This is a Sponsored Post written by me on behalf of Bidazzled. All opinions are 100% mine.

You can see the retail prices listed for every item and while I have only spent fleeting moments at bid style (“penny auctions”) shopping sites, the premise has always been intriguing. Bidazzled is a new penny auction site which just opened last month. Essentially, these auctions start at mere cents and each bid increases this in a tiny increment. Often times, the final price on these sites is just a fraction of the retail price. You can see the retail prices listed for every item.

The different items I looked at included video games, movies and electronics like digital cameras and a flash drive and none of them were bid higher than a dollar, yet. To give you an example of prices, a 4GB USB Flash Drive is at $.07 with less than 15 hours to go. With each bid, the price will increase by $0.07 and this varies from item to item. I’m not sure who sets it but it’s something to make note of. There is an 8GB iPod Touch currently at $68.40. Bidazzled lists the retail value at $210.00 so while it’s not quite a penny auction, it’s an amazing deal nonetheless.

The longest listings right now are just under 3 days and many of them seem to run only half that time. You can watch the clock count down until the end of the auctions but each new bid adds a few seconds to the clock. I imagine as the auctions get closer to the end, the prices rise with more fervor but it definitely seems like someone who spends time online at odd hours could find some awesome deals.

Of course, you have to pay for these bids. They run for $1 each so I would bid wisely, closer to the end of the auction than right at the beginning. Bidazzled actually sells some bid packs in their auctions which I believe means you can get them at a discount (if luck is your way, of course). You can earn some as well just signing up and for bidding, if you lose an auction. Bidazzled will even buy some winning items back with money or bids. Plus, you can earn bids by referring others.

For a short time, Bidazzled has released some codes for 15 free bids which sounds pretty awesome to me. I think I may just sign up and bid! Blog readers can earn these bids by entering this code: BBP1202A.

There is one thing which makes Bidazzled stand out over similar sites is that they lend a helping hand to The Ruch Foundation, a lung cancer charity.

In fact, I may register right now.