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+

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. 

Tracking payments

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.

Automatic Payments

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 Protection

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.