If you often find yourself shopping online, you might be intrigued by an app called SocialGood. With this app, you can potentially earn cryptocurrency as you shop. It sounds appealing, especially if you’re a fan of cryptocurrency, however, it’s crucial to verify its credibility. Is it a legit opportunity or just another online gimmick?
In today’s review of SocialGood, I will provide insights gathered from my personal experience with the app. By the end, you should have a comprehensive understanding as to how it works and if it’s worth your time. As in all of my reviews, I’m always 100% honest, only recommending what I feel is worth your time. Let’s begin!
What is SocialGood?
SocialGood provides users with cashback rewards, but with a twist – you get paid in cryptocurrency. Although this may differentiate it from many other cashback apps, it’s essential to understand its workings thoroughly.
The primary ways to earn with the app is simply by shopping and earning cash back.
To start, you will need to download the app and connect an account, such as Google, etc. Once logged in, a list of stores offering cashback will be available to you.
In terms of simplicity, it’s quite straightforward.
Click on a store, be redirected, and before you start shopping, the details of the cashback offer will be presented. It’s wise to check this information to make sure they are offering the best rate.
For example, if you look at my screenshot, you can see that you can earn up to 100% cash back on some products such as Paramount and NordVPN, to name a few. These are the tending options and you can find many more if you were to search for stores or even browse the categories. Just let it be known that the 100% you see is a “bonus” you can receive if you make a purchase. You won’t get your product for free. Mostly, you will find that your cash back will be about 15% in cryptocurrency back. A distinct advantage of SocialGood is its partnership with over 1800 online platforms globally, granting you a broad shopping range. Yet, the exact number of accessible platforms might vary based on your geographical location.
Here’s the catch, however. You must access the online store through the app, or else your purchase won’t be registered and, consequently, no cashback will be granted. This can be said about any cashback like site. You will need to do this so that they can track you.
If you meet the purchase criteria, you will earn SocialGood coins (SG), the app’s proprietary cryptocurrency. I’ll delve deeper into the uses of these coins later. For now, you will earn about 15% in SG currency. Like a lot of crypto, one coin is not worth a dollar, etc. In fact, when I looked at the value, one coin was worth $0.03674. Again, not much.
Another thing I want to mention is the waiting period for your cashback to post to your account, which is roughly a month. This delay is standard practice as your purchase must clear any potential refund period. So, if you make a purchase, don’t expect your account to credit instantly. Instead, you will have to wait at least 30 days in most cases. Again, this is very standard for the industry.
There are additional specifics to ways you can earn, which I’ll cover in the upcoming section on potential earnings.
Another way to earn with the app is what’s known as “SG staking.”
If you’re not familiar with the term, staking in the cryptocurrency world involves temporarily locking up a portion of your digital coins to earn interest or dividends over time. In the context of SocialGood, by staking your SG coins, you lock them in for a set period, during which you can neither withdraw nor add to them. After this period, you’re entitled to staking rewards, which can be as high as 15% of your staked amount. This offers a passive avenue to grow what you’ve earned on SocialGood. A popular strategy among users is to stake the SG they’ve accumulated from cashbacks and referrals, optimizing their total earnings.
Refer your Friends
Another method to boost your earnings on SocialGood is via their referral program. If you’ve ever used other cashback platforms or even some “earn money online” platforms, you’ll find this concept familiar.
To use this feature, share your unique invitation code with people you’d like to introduce to the app. When they sign up using your code, both of you can potentially earn a bonus in SG, the app’s cryptocurrency, with a current value of $50 for each party. Do note, however, that this amount can fluctuate, so it might be different when you check.
Also, for you to get the bonus, the person you invited needs to make a certain amount of purchase, ensuring they’re genuinely interested in using the app. Earning through referrals can be quite lucrative, given the high reward for each successful invitation.
When it comes to receiving your earnings from the app, things work a bit differently than other cashback platforms. Instead of traditional cash, you earn a cryptocurrency called SocialGood, abbreviated as SG.
To access your earnings, you’ll need a cryptocurrency wallet that supports SG, but the beauty of the app is that you can transfer your SG to your wallet whenever you’d like, without having to reach a specific threshold, unlike many other platforms.
For those who have handled cryptocurrencies before, this payment process will feel quite familiar. But if you’re new to crypto, I’d recommend taking the time to understand it thoroughly before you attempt a withdrawal. On a cautionary note, while there were no withdrawal fees when I first joined, SocialGood now has over a hefty 30% fee for transferring your SG to an external wallet. This is a significant cut, and it’s something you’ll want to factor in.
If you’re someone who’d rather have cash than crypto, there are numerous other platforms that offer direct bank transfers, which might suit you better. What I recommend is that you check out CashBackMonitor.com to see which platforms are offering the best cash back rates for the stores you like shopping at online.
How Much Can I Earn?
Mainly, it’s going to greatly depend on your shopping behaviors and if you have any referrals.
In general, SocialGood does offer impressive cashback rates and a wide array of partner stores. However, the number of partner stores can vary based on your location. If you regularly shop from a store that’s on their list, then this app could be lucrative for you, assuming you’re okay with being paid in cryptocurrency. If not, remember to check out that CashBackMonitor website to see who has the best cash back rates.
Simply put, how much you earn will depend on how much you shop. Everyone’s results will vary.
Signing up is straightforward. Just down the app and use your usual sign-in options like Facebook, Google, Twitter, or your email.
Now, when you open up the app for the first time, it doesn’t prompt you to sign up right away. Instead, you’re shown cashback deals upfront; however, a quick tap on the account symbol will lead you to where you can properly register to save your progress.
Also, if you meet certain criteria, a welcome bonus often awaits you, often up to $100 in SG. But as a heads up, this bonus isn’t set in stone, as it might differ by the time you decide to hop on board. Once you’re all set up and registered, simply pick your location in the settings, and you’re ready to shop.
The app is open to users worldwide and is 100% free to join.
Is it Legit?
From observations, concerns about your crypto wallets being at risk can be set aside; however, while it might not be out to steal from you, there’s some disappointment.
A lot of users feel misled because the platform often falls short on its promises, which possibly explains the low 1-star rating on TrustPilot. Many are also upset because the anticipated funds can sometimes take an exceptionally long time.
An update in 2022 added a “membership” feature that wasn’t well-received. This seemed to make users spend a bit more just to continue accessing the app or to withdraw their earned funds.
While it seems the app is legit, there are a lot of complaints, so you may want to do extensive research before considering.
- Some users have been using the app for years, suggesting longevity and a degree of trustworthiness.
- The idea of getting crypto as cashback was seen as innovative and had attracted many users initially.
- At least one user claims to have earned over $1000 since they started using the app, implying that it’s possible to earn substantial amounts.
- The app works well with major online retailers like AliExpress and eBay.
- Many users have encountered frequent “connection error” messages, leading to loss of shopping records and corresponding rewards.
- Numerous users report problems with the withdrawal system, from increased wait times to high fees.
- Several users feel it’s a scam due to the necessity to pay before being able to withdraw or the implementation of membership fees.
- The support is criticized for lack of response, giving automated replies, and being unhelpful.
- The app doesn’t always recognize purchases, leading to lost cashbacks.
- Several users feel the service has gotten worse over time, especially after certain updates.
- Some users find it difficult to understand or use platforms like MetaMask.
- Claims about the value of the SG coin and potential market capitalization seem unbelievable to some users.
- SG coin seems to have limited exchange options and high gas fees.
- Some users have seen their membership status, like Platinum, downgraded without clear explanation.
In the end, it’s a genuine cashback app, offering rewards for shopping and more. The app boasts some standout features like decent cashback rates and a user-friendly interface. However, it does have its cons.
For one, the list of partner stores feels limited. Plus, there are no direct cash rewards, and some fees are quite steep, like the withdrawal charges. There’s even talk about introducing a registration fee. Having tried it out, while it started off promising, a few tweaks and changes have made it less appealing, especially with the intricacies around the crypto-based rewards system.
Is it right for you, though?
That depends on your shopping habits and what rewards resonate with you. If you’re loyal to the stores it partners with and see potential in the SG coin’s value, then it might be a match. But if you’re hunting for straightforward cash rewards, perhaps perusing another cashback-like site makes more sense.
That’s going to do it for now.
As always, if you want to comment on your experience, feel free to do so below.
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