January 19, 2016 by gina145
I first discussed Quizbook in a post I published on 8 December 2015, about a month after I joined the site. At the time I said:
I can assure you that you won’t get rich there, but you will get paid for having some fun and should improve your general knowledge at the same time.
I still hold that view. However, based on an update to the Quizbook terms of service, effective 1 February 2016, it seems that earnings are set to slow down.
Membership will now be split into three different account types, each with a daily limit on the number of quizzes you can take. The specifications are as follows:
- Standard account – a free account which limits you to 10 quizzes per day. As each quiz consists of 20 questions which will earn you one point if answered correctly, that means you can earn a maximum of 200 points (or $0.20) per day.
- Premium account – this carries a limit of 25 quizzes per day with maximum earnings of 500 points ($0.50).
- Gold account – the limit here is 50 quizzes per day with maximum earnings of 1000 points ($1.00).
In addition to this, you can still earn 20% commission on all your referrals’ income.
On a positive note, the minimum balance required to redeem your earnings has been reduced from $10 to $5. However, for a member with a standard account and no referrals, this will still take a minimum of 25 days to earn, and that presupposes that you take your full quota of quizzes every day and score 100% on all of them, which is highly unlikely.
The cost of upgrades to your account is as follows:
- 1 month – $7
- 3 months – $20
- 6 months $35
A maximum earning potential of $0.50 per day (excluding referrals) works out at about $15 per month if you achieve 100% scores on every quiz, or a profit of $8 if you pay for one month, and slightly more if you pay for 3 or 6 months membership up front. Without a lot of active referrals, this isn’t a very good return on your investment.
- 1 month – $20
- 3 months – $55
- 6 months $100
Again assuming scores of 100%, your maximum earning potential without referrals is about $30, giving you a profit of $10 for one month, so in terms of percentages, your return on investment has now become even less.
Clearly the only way to earn anything substantial at Quizbook is to have hundreds of active referrals, and for this an upgrade isn’t necessary.
Existing members have two options available to them:
- accept the rules update to continue using the site
- close your account. If you choose this option you can request withdrawal of your points provided that you have a minimum of $2.00 in your account.
At this stage I’m still undecided over which option to choose. One thing is certain though, I won’t be paying for an upgrade!