Want a new and exciting way to shop?

pennygrabIf you answered yes, signing up for one of the numerous penny auction sites around is the way to go. With a bit of know-how and luck, you can get your hands on great deals and discounts of as much as 90%. Sometimes, penny auctions are called entertainment shopping because – while knowing how the auctions work is essential – hitting the jackpot relies a lot on luck.

In the world of penny auctions, PennyGrab is one of the most recognized names around. Whether it’s a good name they’ve built up or a bad one is what this review is all about.

How The Site Works

As you may have expected, signing up for the site is free. But if you want to participate in the auctions and grab great bargains, you need to part ways with some of your dollars to buy bid packs.

To get the minimum number of bids required to participate, you have to spend more or less $15 in bid packs. Just like other penny or any auction site for that matter, the fun starts at PennyGrab by finding stuff that you like and placing your bid.

What makes penny auctions different, however, is that each time a user bids on an item the countdown timer is reset…and in PennyGrab’s case, another 10 seconds is added to the timer. Don’t be surprised if the clock resets over and over again, it will go on as long as users bid on an item. Things could get a bit frustrating and you may run out of bids, but that’s all part of the set-up and makes hitting the jackpot even sweeter.

Important Things You Should Know

There Are NO Free Bids: One thing you’ll find similar across numerous penny auction sites is that many of them offer free bids when you sign up. For the site, it’s an excellent way to attract more users. After all, getting something for free is almost always nice. For the newbie, the free bids give you an excellent opportunity to learn the ins and outs of the penny auction site. Unfortunately, PennyGrab.com doesn’t offer any free bids or other incentives for signing up.

The Competition Is Stiff: PennyGrab accepts users from around the world. With that in mind, it’s not surprising that the competition among the site users and bidders is pretty stiff even if their inventory is decent enough as far as diversity is concerned. So if you sign up for the site, realize that there’s a ton of other users expecting to get their hands on the stuff you like.

You Can LOSE Money: This is common in penny auctions – you’re going to lose some money before you can get a great deal. With PennyGrab however, this issue is somewhat magnified since there competition is tight. Having said that, the site has a long list of winners too – showing that it’s possible to come out on top of things. I suppose the lesson here is to have a great time at the site, BUT do not bid with money you can’t afford to lose!

Bail Out With “Buy Now” Button: It sucks when you’ve lost a lot of cash – bidding on an auction that won’t swing in your favor. If the item on show is something you really like or need and you’d like to at least NOT waste the money you spend on bidding for that item, you can use the “Buy Now” button to buy the item and use the amount you spent on the losing bids for the purchase. Keep in mind, however, that if you take this route, you’d end up paying close to the retail amount. All in all, it’s great for cutting your loses but only if you’re getting stuff that you have a genuine need for.

Site Layout & Navigation

PennyGrab gets an A-grade in the user-friendliness and site layout department. Overall, navigating the site is pretty straightforward. And should you need help or answers to common questions, you can look up their resources quickly and easily. Having been to many penny auction websites, I must say I’m impressed the way they constructed the website. It’s one of the easiest to use.

The Site’s Inventory

inventoryWhile there are a lot of legit penny auction sites, many of their fly-by-night counterparts are known for auctioning items that aren’t really worth that much such as gift cards for Amazon and other stores; discount cards; and the like. Yes, they do toss in a few high dollar items like TVs, smartphones, laptops, and other gadgets and gizmos but that’s just to get your attention.

PennyGrab’s inventory isn’t the biggest, but it’s more than decent. The site has hundreds of items on auction at any given day, and you can bid on whichever item you like. They have a good mix of high-priced items and lower-ticket stuff. I would be great, however, if they can expand their inventory significantly as the sheer number of users and regular bidders on PennyGrab make it harder to win.

Conclusions

All in all, PennyGrab is an OK penny auction site. It’s not a scam as some of you might think. Matter of fact, the company has been a BBB Accredited Business since July 2011. What’s nicer is that PennyGrab has earned A+ on the BBB Rating System, which speaks a lot about the business. Also, only 3 complaints were filed against the company in the last 12 months…and all of these have been resolved according to BBB.

Their inventory of items on auction is quite diverse, which always nice. True, there are a few bummers like the ever-growing number of bidders and the lack of free bids for new users to take advantage of. If sampling a site before getting your feet wet is your approach, PennyGrab might not be for you. Having said that, I feel that the PROs – good and intuitive site layout; excellent track record; and other features – outweigh the CONs I just mentioned.