Posted by William Charles on March 23, 2019
Deals

Published on March 23rd, 2019 | by William Charles

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Tally: $50 Credit To Pay Off Credit Cards

The Offer

Direct link to 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



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Master Allan
Master Allan

Never heard of Tally. Could I CC charge $1000, wait for statement close, then have Tally “pay my debt”? Of course I would then pay Tally almost immediately in full for the $50. Any interest charge from Tally would be unacceptable to me. (I see their interest rate but do not understand if a grace period exists)

Dylan
Dylan

Tally wants to be able to pay the minimum to your cards for you so that you have a debt under tally instead of your credit cards.

I however was able to disable that “feature” in the app.

Qi Chu
Qi Chu

Any dp whether balances bearing 0% APR counts? 🙂

Dylan
Dylan

The app asks if your card currently has a promotional interest rate. My guess is if you answer “no” you will get your $50 bonus and tally will be none the wiser.

Drivesabrowntruck
Drivesabrowntruck

Question is do 0% APR balances, such as the BBP introductory offer, trigger this offer? I won’t be the DP, but something to consider.

Dylan
Dylan

wait a second, how does tally know you are paying interest on your card?

As in some of us (including me) are stoozing credit card funds in stuff like bank account bonuses to earn a yield on the spread. Yeah i’m not paying interest on it, but it’s still debt I owe.

hmm…

Ann
Ann

If your “spread” has anything other than 0% on the CC side, you are paying interest (if carrying a balance), even if you’re coming out ahead overall after doing so. (I assume you are only doing this during 0% periods, but you didn’t say.)

As for how they can tell if you’re paying interest, I’d expect you have to give Tally your CC website logins so they can verify your current balances, which also gives them access to your current interest rate so they can see it’s not 0%.

Dylan
Dylan

Yes, I only do this during 0% periods obviously.

I MSed 5K on my discover card then used the funds to open up a BMO Harris Business account with the MOs for a $500 bonus. Getting a 10% risk free return on someone else’s money ain’t bad!

Dylan
Dylan

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.

turtles
turtles

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.

Anonn
Anonn

Any DP if this line of credit shows up on any credit report?

Billy Bob
Billy Bob

If you need this service, then this is not the hobby for you.

Aahz
Aahz

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.

Frank

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

Orin
Orin

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.

Matthew
Matthew

Mine is $5k and 7.99%.
There is no way to know if the promo is attached.

Kapil
Kapil

On the app home screen you will see groupon $50 offer details I think that is the only way to know if promo attached.

wayne
wayne

Does Tally do a credit check? If they do is it a Hard or soft pull?

Andrew D
Andrew D

That info is in the post.

Brandon
Brandon

Soft pull.

Charles Mann
Charles Mann

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…….

Charles Mann
Charles Mann

And I just noticed jeffrey skilling just got back into the finance business, I wonder if he has anything to do with this company…

Proctologist of Credit
Proctologist of Credit

Heads up to anyone doing this, they are requiring me to submit two paystubs.

Dylan
Dylan

Same here. Screw that, ive never even submitted pay stubs for credit card applications.

dizzy
dizzy

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.

Miro R

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!”

Kapil Dev Tejwani
Kapil Dev Tejwani

Anyone got the $50 yet? I think it is already 60 days from the day we signed up

Emporio
Emporio

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.

Kapil Dev Tejwani
Kapil Dev Tejwani

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

Matthew
Matthew

Nope for me. Deleted the app

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