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Tally: Pay Off Debt Faster
Tally is an automated debt manager that helps individuals save money, manage credit cards, and pay down balances more quickly. By offering a lower-interest credit line, Tally allows users to consolidate credit card payments into a single bill, saving on interest and late fees. Signing up for Tally provides access to a credit line without impacting credit scores. However, eligibility for a credit line requires a FICO Score of 680 or higher, and Tally is currently unavailable in Montana, Nevada, and West Virginia.
Tally's process is simple: users download the app and quickly begin their journey to becoming debt-free, all without harming their credit score. Once qualified, Tally grants a line of credit with a low APR, which is used to pay the user's credit cards monthly. Tally keeps track of card balances, interest rates, and due dates, ensuring that payments are made at the right time and to the right card. Users need only make one monthly payment to Tally, eliminating the hassle of managing multiple cards. Tally also provides late fee protection, preventing users from incurring additional fees as long as they maintain good standing.
By separating the burden of credit cards from the benefits, Tally allows users to continue using their cards for rewards while handling the difficult aspects. There are no tricks involved, just a smarter way to manage cards and pay off balances faster.
Tally charges users an APR between 7.9% and 29.9% per year, depending on their credit history. This APR is subject to market fluctuations based on the Prime Rate. Some credit lines may also be subject to an annual fee. Tally estimates savings by considering an average-weighted APR based on initial eligible credit card balances and APRs, an average monthly payment to Tally, and an average monthly spend. It excludes credit cards with lower APRs than Tally's APR since Tally does not make payments to those cards.
Tally's revenue comes from interest on the line of credit and possible membership fees, depending on the Tally service the user qualifies for. The Tally app and servicing are only available in English, and in case of any discrepancies in translations, the English version prevails. Tally supports various cards from American Express, Bank of America, Barclays, Capital One, Chase, Citibank, Discover, US Bank, and Wells Fargo, as well as cards from select retailers. It is important to note that lines of credit issued by Cross River Bank or Tally Technologies are not available in all states.