Are you in a position where you hold multiple credit cards, but you often find it challenging to stay on top of your repayments?
If so, then it is well worth considering the merits of the Tally App. In a nutshell, Tally allows you to obtain a line of credit – with the amount based on your current credit score and size of your outstanding debts.
Once you’ve linked the app to your credit card providers, Tally will seek to make ‘smart’ repayments on your behalf. This will initially look to target cards with a higher APR, and ensure that minimum repayments are never missed.
The overarching concept is that by obtaining a line of credit from Tally at a lower interest rate than what your credit cards currently charge, you not only stand the chance of saving money, but you’ll never miss a payment again.
If this sounds like something that might benefit you, then be sure to read our comprehensive Tally App review.
We’ll cover the ins and outs of how Tally works, who is eligible, what it aims to achieve, how much credit you’ll be offered, and ultimately – whether the app is suitable for your individual needs.
What is Tally App?
In its most basic form, Tally is a FinTech application that aims to manage your credit card debts in an automated manner.
For example, let’s say that you currently have four credit cards with outstanding balances, all of which come with repayment dates that fall on different days of the month. Instead of having to make four individual payments, Tally App can execute this on your behalf.
However, the benefits of Tally App go far and beyond just making automated payments. You see, the underlying technology will make ‘smart’ decisions on your behalf, meaning that it will pay different amounts to different cards based on the respective APR.
As such, it will seek to target cards that come with the highest APR rate first, and at the very least, ensure that your minimum repayments are never missed.
Crucially, Tally App achieves this by offering you a line of credit. This operates in a similar nature to a traditional overdraft, albeit, the credit can only be used to settle credit card repayments. This means that Tally App will execute your repayments from the line of credit you have in place, which you will then need to pay back to the provider.
Whether or not this benefits you will, of course, depend on the APR that your Tally line of credit comes with. In an ideal world, you will be able to obtain a lower APR than what your credit cards currently offer. This will have the much-desired effect of reducing the amount of interest you pay in the long-run, and allow you to become debt-free much sooner.
However, this might not always be the case, meaning that your line of credit might come at a higher rate of APR than one or more of your outstanding cards. If it does, then Tally App will only look to pay the monthly minimum to ensure that a late payment does not occur.
So now that you have a rough idea of what Tally App actually is, in the next section we are going to look at eligibility.
Am I Eligible for Tally App?
Before going any further, it is crucial to assess whether or not you are eligible to use Tally App. Here’s a breakdown of the minimum requirements that you will need to meet.
First and foremost, Tally App is only available to residents in 30 US states – plus the District of Columbia. Although it plans to add more in the near future, this is a slight draw-back. Nevertheless, you’ll need to be based in one of the following locations to be eligible.
- New Jersey
- New York
- New Mexico
- South Carolina
- South Dakota
- Washington, DC
As you will need to apply for a line of credit in order to use Tally App, you will also need to ensure that your credit score is in good standing. You can use a free platform like Credit Karma if you need yo check your credit score.
Tally App accepts applicants with a minimum score of 660, which falls at the bottom end of the ‘Good’ threshold. Anything below this and you won’t be eligible.
Take note, Tally App will look at a range of other factors when assessing your creditworthiness. This is likely to include your income, the size of your debts, your history with making repayments, whether you own your home, and more.
These factors will also play a part in the APR that Tally offers you on your line of credit.
Credit Cards and Store Cards Only
The line of credit offered by Tally App can only be used to settle credit cards or store cards, meaning that you’ll need to have at least one card with an outstanding balance. Most importantly, your cards need to be supported by the Tally App, as not all providers are.
At the time of writing, Tally App supports credit cards and store cards from the following mainstream providers.
- Amazon Store
- American Eagle
- American Express
- Bank of America
- Best Buy
- Capital One
- Fifth Third Bank
- First Bankcard
- Home Depot
- PNC Bank
- US Bank
- Wells Fargo
If you meet the minimum requirements outlined above, then you should be eligible for a line of credit with Tally App.
Debt Stacking at Tally App: How Does it Work?
Before we unravel the actual step-by-step process of how Tally App typically functions, it is well worth understanding how ‘debt stacking’ works. Why? Well, this is the strategy that the underlying algorithm uses to pay off your credit card balances effectively.
In a nutshell, while the debt stacking strategy will ensure that all of your monthly repayments are met, it will look to target certain accounts first. In the case of credit cards, this will be the card that comes with the highest interest rate, and then work its way down.
For example, let’s say that you have the following three credit cards:
- Discover: $5,000 – 21% APR
- Citi: $11,000 – 17% APR
- Chase: $4,000 – 10% APR
As you can see from the above, the three cards have been ‘stacked’ from the highest APR to the lowest. As such, the debt stacking method will first ensure that the minimum balances on both the Citi and Chase cards are paid. However, it will then look use your remaining line of credit to target the Discover card, as it comes with the most costly APR.
Once the Discover card has had its balanced cleared in full, the debt stacking method will then target Citi, which has the next highest APR. Ultimately, this achieves two goals in particular – All of your outstanding credit cards will have the minimum monthly repayment met, and the card with the highest interest rate will be targeted until it is cleared in full.
How do I get Started With Tally App?
So now that you have a firm idea of what debt stacking is, let’s take a look at how the Tally App sign-up process works.
Step 1: Download and Install the Tally App
As the name suggests, Tally is a mobile application, meaning that you will need to download and install the app to your phone.
The app is available to download free of charge from both the Google Play and iTunes Store. If you don’t have an Android or iOS device, then unfortunately, you won’t be able to use Tally.
Step 2: Open an Account
Once you have successfully installed the app, you will then need to open an account. This works in a similar nature to any other credit-based application, meaning that you will need to provide Tally with a range of personal information.
This will initially include your full name, home address, date of birth, social security number, and contact details.
Step 3: Enter Your Credit Score
The next part of the application process will see Tally ask for your credit score range. For example, if your estimated score is 680, then you will fall within the ‘Good’ threshold.
Don’t worry if you are not 100% sure on what your credit score is, as this is merely an opportunity for Tally to give you an idea of whether or not your application is likely to be successful.
For example, if you select the ‘Good’ threshold – which covers scores of between 660 and 720, then Tally App will explain that 50% of applications from within this range are usually approved.
Step 4: Your Current Credit Cards
You will now need to provide Tally App with details of your current credit cards and store cards. This is for two key reasons.
- Firstly, it is to ensure that Tally supports the card in question.
- Secondly, it will allow Tally to assess how much you have outstanding on the card.
Take note, you don’t need to add every card that you currently have outstanding. On the contrary, you only need to add cards that you are looking to consolidate via Tally.
In order to do this, you have two options.
- The easiest way to upload your credit cards is to take a picture of the card with your mobile phone. The underlying software will then be able to extract the card details without you needing to enter them manually. Don’t worry, Tally App utilizes institutional-grade security features when reviewing your cards, meaning that the credentials are encrypted before they reach its servers.
- Alternatively, you can choose to enter the card details manually.
Step 5: Soft Credit Inquiry
Once you have completed the above steps, Tally App will then proceed to cross-reference your information with third-party sources. The good news is that Tally does this as a ‘soft’ credit inquiry.
This means that regardless of whether or not your application is successful, the credit inquiry will not appear on your report. It is only if you are pre-approved and you decide to proceed with your Tally application that the search will land on your credit report.
As soon as Tally App has run its checks (which usually takes no more than a couple of minutes), you will be advised whether or not your application was successful.
If it was, you will now be able to view the line of credit that Tally is willing to offer, alongside the respective APR. If you are happy with what has been offered, then simply finalize the application.
How Does Tally Make Credit Card Payments?
When it comes to making repayments via Tally App, you will be offered two options – ‘Tally Pays’ or ‘You Pay’. Let’s explore how each option works.
In order to get the most out of Tally App and your line of credit, then you might want to consider Tally Pays. This is where the underlying software will make repayments on your behalf. It does so by utilizing your line of credit, which you will then need to settle directly with Tally. As we briefly discussed earlier, Tally Pays uses the debt stacking method.
This means that it will first ensure that all your minimum credit card repayments are settled on time. However, it will also target the credit card with the highest APR. Once this has been cleared, it will then move on to the credit card with the next highest interest rate.
Ultimately, the entire process is automated when you opt for Tally Pays, so the only thing that you need to worry about is meeting your Tally repayments.
Paying Tally App Back
Tally Pays operates in a similar way to any other line of credit available in the market, insofar that you will be sent a statement at the end of each month. The statement will contain a breakdown of all of the repayments that Tally Pays made on your behalf, alongside the amount of interest applicable to the utilized line of credit.
Tally App requires you to pay the minimum payments that it made on your behalf during the month. For example, if it made three minimum payments of $30 each, you need to cover at least $90. Moreover, you will need to pay at least 1% of the total amount owed to Tally. This must be a minimum of $25 per month.
So now that you know how Tally Pays works, let’s explore You Pay.
You Pay operates in a completely different manner to Tally Pays. First and foremost, you will be required to make your repayments manually. Tally App will send you a notification a few days before each respective credit card repayment is due. You will then have the option of paying your statement via the Tally App website, or directly with the credit card provider as you normally would.
If you opt for the former, then you will do this via the checking account link-up that you installed when you opened the account. As such, you won’t be able to use your line of credit if you opt for You Pay.
Even though you are making your repayments with your own money, Tally will still update your account as and when payments are made. This allows you to get a 360-degree view of how your debt management endeavours are going. However, if you decide to make your repayment directly with the credit card provider, it might take a few days for Tally App to update the payment.
Late Payment Protection
Tally App offers a really useful late payment protection option. You will automatically be signed up for this when you initially register an account, althouh you can switch it off if you prefer. However, this is really useful if you decide to go with You Pay, as it will ensure that you always meet your repayments on time.
For example, let’s say that you receive a notification form Tally App informing you that your Citi credit card payment is due in three days, because it notices that you are yet to make a payment this month.
However, if for whatever reason you don’t get around to making the payment, you will ordinarily be hit with a late payment fee. With the late payment protection in place, Tally App will make the payment on your behalf by using your line of credit.
Take note, if you are using You Pay and you have a tendency to make payments directly with the credit card provider, then you might want to switch off the late payment protection. This is because you stand the risk of making a double payment, not least because it can take a few days for Tally to recognize the direct payment that you made.
Ultimately, if you are signed up for Tally Pays, you don’t need to worry about the late payment protection option, as Tally will be making your repayments on your behalf anyway.
How Much Does Tally Cost?
You won’t pay any fees to download the app, nor will you pay anything when you first set the account up. However, as is the case with any credit-based product, you will need to pay fees in the form of interest. This will only be applicable as and when your line of credit is utilized.
In theory, this means that were you to use You Pay, and you never have a requirement to use the late payment protection, then you won’t pay any fees at all.
However, if you do have an outstanding balance on the line of credit you use, then you will be charged interest. Tally App notes that this will cost between 7.9% APR and 25.9% APR. The specific rate of interest that you get will depend on your financial standing.
Crucially, you will know what this is when you go through the initial soft credit inquiry process. As such, if you deem the interest too high – especially in relation to the interest you are currently paying on your outstanding credit cards, you will have the option of walking away.
What Size Will my Tally App Line of Credit be?
Tally App is able to facilitate a line of credit from just $2,000, up to a maximum of $20,000. The platform will let you know the amount of credit that they are able to offer you when you initially sign up.
If you need to speak with a member of the Tally App support team, you can send them an email at firstname.lastname@example.org. If you prefer telephone support, you can call Tally on (866) 50-TALLY. Alternatively, you can also contact Tally via Facebook or Twitter.
The customer support team only works Monday to Friday, between the hours of 8 am and 5 pm (PST). As such, no weekend support is available.
In terms of reviews available in the public domain, Tally App has a reasonably good rating on Google Play of 4.1/5, which is based on more than 2,700+ reviews. Over at iTunes, the Tally App has a more favorable score of 4.5/5, which is based on 10,000+ reviews.
Tally App: The Bottom Line
In summary, Tally is a really useful option in managing your credit card debts. Not only can you ensure that you never miss a credit card repayment again, but Tally App can target specific cards based on the underlying APR.
For example, through its debt stacking methodology, Tally will look to target the credit card with the highest interest rate, before moving on to the next highest card. It can do all of this automatically by simply utilizing your available line of credit.
If you don’t like the sound of Tally making payments on your behalf, you also have the option of You Pay. This is where you will receive notifications a few days before a repayment is due, but then you will need to make the payment manually. However, if you leave the late payment protection option in place, Tally Pay will still cover your minimum repayments if you forget to settle them yourself!
All in all, Tally App is well worth considering if you want to engage in a credit card debt management plan without the hassle of making manual payments throughout the month.