When I opened the box I also opened the compartment that stores the holes cut out of paper and there were some in there! This was definitely used before I bought it. That is irritating. Otherwise I have no complaints.
I was very skeptical when I saw this hole puncher was under $10 but it said it could do everything I needed (adjust-ability) and it most certainly did! I needed to hole punch more than 150 index cards and I accomplished that in no time! Excellent product for "to good to be true" price.