Do you plan on building your empire made entirely out of gift cards?
We always suggest that you bid on gift cards, because you already know what the face value is and they can be used for real life purposes such as gas and groceries. Not to mention, the cards with less money on them are the easiest to win because of a lack of competition.
What are the Best Gift Card Penny Auctions?
Below is a list we compiled of the best options for making money, or saving money on gift cards.
“Your Pick” Gift Card Auctions
Simply put, in these penny auctions you would bid on a gift card amount (such as $50) in hopes of getting a discount. Then if you win the auction, you can choose a gift card type, such as gas, groceries, electronics store, etc. Gift card choices are usually found on Quibids and HappyBidDay.
“Price Limit” Penny Auctions
this type of penny auction is very useful in determining when you should stop bidding. In some instances a bidder may pay more than a card is worth after calculating the cost of bids and shipping. A price limit option will only allow you to pay up to a certain amount.
“Buy It Now” Auctions
The Buy It Now option lets you pay retail price for a gift card if you lose the auction. This is a good idea if you’ve spent a lot of bids in a specific auction, because they’ll often reimburse you for your bids.
Overall, we recommend sticking with the penny auctions that offer free shipping, buy it now and price-capped gift card penny auctions as your chance of losing money is the smallest. The competition-level of each will always play a big role in how successful your bidding is, but these features will definitely hedge your risks.