Go Back  FlyerTalk Forums > Miles&Points > Credit, Debit and Prepaid Card Programs > Manufactured Spending
Reload this Page >

Penny Auctions

Register
Community
Wiki Posts
Today's Posts
Search

Penny Auctions

Thread Tools
 
Search this Thread
 
Old Sep 24, 2014, 6:22 pm
  #1  
Original Poster
 
Join Date: Jan 2014
Location: SAN
Posts: 234
Penny Auctions
Anyone try to MS through these? I was thinking if you get could get the gift cards at a discount you might be able to unload them through giftcardgranny
Chris92128 is offline  
Reply
Old Sep 24, 2014, 6:25 pm
  #2  
 
Join Date: Dec 2013
Posts: 38
Good idea...how many SPG points would I earn if I bought a gift card for a penny?
darkeststar is offline  
Reply
Old Sep 24, 2014, 6:54 pm
  #3  
Original Poster
 
Join Date: Jan 2014
Location: SAN
Posts: 234
Originally Posted by darkeststar
Good idea...how many SPG points would I earn if I bought a gift card for a penny?
Have you ever done a penny auction before? You have to buy bids. The object would be to get a $100 gift card for $80 worth of bids and resell it for $85
Chris92128 is offline  
Reply
Old Sep 24, 2014, 7:14 pm
  #4  
 
Join Date: Sep 2012
Location: IND
Programs: Hilton Dia, Hyatt Glbl, Marriott Lftm Plat, National EE
Posts: 316
I think I'll pass...
Originally Posted by Chris92128
Anyone try to MS through these? I was thinking if you get could get the gift cards at a discount you might be able to unload them through giftcardgranny
I was unfamiliar with this concept, so did some quick googling. One of the top hits:

http://www.fraud.org/penny-auctions

Sounds pretty risky to me.
gloobnib is offline  
Reply
Old Sep 25, 2014, 11:51 am
  #5  
 
Join Date: Jul 2004
Location: MCO
Programs: AA 1MM, BA, UA, HH Dia, CC Gold, SPG Plat
Posts: 795
Originally Posted by gloobnib
I was unfamiliar with this concept, so did some quick googling. One of the top hits:

http://www.fraud.org/penny-auctions

Sounds pretty risky to me.
It's only risky if you don't win. Just look at it like playing lotto. The house has the advantage but you might get lucky.
TTnC4me is offline  
Reply
Old Sep 25, 2014, 11:56 am
  #6  
 
Join Date: Jul 2014
Posts: 286
I did a short stint in this a few years back. If you are able to grab the data and look at it statistically, you can definitely come out ahead by following trends. Honestly, it just wasn't worth the time it required in the end.
littleconsumer is offline  
Reply
Old Feb 21, 2015, 7:49 am
  #7  
 
Join Date: Feb 2015
Location: 90210
Programs: Delta!!!!!!!!!
Posts: 11
Originally Posted by littleconsumer
I did a short stint in this a few years back. If you are able to grab the data and look at it statistically, you can definitely come out ahead by following trends. Honestly, it just wasn't worth the time it required in the end.
Do you have an Excel spreadsheet you can share about your profits?
newbieatmsing90210 is offline  
Reply
Old Feb 21, 2015, 8:19 am
  #8  
 
Join Date: Aug 2014
Posts: 31
Originally Posted by TTnC4me
It's only risky if you don't win. Just look at it like playing lotto. The house has the advantage but you might get lucky.
Speaking of Lotto...does anyone know where I can get lotto tickets with a CC?
jimmyjackfunk is offline  
Reply
Old Feb 21, 2015, 8:48 am
  #9  
 
Join Date: Aug 2011
Posts: 866
Penny Auctions
I've seen a lot of people say that they do really well on their first few auctions and then it goes south. I wonder if it makes sense to creat an account, do 2-3 auctions and then close the account and open another. I think the early wins are to get you over confident and then they steal your walrus pelts right out from under you.
Father-of-3 is offline  
Reply
Old Feb 21, 2015, 9:10 am
  #10  
 
Join Date: May 2014
Posts: 466
Originally Posted by Father-of-3
I've seen a lot of people say that they do really well on their first few auctions and then it goes south. I wonder if it makes sense to creat an account, do 2-3 auctions and then close the account and open another. I think the early wins are to get you over confident and then they steal your walrus pelts right out from under you.
This is actually a really good idea. I did notice that my first few auctions were easy to win, but I didn't consider that the system is rigged. I think the key is, like OP said, to get the gift cards at a discount for reselling. Make sure you don't get stuck with a GC you can't resell. I may try this over the weekend... I'm snowed in and jonesing for some MS action...
Tuppins is offline  
Reply
Old Feb 21, 2015, 12:13 pm
  #11  
 
Join Date: Jun 2009
Location: DFW
Posts: 454
What is a walrus pelt?
horseymen is offline  
Reply
Old Feb 21, 2015, 3:22 pm
  #12  
 
Join Date: Aug 2011
Posts: 866
Originally Posted by horseymen
What is a walrus pelt?
The Vikings used them as a form of currency.
Father-of-3 is offline  
Reply
Old Feb 21, 2015, 6:25 pm
  #13  
 
Join Date: Jul 2013
Posts: 71
Back when Skoreit.com was around, I did very well with that particular penny auction site. Unfortunately, they were sold to Beezid.com, which is nowhere near as profitable. Once you got a decent reputation on Skoreit, you could win things for pennies on the dollar. I miss that site.
briggek8717 is offline  
Reply
Old Feb 22, 2015, 12:53 pm
  #14  
 
Join Date: May 2013
Posts: 939
I've been using Beezid for a while now. Excellent liquidation method although the commercials are a little lame.
KYBOSH is offline  
Reply



Advanced Search
Reply Closed Thread Share
Forum Jump

Contact Us - Manage Preferences - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

This site is owned, operated, and maintained by MH Sub I, LLC dba Internet Brands. Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Designated trademarks are the property of their respective owners.