N00B question about penny auctions

[dealhunter23]

Are penny auctions a good idea to give out your credit card to?

http://pennyauctionscanada.com/

Was on this site and the thing seemed a lit bit suspicious to me. I need a camera but not exactly sure if its worth it for me to drop in a bid.

any advice would be appreciated.

[ashokia]

Looks like you have to buy the bids before you can place any. LAME!

[tjthemanto]

They are all SCAMS !!!

Stay away .

[leff]

Before you bid be sure to do some research

http://www.ctv.ca/CTVNews/SciTech/20...change-110625/

If you bid and don't win the auction you don't get yout money back.. Because of that the websites make thuge profits (ie $5000.00 for a $500 laptop)

[Derton]

It's like hiding the real price of the auction. 0.01$ is 1$ paid by the bidder. So if the auctioned stuff real price is 50$ like a gift card, when the auction reach 0.50$ the site got money for it because the bidders pays 1$ for each bid (not refunded if you loose).

As a rule of thumb, never pay to bid on any site, because you loose each time.

[dealhunter23]

So they are legitimate, expect they are baiting you. I see.

Why not just wait till the last second and then bid? Then you can get a sick deal.

[leff]

because after each bid they add another 30 seconds to the auction, so if you bid at 0.01 they add 0.30 seconds and another person can bid again and it continues that way until no one bids for at least 30 seconds... Wait and see the outcome before you try to bid.. it's crazy.. even if the auction gets down to 10 seconds it can go up to 15 minutes if a lot of people bid