Also, Tally will not pay your credit cards while you’re in the program, so you’ll need to make payments directly with your card issuers again. Those who qualify can postpone a credit line payment, but interest charges will still accrue on the balance. Tally launched the COVID-19 relief program to support users experiencing a loss of income due to the pandemic. Even if you hit your Tally credit line limit, Tally will advance you the money to make minimum card payments with no fee the amount of your advance will be tacked on to your next statement. It scans each linked credit card account monthly to make sure at least the minimum monthly payments are made. Tally’s late fee protection makes it simple to avoid credit card fees due to late payments. You can also set debt repayment goals, and Tally will act as your debt manager and tweak your repayment plan to help you meet those goals. Tally Advisor analyzes your credit cards and tells you what payments you should make to get out of credit card debt. We mentioned the advisor feature above in the app overview, but it’s worth highlighting here as well. In addition to the credit line, Tally comes with the following tools, protections, and benefits: Tally users see an estimated lifetime savings of $5,300 as a result of using its debt payment system, according to a recent Tally study*. After all, the objective here is to be completely debt-free, and that involves paying down your Tally credit line, too. The extra 1% is tacked on to make sure you’re chipping away at the credit line.
#TALLY CREDIT CARD PLUS#
The minimum payment includes interest on the Tally credit line, the amounts Tally paid to your different card issuers that month, plus 1% of your Tally credit line balance. You’ll receive one statement per month from Tally with a minimum payment due. In that case, Tally will remind you to pay that bill, and you can make credit card payments in the app or directly with the card issuer. You also have the option to turn off the automatic minimum payment feature. If you link credit cards to the app that have a lower interest rate than the Tally credit line, Tally pays just minimum payments on those cards. Once you’re approved, your high-interest debt is moved over to the new line of credit from Tally. Tally’s credit line APRs range from 7.90% to 29.99% (as of June 11, 2021). Then, it analyzes your debt balances and APRs to figure out the best way to help you pay down your debt. During this process, Tally does a soft pull that shouldn’t affect your credit score.
You need a minimum credit score of 660 to qualify.
#TALLY CREDIT CARD DOWNLOAD#
It’s free to download Tally, but to get the most out of the app, you need to qualify for its credit line, which essentially works as a debt consolidation loan. In addition to its debt management and advising tools, Tally also offers a credit line to consolidate high-interest credit cards and help you save money and repay debt faster. Tally users also get access to Tally Advisor, which the company calls the “robo advisor for your debt.” Similar to how a robo advisor recommends an investment strategy based on your risk tolerance and goals, the Tally Advisor tool analyzes your credit card debt and goals to recommend a payoff plan to get out of debt. The goal is to help simplify debt management and make the repayment process easier. Alternative ways to alleviate credit card debtįounded in 2015 by Jason Brown and Jasper Platz, Tally is a debt automation app that helps users manage several credit cards in one place.
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