16 May '11, 1am

An iPad 2 for $7.86? Gamble of pay-per-bid online auctions catches on, but users risk paying to walk away empty-handed

An iPad 2 for $7.86? Gamble of pay-per-bid online auctions catches on, but users risk paying to walk away empty-handed

TO TAKE part in the auctions, users have to buy bids, which cost between 35 cents and $1.50, depending on the website. Free bids may be given to new users. At any one time on the website, several auctions will be ongoing of products such as laptops, cameras, luxury wallets and gift cards. The starting prices for these items can be zero to $1. Each new bid increases the price by 1 cent to 15 cents, depending on the website. New bids may also add some more time to the auction timer. When no new bids are made and the timer goes, the last bidder wins the auction and pays the final price, which does not include the money spent on bids. Those who lose not only walk away empty-handed, but lose the money they paid for the bids.

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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