Need to develop a strategy - part 1

I was watching some auctions today on Quibids and it looks like there is a potential to score some bargains. I need to come up with some strategies before we really plunk down some cash into these auctions. I think the best bet is to first win some more bids. Bids cost $0.60 each so with my $48 we have 80 bids. 80 bids is not much since it amount to only 80 cents or 80 chances to bid on a product.

After accumulating more bids I will focus on winning gift cards. If I can score some $100 gift cards for a couple bucks I would in effect have a big discount. They have gift cards for most of the popular stores like Walmart, Home Depot, Lowes, Target as well as restaurants like Applebees and Outback. I like gift cards to the major stores because you can buy all your daily necessities there. By winning a bunch of gift cards at a good discount you can practically cut your yearly expenditures by a huge amount.

The start of my penny auction experience

I came across a penny auction site called Quibids yesterday and it got me really excited. People were getting products for a fraction of their retail prices. Items include brand new Ipads for less than $50, HDTVs for less than $100, laptops, bluray players, various other electronic items for a few bucks or less. To me this seems a little too good to be true, yet I signed up with Quibids anyway and bought a starter back of bids for $48.