Tally is aimed at folks that are grappling with high-interest credit card debt to pay it down faster with a line of credit. The line of credit comes with a lower interest rate than your card, so the idea is that you will save money on interest and feel motivated to pay it down quickly.
See what Tally has to offer and if it's right for you.
- Helps you pay down your credit card debt faster
- Get multiple credit cards organized in one place
- Never pay late fees again and get help lowering your APR
$0 For Tally Basic
$25 a month for Tally+
Line of Credit Amount
Depends on your credit, but anywhere from
$2,000 to $20,000
What Is Tally And Who Is It For?
Tally is a debt-fighting mobile app that helps you save money on high credit card interest rates and fees. They do this through issuing you with a line of credit. The amount and interest rate you receive will depend on your current financial situation and credit score.
Tally gives you the tools, knowledge, and motivation to empower you to pay off high-interest credit cards for good.
Tally figures out which cards have the highest APRs and uses a Tally line of credit with a lower APR to help you save money and pay down your credit cards faster.
What Does Tally Offer?
There are two versions of Tally—Tally Basic and Tally+. Tally Basic offers you access to a credit line with a low APR.
Tally is for anyone who wants to get out of credit card debt faster and needs help keeping up with all of their credit card payments (by helping you figure out which ones to pay down first).
The credit limit for Tally ranges from $2,000 to $25,000 for all users. This may fulfill a need for someone who has a lot of credit card debt to pay off.
Tally does more than just pay down your credit cards. It ensures you always pay on time, so you don’t rack up late fees. Plus, you’ll save on interest charges for credit cards that have higher APRs than Tally’s line of credit.
Tally+, which is $25 a month or $300 a year, offers users a larger credit line with a slightly lower APR than Tally Basic. This fee is taken from your Tally line of credit.
When Tally+ users make 12 on-time payments, they can have their APR lowered by 4 percentage points.
Tally’s Line of Credit
To qualify, you currently need at least a 580 FICO score. Unlike a traditional credit balance transfer, you can use your credit line over and over, without having to reapply. According to Tally, this gives you more flexibility for tackling future credit card debt. But take this with some caution—it’s not a reason to incur more credit card debt.
Sometimes, half the battle is staying organized and knowing when payments need to be made. With Tally, you can aggregate and understand the details of all your credit cards in one place. You can add all of your cards into the app and get a fuller snapshot of your finances whenever you want.
Tally allows you to easily track your card payments and even gives you a custom payoff plan and manages the payments for you through the app.
Payments can be as small as $5, but Tally gives you the option to make extra payments to help wipe out your debt faster.
Each month, Tally prioritizes the cards that save you the most money first. They do this through tracking the balance, APR, and due date through the app. Then, you make one payment to Tally. They pay for your cards then you pay Tally.
Late Fee ProtectionTally provides a late fee protection. This is a feature that prevents you from incurring late fees from your credit cards, should you miss a payment. In this instance, you pay Tally back on any interest that has accrued before the next payment date. This is a convenient way to avoid paying late fees, in those moments when you may have missed a payment by accident.
Are There Fees?
Tally is free to download. To reap the benefits from Tally, you need to qualify for and get a Tally credit line. If you qualify, the monthly fee to use Tally+ is $25 or $300 a year.
If you are approved, you will have to pay an APR between 7.90% – 29.99% per year. Similar to credit card APRs, it will vary with the market based on the Prime Rate.
Tally also offers a credit card balance transfer. For this, they charge anywhere between 3% to 5%, which is on par with credit card balance transfers as well.
There are no late fees, origination fees, or balance transfer fees.
How Does Tally Compare?
Tally prides itself on giving you the tools within the app to know how much you owe and how long it will take to pay down debt. They also provide you with the automation that gives you peace of mind that payments will never be made late, helping improve your credit score, if that is something you need to work on. Tally may appeal to you because of the tracking and budgeting portions of the app.
If you’re not keen on paying $25 for Tally+ and want something free or low-cost with comparable budget-tracking capabilities, consider the following.
Empower is another budgeting tool that helps you track your finances and helps you invest for the future. Empower offers a cash advance of up to $250 without any fees, late fees, interest, or a hard credit check. The subscription fee is $8, significantly less than Tally. There’s a 14-day free trial you can use to test out the service before you sign up.
There’s also Earnin, which is an app that allows for an advance of up to $100 sent directly to your bank account. Earnin’s fee is optional for users to “tip” an amount of $0 to $14 for services.Then there’s Dave, which offers a low-cost membership of $1 a month to give you access to cash advances of up to $500, cash back debit, and more. Be sure to check out our picks for the best cash advance apps.
Amount You Can Borrow
$2,000 to $20,000 (line of credit)
$500 (cash advance)
$250 (cash advance)
How Do I Open An Account?
The application process is a soft credit check so it won’t impact your credit score. You will be asked to create an account and provide for your name, email, phone, and password. From there, you will be asked for more information, including your credit card account numbers. At this time, if you’re eligible, Tally will provide you with specific offers, such as a balance transfer or line of credit.
There are no origination fees for the credit line. All you pay Tally is the interest charged when the line of credit is used to pay down your credit cards.
Tally will also look at other aspects of your credit profile as part of the qualification process.
How Do I Contact Tally?
There are no phone numbers listed to speak to a live person, unless it is related to a specific transaction or if your credentials have been stolen. You can call this number: 866-508-2559.
Is Tally Safe And Secure?
Yes, Tally keeps your information secure by using SSL encryption, which ensures any data transferred between users and websites are impossible to read.
SSL uses encryption algorithms to scramble data during the transfer process, which prevents hackers from reading it. Tally also never stores your bank information and doesn’t share your data without permission.
Is Tally Worth It?
If you’re already paying your credit cards in full each month and not incurring fees, Tally’s algorithms won’t do much for you. However, you can still use the app to manage payments for all of your credit cards each month.
Tally can help ensure you don’t miss another payment and avoid costly late fees. It can be helpful if you are tired of juggling multiple credit cards and payment dates. Using Tally can help you reduce interest on high rate cards and save, while paying off your cards quickly.
Annual Percentage Rate
7.9% to 29.9%
Line of Credit Amounts
$2,000 to $20,000 (depends on your credit)
Credit Score Requirement
Minimum 580 FICO score
Other Things To Know
No balance, late, or origination fees
Balance Transfer Fees
3% to 5%
For Questions Related to Transactions (such as lost and stolen credentials)
Submit a Request for Help on Tally
Web Account Access
Mobile App Availability
Tally Review: Consolidate Your High-Interest Credit Cards
Commissions and Fees
Tally is a debt-fighting mobile app that helps you save money on high credit card interest rates and fees through a line of credit.
- Easy way to pay off and track of your credit card payments
- Line of credit is ongoing, meaning, you don’t have to reapply to use it in the future
- No late, balance transfer, or origination fees if you have Tally+
- Tally+ is $25 a month
- Annual Percentage rate can shoot up to 29.9%, which is on par with credit cards
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future.