Instead, you pay down your Tally line of credit, which is linked to your checking account. As long as your cards are set to "Tally Pays", you no longer make payments directly to the credit card companies yourself. The credit line is used to pay your credit cards. The amount is not unlimited and depends on your situation. Upon approval, Tally extends a line of credit to you. But it should be noted that late fees and (the resulting) penalty APRs can still exist with those offers, so for that reason (and if you don't have access to a 0% APR offer), Tally can be a good choice. If you have a 0% balance transfer offer available, that is a better choice than Tally since you won’t incur any interest charges. However, you can still use the app to manage payments for all of your credit cards each month. (Note: In order to get the credit card management features of Tally, you must qualify for and accept a line of credit with Tally).
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. This information is accurate as of July 2018.) Similar to credit card APRs, it will vary with the market based on the Prime Rate. All you pay Tally is the interest charged when the line of credit is used to pay down your credit cards (Based on your credit history, your APR will be between 7.9% – 19.9% per year. There are no origination fees for the credit line. The application process is a soft credit check so it won’t impact your credit score. Tally will also look at other aspects of your credit profile as part of the qualification process. To qualify, you currently need at least a 660 FICO score. 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). Plus, you’ll save on interest charges for credit cards that have higher APRs than Tally’s line of credit. It ensures you always pay on time, so you don’t rack up late fees. Tally does more than just pay down your credit cards. It 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. Tally is a mobile app (currently available for iPhone and Android) that manages the process of paying down your credit cards. All products and services are presented without warranty. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. strives to keep its information accurate and up to date. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).įor more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. The College Investor does not include all companies or offers available in the marketplace. has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. We're proud of our content and guidance, and the information we provide is objective, independent, and free.īut we do have to make money to pay our team and keep this website running! Our partners compensate us. There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals.