You have probably seen this on eBay's website and when you enter a snipe into our website. The Minimum Bid is the current bid + bid increment.  eBay will NOT accept a bid lower than the minimum bid amount.

eSnipe

eBay

The item above has a Current Bid of 2.02, but the Minimum Bid eBay will accept is 2.27. Anything lower (even 0.01) and eBay will reject your bid. Enable our Minimum Bid Protect feature to help prevent having a bid rejected by eBay.