The Offer
- Groupon is offering a $50 credit for Tally. Tally is a service that offers a line of credit that is used to pay off your credit card bills, you then pay Tally. You need to add at least one card and have a minimum interesting-bearing balance of $1,000 across all credit cards.
The Fine Print
- Soft pull
- This offer is only available to new Tally customers. To be a Tally customer, you must pass a soft credit check, have a FICO Score of 660 or higher and qualify for and accept a line of credit with Tally. (Note: Soft credit check will NOT impact customer’s credit score. Scroll down to see what Tally charges.)
- To utilize the offer, customer must register at least one credit credit card with Tally and have a minimum interest-bearing balance of $1,000 across all credit cards. As long as customer’s Tally account is current, Tally will pay $50 toward customer’s debt within 60 business days of activation.
- Promotional value expires 180 days after purchase. Amount paid never expires. Valid only for residents in the following states: AR, CA, CO, CT, DC, FL, GA, IA, ID, IL, LA, MA, MD, MI, MN, MO, NJ, NM, NY, OH, OK, OR, PA, SC, SD, TX, UT, WA, and WI.
- Allow up to 60 business days from time of activation for application of voucher.
Our Verdict
Tally charges an interest rate of 7.9% – 19.9%, that’s pretty in line with what most credit card issuers charge so I’m not sure how it’s actually cheaper. In terms of this offer itself it seems like you need an interest bearing balance of at least $1,000, so I assume balances that are under the grace period you’re not paying interest on won’t qualify. Because of that I don’t think this offer is worth considering, getting in the habit of not paying your balances in full is not a habit you want to get into and personally I don’t think it’s worth the hassle or bad habit for $50 in savings.
Hat tip to readers Bob S & JJ
Anyone got the $50 yet? I think it is already 60 days from the day we signed up
Tally can detect if interest is being accrued on your connected cards. You will NOT receive the $50 Groupon deal payout if you only connected cards with 0% promotional APRs. Otherwise I’d give them a call at 866-508-2559 to check the status of your reward.
Yes looks like that is the case,I sent email to support and they said account was ineligible or in grace period or under promo APR and hence they are not giving the $50 – Good to clarify-Closing the account/line immediately and removing the app
Nope for me. Deleted the app
Added Amex Blue Business Plus with a balance but at 0%. I wasn’t sure if the promo was attached to my account because i did not see any mention of it so I contacted them. The response: “Unfortunately the $50 can only be awarded to Users who qualify for Tally and have more than $1,000 of interest bearing debt across all of their credit cards. Looking at your account, it doesn’t appear like you’d currently qualify for this $50 credit. If you have additional cards which are currently accruing interest, you may still qualify!”
They actually rejected me! LOL. I have a mediocre score- like 700ish, not a huge income, card w/20% interest and 1500/10k on it currently (from bank account funding 😛
Oh well.
Heads up to anyone doing this, they are requiring me to submit two paystubs.
Same here. Screw that, ive never even submitted pay stubs for credit card applications.
This ‘service’ sounds like a modern day version of the neighborhood loanshark. For 50 bucks I would rather not associate with these ‘types’ of lenders…….
And I just noticed jeffrey skilling just got back into the finance business, I wonder if he has anything to do with this company…
Does Tally do a credit check? If they do is it a Hard or soft pull?
That info is in the post.
Soft pull.
I signed up. Put card there that has zero percent and said there is no promo balance. Tally lists what the int rate would be if no promo. I disabled auto pay minimum balance.
Gave me 3k line at 14.9%.
Anyways I think it will trigger the $50.
And if my life goes to hell I have a backup plan lol. But I do not foresee that.
Mine is $5k and 7.99%.
There is no way to know if the promo is attached.
On the app home screen you will see groupon $50 offer details I think that is the only way to know if promo attached.
If you need this service, then this is not the hobby for you.
If you assume everyone visiting a website called “Doctor of Credit” and subtitled “Your prescription for healthy credit” sees credit as a hobby then this may not be the society for you.
I would be fairly concerned if you had bad credit and you used this site a “how to do better” platform. Most posts are about bank account bonuses, CC sign up rewards, and $X off gift cards. DOC’s content is great but its not going to teach you how to stop spending outside your means or build your credit score
Any DP if this line of credit shows up on any credit report?
More information to add:
I signed up for the app and entered in am amex card with a balance. Tally asked me “does this account have a promotional interest rate”? Of course I answered no.
It looks like tally has no way to know whether your card is charging interest or not. Just link a card with a promotional APR then tell tally your card is not under a promotional APR.
Tally will try to automatically make the minimum payments towards your credit cards for you and draw from your tally line of credit (the thing with 12-20% APR) but you can disable that in the app. I would make sure to do that first.
It also looks like tally has a referral system for a $20 amazon gift card for both of you, but i’m pretty sure the referral system nullifies the $50 bonus. Someone correct me if i’m wrong.
Also don’t programs like this only encourage debt? “in debt, no problem. We’ll give you $50”. It’s a bit like how the student loan forgiveness programs give people the incentive to go into lots of debt so they can just have it forgiven.
The selling point is that you get a lower interest rate and just one bill to pay. Lots of people get overwhelmed by all the different bills that come at them so they’re willing to pay for simplicity.
The interest rate is also better than a lot of high end rewards cards so it’s hard to lose there.