American Express sent me an email targeted to my Starwood Preferred Guest Card about the amazing “People Lower Price” promotion. This is a really interesting promotion which offers an opportunity to you to purchase amazing electronics at the cost of 50% of retail price. The promotion website is: http://peoplelowerprice.amexnetwork.com.

What is the “People Lower Price”?

If you have an American Express credit card, you can visit the above mentioned website every Tuesday from September 9 until September 30, 2008. There will be a hot electronic product on sale. The starting time is 12PM ET — until 5PM ET or while supplies last. As far as we can see from the website, the first one is Flip Mino Digital Camcorder, the second one is Lenovo IdeaPad Y730, the third one is Microsoft Xbox 360 Elite and the last one is Sharp Aquos 32″ 1080p LCD HDTV. The price of the each featured product will begin to drop (slowly and not much). After you are counted in the program, you are eligible to click “Buy Now” button and place the order at a price that you think is right for you. This is kind of like Dutch Auction.

A Dutch auction is a type of auction where the auctioneer begins with a high asking price which is lowered until some participant is willing to accept the auctioneer’s price, or a predetermined reserve price (the seller’s minimum acceptable price) is reached. The winning participant pays the last announced price.

How does the “People Lower Price” work?

• When a featured product goes on sale at 12PM ET and you click on “Count Me In,” you’ll be asked to enter your Card number for verification because only Cardmembers can participate.
• Once you have been verified, you will be counted in for that product and the number of people needed for the next price drop will lower. You can only be counted in one time for each product.
• After you have been counted in, you can purchase the product when the price is right for you by clicking on “Buy Now.” Inventory is limited, so don’t wait too long.
• The more people counted in, the lower the price drops, so invite others to join in with the “Tell Your Friends” feature.
• When you come back to the website to participate on a different Tuesday, you won’t have to enter your Card number again. Just click on “Count Me In” to help lower the price!

If you want to participate in the promotion, you can set a reminder at the promotion page.

Sony Rewards also runs a similar program called “Reverse Auction” which allows you to purchase a features Sony product at a price you think is right to you. This program runs every month.

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