Tally Review: Can You Pay Off Credit Card Debt Faster With The Tally App?
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Key Takeaways
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Tally is an app that lets you you both manage your credit card debt and pay it off. In this Tally review, we’ll cover the app’s core features including how it works, its pros and cons, and the type of person it makes the most sense for.
4/5Tally allows you to see your APRs, due dates and balances all in one place. The basic Tally membership creates a customized debt payoff plan based on a strategy of your choice, while the premium membership (called Tally+) functions like a debt consolidation loan. To join Tally, you are required to apply and qualify for a Tally + line of credit (although you are not required to use it). If you opt in, Tally+ can take over your credit card payments and use this line of credit to pay down your balances. That makes it ideal for those with a good credit score who have accumulated $2,000 or more of high-interest credit card debt.
Tally Pros:- Tally’s credit card management tools can help you keep your bills organized and avoid late fees.
- Tally+ can save you money on interest and help you pay off your debt in the most advantageous way possible.
- You have to qualify for Tally+ even if you only want to use the basic membership.
- A minimum credit score of 580 is required.
- Only works with credit card debt.
Table of Contents
ToggleTally 101
Tally (which is also known as Meet Tally) is an app designed to help people get out of credit card debt.
The basic plan (which costs $4.99 a month and is only available iOS users) gives you access to a set of tools to make paying off your debt easier, including advice on which credit card to pay off first based on your designated debt payoff strategy.
Tally+ (which costs $300 annually) is the platform’s premium and more well-known offering.
Note: A payment of $300 is not due upfront, but is deducted from your line of credit.
It’s similar to a debt consolidation loan in that it gives you a line of credit which it then uses to pay down your existing debt.
The logic behind this is that if the interest rate on your Tally+ line of credit is lower than your credit cards, you’ll save money.
Amounts offered range from $2,000 to $20,000 with APRs between 7.9% and 25.9%. Your rate is primarily determined by your credit score, and a minimum score of 580 is required. There is no fixed repayment schedule.
With Tally, you can prioritize your payments based on:
- Highest interest rate first (debt avalanche).
- Lowest balance first (debt snowball).
- Card with the highest credit utilization rate (as a way to increase your credit score).
When Tally begins to pay off your credit card from your Tally+ line of credit, you then owe Tally. Your minimum monthly payment depends on how much credit you’re using and is withdrawn from your checking account.
6 Things to Know Before Signing Up for Tally+
- The loan you get from Tally is a revolving line of credit. There is a minimum monthly payment that changes depending on how much of your credit line you use, rather than a fixed monthly payment.
- The $25 monthly fee ($300 annually) is paid from your line of credit, so there is nothing you owe upfront. No interest is charged on this amount.
- You need a minimum FICO credit score of 580 to qualify.
- The amount you’re approved for varies. There’s no guarantee you’ll get a line of credit large enough to pay off all your credit card debt.
- Once you accept the line of credit, you can choose the credit cards you’d like to have Tally pay off using a feature called Tally Pays. So, if you have a low interest rate card, it’s not mandatory to pay that one down.
Visit MeetTally.com to learn more.
Tally Sign Up Experience
Signing up for a Tally account and getting started is a fairly seamless process.
I used my desktop and had the credit cards I wanted to provide Tally ready (as well as the passwords for each account). If you’re using the mobile app, Tally allows you to scan your credit card numbers.
Next, Tally asks for information to determine whether you’re approved for the Tally+ line of credit. This includes personal information such as your date of birth, Social Security number, income and address.
There is no way to skip this step. In order to use Tally you are required to apply for (and qualify for) the Tally+ line of credit , even if you choose not to use it.
After providing this information, Tally performs a soft credit check. This does not impact your credit score.
Once complete, I received instant approval for a $5,000 line of credit at a 7.9% APR (as shown in the screenshot below).
How Tally+ Works
To understand the ins and outs of Tally+, it’s best to use an example.
Let’s say you have the following credit cards:
- Chase Freedom card issued by Chase Bank
- Walmart card issued by Capital One
- Delta SkyMiles card issued by American Express National Bank
- Victoria’s Secret card issued by Comenity Bank
When you sign up and are approved for an account, you’re given a line of credit. That line of credit is used to pay down your credit card debt.
Tally will then pay each of those four monthly bills on your behalf with the line of credit (as long as there are enough funds within your line of credit).
You can choose the debt payoff strategy you’d like Tally to implement: from highest to lowest interest rate, lowest to highest balance, or by credit utilization rate.
Let’s say you’re having Tally implement the debt avalanche strategy, which pays off your credit cards by highest to lowest interest rate.
In our hypothetical example, here’s how that would look:
Example of credit card debt payoff timeline.First of all, this table should illustrate why only paying the minimum due each month is a terrible idea.
Since more than
Final Thoughts
Before you check out, double-check tally review can pay against current offers and any coupons you can stack. Small habits like this add up to real savings over a year.
Originally published at thewaystowealth.com.
R.J. Weiss
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