SwipeGood or ScamGood?

turbolapp

turbolapp

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Aug 10, 2007
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So there's alot of buzz about Swipegood. An organization that collects "loose change" from your credit card purchases and donates them to a charity of your choice.

On first glance it's a brilliant idea, it's spreading like wild fire on social media, the stars are into and it's finally getting that average lay person to donate that extra 20 bucks a month to charity. With thousands signing up, that 20 bucks starts adding up. But when I was looking at the FAQs I saw:

Are there any fees involved?
SwipeGood uses 5% of each monthly donation to cover operational costs and 2.5% to cover the cost of third-party fees such as credit card processing.

Is SwipeGood a non-profit?
No, we're a for-profit business. Our goal is to make giving to charity as easy and as impactful as possible. By structuring ourselves as a for-profit business, we believe we can make a much larger impact on the world and help non-profit organizations become more efficient in their fundraising efforts.
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Here's what I read: "We can take a potentially undisclosed amount for profit plus additional 7.5% to make it sound like that's all we take".

I don't have a problem with for-profit charities, in theory. A strong argument would be made for them with reducing all the red tape that non-profit have to deal with. However, if it's a privately held organization, they aren't required to show their financials so really we have no idea what they're doing with the massive amount of money that people are shelling over. PLUS they have all your credit card information that they are interacting with on a daily occasion (multiple times a day). The whole idea just left me feeling suspicious (as a donor that is, from an entrepreneurial point of view the whole thing is fucking brilliant)

So what do you think wf? Have I just become too jaded?
 


No way I would let them monkey with my cards. But I am sure millions of suckers will grab right on and "donate". As to the idea it is brilliant
 
I don't get it, if you want to give $20/month to charity just give $20 a month to a fucking charity.

Most charities will allow direct deposit or will happily put you on a rebill for whatever fucking amount you want. With swipegood they add zero fucking value to the equation and then take 7.5% or more? That's on top of whatever operational costs the actual charity has...Before your money actually makes it to where ever it's going you're probably looking at -25%.

This is the stupidest shit I've ever seen in my god damn life. If any of you use this, explain yourselves before I shank you and end your miserable retarded life.

I'm all for giving to charity and give 10%-30% of my pretax income to various causes each year, but your aim should be making sure that the highest percentage of whatever you give (wether it be millions or cents) goes to the cause you deem worthy.
 
Btw, when one of the owner's, Steli Efti, emailed me when I didn't complete my Sign Up to ask if I had any questions, I emailed him back asking for financials, as I request that from all the charities I donate to on a regular basis....

No response back yet.
 
Bank of America does something similar, they put any change directly into my savings account. In this case though it's obviously leaving your pocket.
 
JC Penney used this on me about a week or two ago. I instantly though; "well there goes pocket change." It's truly genius.

Of course I kept mine, but I am convinced that the condescending tone of the clerk succeed in getting the rest of the loose change made in the store that day.

-It reminds me soooooo much of facebook. This wouldn't have worked a decade ago but people are getting more stupid by the hour. Credit card fraudsters: #winning.
 
lukep said:
JC Penney used this on me about a week or two ago. I instantly though; "well there goes pocket change." It's truly genius.

Of course I kept mine, but I am convinced that the condescending tone of the clerk succeed in getting the rest of the loose change made in the store that day.

-It reminds me soooooo much of facebook. This wouldn't have worked a decade ago but people are getting more stupid by the hour. Credit card fraudsters: #winning.
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Reading this in Benders voice works perfect.
 
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