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There are plenty of ways to pay off high-interest credit card debt. You can sign up for a 0% APR credit card to save money on balance transfers for a limited time. You can stop using credit cards and take out a low-interest personal loan to consolidate debt. And you can consolidate debt with a home equity loan or a home equity line of credit (HELOC), which often offer low APRs because they’re secured by your home’s value.
There’s also Tally (meetttally.com), a financial app that uses artificial intelligence (AI) and a line of credit to help you pay down your high-interest credit card debt. It analyzes your debts, income, and spending behavior to develop a payoff plan that minimizes your costs and maximizes your payments every month. According to the company, the app can help users save up to $4,185 in five years. For everything you need to know about Tally, keep reading.
| Features | Credit card manager, debt payoff plan, credit line |
| Annual Fee | $0 |
| Works With | Bank-issued & store-issued credit cards |
| Promotions | None |
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Tally Features
Tally is an app that bundles your debt from multiple credit cards, letting you make a single, smart payment every month. The app takes over your credit card bills, making sure you never miss a payment. It also determines the smartest way to pay off your debt using your Tally line of credit to save on interest across all your credit cards with higher APRs. To qualify for a credit line, the app takes into consideration your outstanding balances, interest rates, spending behavior, and credit score (minimum 660).
If you want to make card payments yourself, choose the You Pay option. Tally will still send you reminders when your payment is due and how much you should pay towards each credit card. Other features include:
- Tally Credit Card Manager, a comprehensive dashboard that covers all your credit card balances to give you a snapshot of your overall debt.
- Tally Advisor, which uses built-in AI to analyze your credit card debt, spending habits, and financial goals to recommend a customized payoff plan that gets you out of debt in the shortest amount of time possible.
- A debt calculator that takes into consideration your credit card balances, APRs, credit score, and the payments you made in the past month, to determine the amount of interest you’ll spend on your credit cards.
- A late fee protection, which guarantees that you never miss any payments. Tally pays at least the minimum amount on all your credit cards two days before they’re due.
- A covid relief program to support members who experienced a loss of income due to the pandemic. You can postpone a credit line payment, but interest charges will still accrue on the balance. Tally will also halt payments to your credit cards, so you’ll need to make the payments yourself.
And if you have any questions or come across an issue, you can reach Tally customer support via email.
Tally Limitations
Unfortunately, Tally has limited availability. They don’t offer credit lines in Maine, Montana, Nevada, West Virginia, and Wyoming at the moment. Plus, you’ll need a minimum credit score of at least 660 to take advantage of a Tally credit line.
Bottom Line
In short, Tally helps you consolidate your credit card debt to save on interest. It’s smart, low cost, and you’ll never have to pay a late fee again. Tally is a good fit if you have a stable source of income and a credit score of at least 660.
See the best personal finance apps here.
You might also want to consider Bright Money, an app that helps you pay down your debt and build wealth. If you sign up for a plan, you can get your first 10 days free.
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