Txlit used to run competitions with an entry fee and a cash prize. The regulations concerning SMS services have changed ecently, meaning they can no longer collect an entry fee and therefore can't fund the prize. They're still running the competition though. You can enter, by texting a very short story, based on the current month's theme.
(Yes, that really is my phone. I never claimed to be technologically advanced, did I?)
How do you feel about competitions with no prizes?
I think they can be good fun, provide valuable experience, prompt ideas for work we might sell somewhere and boost our confidence should we win. But ... The same can be said of those which offer cash or something else that's useful.