MadBid Reviews: How to Use Credits
Published 17-07-2014 | Updated 07-10-2022
MadBid reviews outline the different ways you can enjoy your shopping experience every time you visit the website. In this review we will be covering MadBid Credits.
First thing you should know about the MadBid website is, in order to join the auctions you need to purchase credits. It’s totally free to sign-up and browse the website, but in order to really get stuck in, you will need credits.
What are MadBid Credits?
Credits are a type of currency that will allow you to Bid in auctions, buy products and extra features on the website. Credits are sold in packages, usually starting from £27.99, which gives 275 credits, or with MadBid promo code STARTER24 you get double the amount of credits and the value spread across the extra credits. This code is only for new customers, carry on reading if you have already use this code.
“If an iPad closed in auction for £175.92 that means Bid was clicked 17,592 times.”
What are Free MadBid Credits?
Free MadBid credits have no monetary value. Usually these are used first when you Bid in auctions. These credits are great if you just want to focus on winning a bigger auction because you can Bid more times without having to worry about the amount of money spent bidding. Free credits also allow bidders to test the water in auctions, bidders can develop their strategy or switch to autobid if they need to leave the website but want to carry on bidding in the auctions.
How to get Free MadBid Credits?
The easiest way to get free MadBid credits is by winning credit package auctions. The credits are not all free but they have very low value. It depends on how much you win the credits, for example, if you win 75 credits for £1.20, the value of each credit will be 75/1.20 = £0.625p. If you want to win a bigger ticket item, have a look at the closed auctions tab. If an iPad closed in auction for £175.92 that means Bid was clicked 17,592 times. This is why it’s advisable to start on the smaller auctions. When you click Bid, it has to be the last one to be clicked before the timer runs out in order for you to win the auction. You need to be able to see the bidding pattern slowing down or speeding up to place your Bids wisely. Read tips from MadBid auction winners for bidding strategy advice.
Another way you can get free MadBid credits is by using your spent credits in an auction (paid credits only) to stock up on Treasure Boxes (free credits) they will give you a lot more firepower (you can get treasure boxes that range between 1,000 – 10,000 free credits).
What are MadBid Promo Codes?
We know there are a lot of people bidding for high end products, this is why we regularly offer promo codes for credit packages. Look out for newsletters and banners on the website with a special code. When you buy a single credit package, these codes can sometimes double or even triple the amount of credits you purchase (note the extra credits you get with promo code, does not mean the monetary value is free, the price you pay for a credit package will be spread across the extra free credits you get with the promo code).
How many credits do I need to Bid in an auction?
The good thing about the MadBid auctions is that there is no monetary value needed in order to take part in auctions. On average you will need between 4-8 credits every time you click Bid. However, these 4 or 8 credits can be free credits or paid credits, it does not matter, as long as you have enough credits to join the auction. Read our article for a full breakdown of how much does it really costs to participate in MadBid auctions.
What happens to my MadBid credits if I don’t win an auction?
If you bought a £27.99 credit package and you spent them all in auctions, these are the most popular scenarios that could happen and what happens with the money you spent:
– You win an auction: your spent credits are not reimbursed into Earned Discount as you won the auction.
– You left the auction, but the auction is still live: You can use the monetary value of the credits you spent in that auction as discount to purchase the product you bid on for the retail price. Example, you placed all your bought credits in that one auction, you will get £27.99 discount off the RRP.
– You did not win the auction, the auction is closed: Check your Earned Discount section where you will be able to see the monetary value of the credits spent in that auction i.e. if you only clicked Bid 5 times and it required 8 credits for every time you click Bid and you only bought 1 credit package that is valued at approx. £0.09p per credit, then you would have spent in that auction 8 x 0.09 = £0.72p (every time you click Bid) 5 x 0.72 = £3.60. If you did not win, check the Earned Discount section where you would be able to see the £3.60 and use it to purchase anything from the Earned Discount shop (apologies for the randomness of the products in the Earned Discount shop, we thought we can’t go wrong with everyday essentials).
Hopefully this answers some of the questions you may have in regards to using credits on the MadBid website. If you are ever unsure or would like to double check, our customer service department would be able to answer any enquiries. We are also happy to announce our Live Chat functionality is up and running again, so you can simply ping your quick questions through there.
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