A while back, I opened an account with GreenZap, a supposed alternative to PayPal. At the time, they were offering a nice referral deal: spread the word and get $25 or something. Some were quick to refer others, but I didn’t want to recommend a service that had yet to be proven.
JP at MyMoneyBlog gave his impressions now that the company has expanded from its viral marketing campaign and has a functioning website. The deal doesn’t sound as good any more.
Here are some points of concern to me:
* There’s a $2 fee for receiving money, unless you upgrade to a Gold accuont, which cuts that fee in half.
* Bonus money you receive cannot be chashed out and must be spent at partering retailers.
All in all, it’s not looking good for GreenZap. My first impression is that it’s a company that will try to lure people with a nice offer, and once they get your personal data which will be sold to other companies, you realize it’s not such a great deal after all.
Updated February 6, 2012 and originally published June 8, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.