60 cents each and each bid used on an item bid increases the item’s price by 1 penny.
- Second, only the winner can get the item. Regardless, people who have placed their bids will not get their bid credits refunded. This is mainly how the site earns revenue.
- Third, non-winners of the bidding can opt to use the total cost of the bids they used as a discount on the retail price of the product they were bidding on and purchase the product. This can be done through the Buy Now Option so even losers of the bid don’t waste their money. The Buy Now Option is actually a feature that separates QuiBids from other penny auction sites as others don’t offer this redeeming method.
All that explained, you can see now how the auctions legitimately earn money without ever cheating the customers. The site simply offers a chance for bidders to get items at a reduced price but there is no guarantee of winning. On the upside, losers can always purchase the item they have been bidding on at a discounted retail price (discount depends on the total amount of used bids on the item) as a last resort. Simply put non-winners can purchase the product at almost the same cost as if they purchased the item in a store.
In many cases bidders who have not studied the system and are on a losing streak are the ones who commonly spread bad news about the company due to their frustration at not winning on the auctions. This behavior is to be expected from any disappointed, albeit misinformed individuals.
(Continued on next Page…Real Reviews & Tips For Signing Up)