XBids.com is one of many Penny Auction websites online. This things are popping up all over the place. One thing i recommend doing before handing over credit card information to anyone is make sure you read the terms and conditions. This is also know as the fine print. I know its time consuming but it educates you in what you are getting yourself into. with xbids this information can be found by going to http://www.xbids.com/support/terms-of-service.html
XBids.com Non Refundable Credits
There is one area i want to focus on in this post and that is non refundable credits please read the section below at the time i am writing this is October 13 2010 it may have changed depending on when you read this post
Bidding rights or bids (“Bids”) must be purchased before you engage in online bidding. Prices for Bids may change at xBids’s discretion at any time. Bids are non-transferable and valid for 6 months after they have been credited to your account, unless stated to be valid for less than that period of time. Upon expiration, Bids become void and can no longer be used. Once a Bid is placed in an auction, it is deducted from your Bid account and cannot be refunded.
Non refundable credits. I’ve written about this before. Penny auction websites in the eyes of many is considered to be borderline gambling. Using a penny auction website is like shopping at a non refundable store. The difference however is that you have a chance to win your desired item at rock bottom prices.
Penny Auctions are very Time Consuming
There’s also another catch Penny Auctions are very time consuming. There are people that literally spend hours and even days on these websites. Most of the ties these people spend way more money on the price of their desired item.
Of course most people won’t admit this, another common trait is people will start purchasing things they didn’t initially want like more credits to so they can aggressively go after the product they did want. this goes into the time consuming aspect of things and even then they still might not win remember in any auction there can only be one winner.
Auction websites appear to be here to stay I just wonder how long it will take for people to truly understand how these things work. All i will say is the bigger the Penny Auction site gets the harder it is for people to win. Also the bigger the penny auction site gets the richer the penny auction website owners get. the consumer gets screwed on so many levels.
Wait Wait there’s some Good News…
But hey here’s the good news because you may have wasted hours on our Penny Auction website we will allow you to use your NON Refundable credits to purchase the item you wanted at the retail price set by us. If you want to sign up for XBids don’t let e stop you just don’t say I didn’t warn you