First, let me assure everyone that I'm not a Quibids employee. I had never even heard of penny auctions until a friend recommended the site. I signed up, bought some bids and started bidding without reading the directions. I still won a couple of gift cards for about half their face value. I got into a bidding war over an IPad and ended up buying it at retail price, but I wanted one anyway and I didn't lose the money I had bid, because I was able to apply the bids toward the price.
After a couple of days, and spending a few dollars, I've maxed out the amount of things that I can win in a 28 day period, so I'm locked out. When it was all said and done, I came out about $40 in the hole, considering money spent vs. merchandise purchased. I also bought a couple of things that I probably wouldn't have purchased ( as in I didn't need them).
All in all, it was a fun experience, and alot more rewarding than playing slot machines with some of the same thrill. I definitely will play again when my lockout ends, but I'll play smarter, and only with money I reserve for entertainment. I like Quibids!