YouNeverLose Scam? Site unlike other Penny Auctions
Penny auctions have received plenty of bad press, and for good reason. Although these sites frequently offer electronics at alluring prices; consumers tend to lose money because they have to pay every time they place a bid. Additionally, many sites are known to use automated software to place fake bids on behalf of the companies, themselves. Although new sites seem to pop up every single day, most every one employs the same business model. That said, recently, a new company called You Never Lose joined the fray using a slightly different angle. If you’re worried about a potential YouNeverLose scam, consider the following.
Unlike Typical Penny Auctions
YouNeverLose.com is much different from typical bidding fee auction sites in that it allows users to hedge against potential losses. Rather than paying money for the right to place a bid, users use points, which they earn every time they purchase gift cards at their face values. For instance, if you were to purchase a $50 Sears gift card using the website, you’d also receive 50 points, which you can use to place bids on additional gift cards using the company’s auction platform.
This setup is great for people who don’t like the high-risk, high-reward nature of traditional penny auction websites. If you squander all of your points and fail to win the auction, you still get to keep the card you bought; and if you are able to outbid your competitors, you’ll get an additional card for pennies on the dollar.
Things to Consider
According to the Better Business Bureau, penny auctions are known to scam consumers by utilizing bots to place false bids on behalf of the auctioneers. That said, the BBB has given certain companies high ratings when they’ve taken steps to prove that they don’t do this. For instance, recently the organization improved QuiBids rating when the company hired a third-party auditing service to test its operations.
Currently, YouNeverLose is not rated by the BBB; so consumers have no way of knowing if the site uses automated software to scam its users. That said, most consumers tend to lose money at even the most honest penny auction websites; so if you are planning to buy a gift card, it may make sense to do it at YouNeverLose.com just in case you’re able to parlay the purchase into something special.
Just remember that you will have to pay a processing fee to claim your award, which will ultimately siphon off some of your savings. Additionally, you could get cheaper gift cards at exchange websites, which offer unused cards at discounted prices.