Even if you’re decent with money and your spending habits, juggling multiple payments and due dates across several cards can be a hassle. And the stakes are high — accidentally missing a credit card payment could impact your credit score for years to come. That’s when the Tally app can help.
Tally streamlines credit card debt repayment with a debt management dashboard and algorithm that determines the best way to tackle your balances so you can pay them down faster.
In this Tally app review, we’ll discuss what Tally is, how it works, and what you need to know before signing up.
You can get started down the path to being debt free in under 10 minutes.
- Members have an average lifetime savings of $4,300
- No risk to sign up and it won't hurt your credit score
- Spend less time managing credit cards
What is the Tally app?
Founded in 2015 by Jason Brown and Jasper Platz, Tally is a debt automation app that helps users manage several credit cards in one place. The goal is to help simplify debt management and make the repayment process easier.
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 so you can keep more of your money in your bank account.
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.
How does the Tally app work?
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. A minimum 660 credit score is generally required for bigger lines of credit, although Tally says they also work with scores as low as 580. During this process, Tally does a soft pull that shouldn’t affect your credit score. Then, it analyzes your debt balances and APRs to figure out the best way to help you pay down your debt. Tally’s credit line APRs range from 7.90%-29.99% (as of Jan. 2, 2024).
Once you’re approved, your high-interest debt is moved over to the new line of credit from Tally. 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. You also have the option to turn off the automatic minimum payment feature. 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’ll receive one statement per month from Tally with a minimum payment due. 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. The extra 1% is tacked on to make sure you’re chipping away at the credit line. After all, the objective here is to be completely debt-free, and that involves paying down your Tally credit line, too.
Tally users see an estimated lifetime savings of $4,300 as a result of using its debt payment system, according to a recent Tally study*. In addition to the credit line, Tally comes with the following tools, protections, and benefits:
We mentioned the advisor feature above in the app overview, but it’s worth highlighting here as well. Tally Advisor analyzes your credit cards and tells you what payments you should make to get out of credit card debt. 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.
Late fee protection
Tally’s late fee protection makes it simple to avoid credit card fees due to late payments. It scans each linked credit card account monthly to make sure at least the minimum monthly payments are made. 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.
How much does Tally cost?
|Users who may not qualify for a line of credit but want to take advantage of Tally's debt management features
|$0, but you pay interest on your line of credit. APRs range from 7.90%-29.99% (as of Jan. 2, 2024)
|Users who have a credit score of at least 580 and need a line of credit to pay off their debt
|$300 per year
|Users tackling a big sum of debt who need a larger line of credit
This core membership is for users who are not approved for a line of credit. You can still use Tally's debt management features, including automatic payments and reminders. Tally can help you follow a debt-payoff strategy of your choice, such as the debt avalanche or debt snowball methods, or by focusing on cards with the highest utilization. You can link your checking account to help you remember to make minimum payments and avoid late fees.
Tally Basic is for users who qualify for a line of credit, and you can also choose to consolidate your payments into one bill. Tally will make your payments for you and calculate how to best save on interest charges. This plan is free, but users pay interest ranging from 7.90%-29.99% (as of Jan. 2, 2024) APR on their line of credit. It also comes with late fee protection and Tally advisor features.
Some users will qualify for Tally+, which costs $300 per year. The membership comes with all of the features of the Basic membership, along with a larger line of credit and an APR discount. According to Tally, the average APR is lowered by 4 percentage points after 12 consecutive minimum payments.
What we like about Tally
- Debt consolidation: It can get confusing to track all your payments if you have debt on multiple credit cards. Fortunately, Tally’s option for a line of credit can consolidate your debts into one place and one payment, which makes it easier to make on-time payments. This can help you make payments without wasting time and could also save you money if Tally offers a lower interest rate than what you’re currently paying.
- No hard inquiry: Tally requires a credit check to see whether you’re eligible for its line of credit. This would typically affect your credit report, but Tally does a soft inquiry, which doesn’t impact your credit.
- Nothing out of pocket: Tally’s line of credit on the Tally+ membership has a $300 annual fee. This fee is often much smaller than the money you could potentially save by getting a lower interest rate. In addition, you don’t have to pay this fee out of pocket because it comes from your credit line.
- Works with major brands: If your debt is on a credit card from a major card issuer, there's a good chance that Tally can work with you. Tally works with American Express, Capital One, Chase, and more.
What Tally could improve
- Credit score requirement: To take advantage of a Tally line of credit and potentially lower your credit card interest charges will require that you have at least a 580 FICO credit score. Unfortunately, not everyone will qualify for a line of credit from Tally because of this requirement.
- Availability: Tally isn’t available in every state. If you live in Montana, Nevada, and West Virginia, you won't be able to use Tally at this time. However, more should be added in the future, according to Tally.
- Membership fee: The $300 annual fee for a Tally+ membership might be a bit steep for some people while trying to pay down existing debt at the same time.
Who can use Tally?
Tally is free to download in the Apple App Store for iOS users and on Google Play for Android users. But you need a credit score of 580 or better to qualify for the line of credit — this is considered a fair score on the FICO credit score scale.
There are also state limitations. As of June 13, 2023, Tally is unavailable in Montana, Nevada, and West Virginia. Tally mentions adding more states in the future, so stay tuned if you don’t live in a state that it currently serves.
As far as credit cards go, you can connect credit cards from American Express, Bank of America, Barclays, Capital One, Chase, Citibank, Discover, PNC Bank, U.S. Bank, and Wells Fargo to Tally. The app also lets you connect store cards from AEO, Amazon, Macy’s, Sears, and TJ Maxx.
FAQs about the Tally app
Is the Tally app legit?
Yes, Tally is a legitimate financial services company registered with NMLS Consumer Access. As for security, the app doesn’t store your bank usernames or passwords, and information is transferred using SSL encryption. Tally will not share any data without permission.
Tally has more than 17,000 reviews in the Apple App Store, many with a rating of 4.5 stars. Most reviews are positive, with several commenters saying it’s helped them better manage their debt. People do, however, complain about the stringent credit score requirement. Other users say there are sometimes problems keeping credit cards linked up to the app.
How much does Tally cost?
The Tally app is free to download. You do pay interest on the credit line, but there are no other fees unless you purchase the Tally+ membership, which is $300 per year. Tally offers rates from 7.90%-29.99% (as of Jan. 2, 2024).
Depending on your credit, you could qualify for a Tally credit line that’s not too far from what you already have on your existing credit cards. If you have good to excellent credit (740 or higher on the FICO scale), you may be able to land a better interest rate on a low-interest personal loan from a different lender. And you can consolidate debt with that loan instead.
Does Tally impact your credit score?
Tally does a soft credit check to approve you for the line of credit, according to a representative. A soft inquiry should not impact your credit score.
What credit score do I need for Tally?
According to Tally, you generally need at least a 580 credit score to qualify for the Tally line of credit. Although, Tally may look at other factors besides your credit history to determine whether you’re eligible. Some applicants report applying and getting denied despite having a FICO score greater than 580.
How does Tally make money?
Tally charges interest on its credit lines, with rates ranging from 7.90%-29.99% (as of Jan. 2, 2024). Besides interest, there’s no annual fee, origination fee, prepayment fee, balance transfer fee, or over-the-limit fee.
How to sign up for Tally
- Download the app. Go to the Apple App Store or Google Play to download Tally for free.
- Create an account. When you create an account, Tally will ask for some personal information, such as your first name, last name, email, and mailing address. Tell Tally your first and last name.
- Qualify for a line of credit. Tally will ask for your birthday and annual salary before doing a soft inquiry to determine whether you qualify for a credit line and what your credit limit will be.
- Add your cards. Tally will scan your cards to determine the best way to eliminate your debt. If you’re approved for a credit line, it’ll help you pay your high-interest cards to save you money.
Alternative ways to alleviate credit card debt
If you’re exploring all of your debt repayment options, here are some alternatives to consider:
Apply for a personal loan
Personal loans offer a lump sum you can use for credit card consolidation. Often, these loans come with a fixed rate, payment, and payoff schedule. Personal loans typically have repayment terms ranging from 12 to 84 months with fixed APRs starting at 4.99%, but you'll want to compare offers across the best personal loans to pick the lender and terms that best fit your needs.
Do a credit card balance transfer
When you do a credit card balance transfer, you move your credit card balances from cards with the highest APR to a new card with a lower APR. Ideally, the new card offers a 0% APR introductory period. During the interest-free period, you can attack the principal to pay off your debt faster.
The low-interest introductory rate may last anywhere from 12 to 21 months, depending on the balance transfer card. To make the most of the balance transfer, you should repay as much debt as possible before the higher APR kicks back in. Also, be aware of balance transfer fees, which are typically 3% to 5% of the total balance. Make sure you’ll save more in interest than you’ll pay in the fee. Otherwise, it may not be worthwhile. Check out our list of the best balance transfer cards for more information.
Work with a debt counselor
If you're drowning in debt and looking for one-on-one help, a debt counseling company or nonprofit may be a good place to turn. For example, Consolidated Credit is a company that can connect you with debt relief services, including counseling sessions, support, and debt repayment plans.
A credit counselor can help you create a debt repayment plan by contacting your creditors to try to negotiate reduced fees and interest rates. Then, you make one single payment to the debt counseling company, and it distributes payments to creditors on your behalf, so you don’t have to juggle multiple bills.
The bottom line on Tally
Because the Tally credit line comes with no fees, it could be a stress-free and low-cost way to approach debt consolidation and build more positive personal finance habits. Plus, Tally conducts a soft inquiry rather than a hard credit pull, so you can apply to see what rate you qualify for without it affecting your score. If you’re struggling with how to pay off debt, eliminating some of it could help alleviate a bit of financial burden.
Ultimately, the Tally app is best for people who have decent credit and those who have a stable source of income to pay down debt. If your credit score is less-than-stellar or you’re struggling financially due to recent income loss, the Tally app can’t solve that problem. If you can’t pay Tally on time each month, Tally won’t pay your credit card bills. Instead, try contacting your card issuer if you’re struggling to make ends meet.