Listia is a small website where you can both win real and virtual items (like XBox Live collectibles and subscription time) by bidding with a credit system. You receive anywhere up to 500 credits just for signing up and a handful of credits now and then for using the website regularly. Most of the credits that you could receive and use come from the things that you give away. So the gist of the experience is that first you give a little, and then you get a little.
First, I should address what a "credit" consists of in this service. Credits are both a measure of interest in the items given away and a measure of goodwill in the community towards the person giving things away. Credits cannot be cashed out and cannot be given away, only used in auctions and sweepstakes.
In most auctions, people bid with money. Real money. Members of Listia do spend credits when they win an auction, but there is no clear cash equivalent. If you wanted to buy some outright, Listia sells these at a rate of ten for a dollar. You might suspect this means they are worth ten cents each. You might also suspect your sign-up bonus is worth fifty dollars and the credits you receive now and then might be worth a dollar or two on a good day. This is not entirely true.
No member spends credits like they are worth ten cents each. On most of the auctions I have followed, even when there were only a few bidders, credits are treated as if they are worth about one cent each. With certain items, Listia members become very emotional and spend credits as if they were only worth a fraction of a cent each, down to a hundredth of a penny. To give a very clear example of emotion in action, Listia offers a couple of brand new items each month that attract up to a thousand different bidders. An Acer Chromebook, which is worth about $350 or so, has been bid up to over 71,000 credits. That gives us a ratio of about half a cent per credit. With twelve days left to go, it is assured to rise further.
A broad and eclectic mix of things across twenty or so categories are added every day, so there is no need to become emotional. Make several small, conservative bids and move on. Be a good sport, and you are more likely to find a real bargain when no one is looking.
To improve your experience with this service, follow some of the same advice that you would use at other auction websites.
- Stick to trusted sellers, those members with a high level of positive, recent feedback
- New members with no feedback are the most likely to vanish, change their minds, etc.
- Read the shipping information carefully. Some auctions offer free shipping anywhere, some offer free shipping only in the US, some will ask the buyer to pay for shipping by money order or PayPal, and some will only offer items for local pickup, which would require you to live in the same city.
- If the offer seems too good to be true, it probably is.
- Credits automatically transfer to the seller after about nine days, so if things go bad quickly, ask for a refund before that time is up.
If there is anything you are want to give away, this website may give you a few new options beyond a nearby dumpster or recycling bin.
Here is a short Pro/Con list based on being a member for a little over a month.
Pros:
- You can clean out your house without throwing many things away.
- You can get a few things for yourself for little or no cost
- Someone has to pay for shipping. It can get a little cumbersome to take a lot of small packages to the post office when you are giving things away.
- Not every member is honest, but avoiding new sellers puts the odds in your favor.
- Losing an auction at the last minute can be frustrating. This is exactly what leads to the crazy bidding you want to avoid.
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