After noticing the ad on TV a few times, this morning I decided to see what www.beezid.com was all about.
You may have seen it - they shout about getting brand new merchandise for pennies on the dollar. I thought that sounded pretty unlikely. The old "if it's too good to be true, it probably isn't true."
If you haven't been there to check it out yourself, here's what I found:
Yes, you really can buy things like $1,000 big screen TV sets for $40 - and $100 Target gift cards for $8.
BUT... the people who are behind that website are making a fortune to let you do so.
And another BUT...
If you get carried away, you might well spend more than the cost of the item you want, because each bid comes at a price, and unless you learn to be a very savvy bidder, you're going to "spend" a whole lot of bids.
Bids cost from 60 to 90 cents each, depending upon how many you buy in a package.
Each bid increases the price by one cent... So when an item is down to the wire and has several people bidding against each other, you could easily spend a hundred bucks - or perhaps much more.
For a while this morning I monitored the progress of a $1,049.99 big screen TV. It finally sold for $38.54, which means there had been 3,854 bids placed - most of them during about a 2 hour period. Meanwhile, even if all those bidders were "big players" who buy their bids in bulk, the company took in $2,312.40 to sell that thousand dollar TV.
I first looked at the site about 5 hours ago - and I noticed the user name of one of the bidders (because it had to do with fishing and my guys are all fishing nuts.)
He bid and bid on that TV but it eventually went to someone else. But when I looked a few minutes ago, there he is, bidding on something else.
I wonder what that guy (or girl?) has spent on beezid so far today?
I believe this site could become the latest gambling addiction...