U.S. Bank Intros 'Penny Auction' Card

  • August 3, 2011
U.S. Bank and SkoreIt, a leader in the online penny auction industry, have launched a co-branded Visa Gift Card for SkoreIt Web site members.

In a penny auction, participants must pay a non-refundable fee to place a small incremental bid. When the time expires, the last participant to have placed a bid wins the item and also pays the final auction price, which is generally 80-99% lower than the retail price of the item.

The card is welcomed everywhere Visa debit cards are accepted in the U.S., including online and mail order purchases. Gift cards in denominations ranging from $25 to $500 are available for bidding and are personalized with either the bidder's name or "A Gift for You" if the card is intended to be a gift. The dollar amount can also be embossed on the card.--Tanya Irwin

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