The aim of this research is to understand how customer perception of CSR policy affects loyalty when retailers use social discount communication. To test the hypotheses, we carried out a quantitative study (including experimental vignettes) with 489 respondents, used structural equation modeling and performed multi-group analysis. Results show a positive direct effect of CSR policy on loyalty and indirect effect through the mediation of customer trust and store image. This research also indicates that the effect of CSR on loyalty is stronger when retailers use social discount communication than when they do not. However, social discount communication decreases the effect of CSR on customer trust in the retailer and on store image. These results underline the contrasting effects of CSR when combined with social discount messages. We discuss the theoretical and practical implications of these findings.