Tally is a credit card consolidation smartphone app. You can see all of your credit card balances to get a big-picture view of your overall debt on a single dashboard. The app also customizes a debt management plan. You can apply for a line of credit used exclusively to pay down higher-APR credit cards that are registered on the Tally app. You cannot use the Tally line of credit to make purchases or finance home improvements, for example.
Tally offers its app users a line of credit after analyzing borrowers’ credit card profiles. Tally will potentially offer you a loan with a lower APR than what you are paying on your credit cards. Tally lines of credit are only used to pay down existing credit card balances. Once you’re approved, Tally transfers higher APR balances to the line of credit, then makes payments on existing balances. Instead of paying each credit card bill separately, you’ll make one monthly payment to Tally instead.
With the Tally app, you can select a You Pay or Tally Pays feature. If you choose Tally Pays, the company pays cards each month using the credit line. You receive one bill and repay Tally. If you specify a card as You Pay, then you are responsible for making payments to the card issuer.
The Tally app is free to download. Tally lines of credit have APRs ranging from 7.9% to 25.9%, and rates will vary with the market based on the Prime Rate.
Credit card balances with higher APRs are transferred to the Tally line of credit, and card issuers are paid directly by Tally. If some cards have lower APRs than the Tally line of credit, the company will make the minimum payment toward the cards’ balances until the lower rate expires. This allows you to take advantage of promotional interest rates.
Tally charges interest on the amount you borrow from your line of credit to pay off those higher-APR credit card balances. You will not pay fees for origination, prepayment or balance transfers, and Tally guarantees no late fees on the cards it pays from your line of credit.
Tally’s line of credit comes with an annual fee of $300. Although there is no out-of-pocket cost, the portion of the credit line that can be paid to your cards will be reduced by the amount of the annual fee.
With Tally+, you get discount credits applied to your Tally principal balance each month, effectively lowering your annual interest. Tally+ members who pay at least the Tally minimum on time each month receive the discount.
Tally’s application is a sign-up process that occurs after you first download the smartphone app. After you sync all of your credit cards, Tally will review balances and payment history on those cards. Based on your outstanding balances, interest rates, spending behavior and credit score, you may qualify for a Tally personal line of credit to pay off credit card debt.
To qualify for a Tally line of credit, you need a minimum 580 credit score. Tally also looks at other factors, including:
- Existing credit card balances.
- Credit card interest rates.
- Payment history.
- Spending behavior.
Tally is not accredited by the Better Business Bureau. Tally received an excellent rating of 4.4 out of 5 stars on Trustpilot, based on more than 500 reviews.
In 2020, the Consumer Financial Protection Bureau received three complaints about Tally, and the company had a timely response to all, closing two with an explanation and one with nonmonetary relief.
Tally’s customer support team is available by calling 866-50-8255 from 8 a.m. to 5 p.m. Pacific Time Monday through Friday. However, the company recommends emailing email@example.com for help.
Tally Credit Card Manager is an app-based dashboard that allows you to view all of your credit cards in one place on your smartphone. You add credit cards to the app and get a full snapshot of your finances, as well as possible access to a line of credit.
Q. How long does Tally take to deposit money?
A. If you are approved for a Tally line of credit, the company shifts higher-APR credit card balances to the loan. Tally automatically pays those monthly statements using your line of credit, which is deposited into the Tally account you set up on your app.
Q. Does Tally hurt your credit score?
A. When approving lines of credit, Tally performs a soft credit check, which will not impact your score. Your credit score could get hurt if you select You Pay rather than Tally Pays and you fail to make an on-time monthly payment to the card issuer. Ultimately, your credit score could improve using Tally if you pay down credit card balances and reduce your credit utilization rate.
Q. Is the Tally app free to use?
A. Tally does not charge for its app, but you will be charged interest and an annual fee should you choose to borrow money from its line of credit.
Q. Is the Tally app worth it?
A. If you have outstanding credit card balances and are having a tough time managing debt, the Tally app can collect your credit card information in one spot and analyze your spending. You can use debt management tools and set a goal date for paying off balances, and Tally will set up payments that align with that goal.
- People who want to consolidate their credit cards.
- Individuals who want to do a better job managing debt.
- Those who like using technology such as an app to manage credit cards.
- People who have at least a 580 credit score.