Swoopo is the first penny auction bidding site, where users bid just a penny at a time to win extravagant items such as HD televisions, laptop computers, and gift cards. You can win a $500 gift card for less than a hundred bucks! Swoopo is the original penny auction website and is accredited by the Better Business Bureau. You can make money on Swoopo by selling the gift cards for cash.

So how does it work?

You have to sign up for an account at Swoopo.com and purchase bids to be able to participate in the auctions. Bid packages vary depending on how many you are looking at how often you’re looking to play. I recommend that you purchase somewhere between 25 to 30 bids to start. This way you’re not investing too much should you not like the service.

Getting started

Once you’ve registered for an account and purchased bids, you’re able to begin participating in live auctions. Make sure that you’re aware that every time someone places a bid another 15 seconds is added onto the clock. So don’t always look to place a bid at the last minute.

Strategy to win

The best strategy to win is to monitor your competition and track item trends. For example, you may want to start a journal logging other users activity on the website. If notice that the user  masterhan4 always bids on Apple iPads until he or she wins, then you might want to avoid that person. Another strategy, is look to see what happens when two identical items are up for auction at the same time. Does the first or second item sell at a lower price?

How to make money with Swoopo

Once you’ve developed your own Swoopo strategy, focus your efforts on winning gift cards. You can usually win gift cards for a fraction of their value because they aren’t as popular as the big ticket items on penny auction websites.

Once you receive your gift cards, visit GiftCardRescue.com and sell them for cash. You’ll receive an offer up to 90% of the value and get a check in the mail in 3-5 business days.  If you’re looking to sell bulk gift cards we’ll pay you even more. What’s better then paying a penny for a gift card and getting cash back?

Here is Swoopo’s full guide for using their website.