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Tally reviews 2022

Millions of Americans struggle with the burden of credit cards. Credit card debt is an emergency that needs to be dealt with as quickly as possible. While there is no bad way to pay off your credit card balance, there are right ways and wrong ways. However, figuring out the best way can be difficult. That’s where Tally comes in.
The average American has two bank-issued credit cards with a combined balance of $5,551.
The average interest rate on new credit cards is 19.24%, and the average interest rate on existing accounts is 14.14%. If you pay late, you will be charged a late fee. Credit card late fees range from $28 to around $36.
You can see the problem. Between balances, interest charges, and late fees, it may seem nearly impossible to get out of credit card debt. You pay and pay each month, but the balance never seems to get smaller. Getting into credit card debt hell is stressful.
Debt can have serious consequences, not only for financial health but also for physical and mental health. About 38 percent of people with credit card debt said it had a negative impact on their well-being. One in three said it had affected their standard of living and one in five said it had even negatively affected their health.

What is tally?
Tally is an app that sells itself as a service that provides personal budget monitoring and better decision-making on expenses and credit card debt.
It builds a credit extension and then pays off your debt. On the other hand, you pay Tally in monthly installments.
For every credit card you register with Tally, your due date, minimum payment and APR are monitored.
Signing up for Tally means you no longer have to worry about late payments. And this tally review will increase your knowledge base.

How does tally work?
If you have more than one credit card, trying to manage all of them at once can be daunting, but for each credit card approved for Tally, you can use their credit limit to eliminate payments.
Plus, it found a payment plan that might help you save money if you pay off your high ARP (Address Resolution Protocol) card early.
Basically, Tally specifies the amount they can use your new APR to fund your credit card in a timely manner.

Tally CONS:
Tally’s credit card management tools can help you keep your bills organized and avoid late fees.
Tally+ Express can save you interest and help you pay off your debt in the most profitable way.
Tally PROS:
Even if you only want to use the basic membership, you must be eligible for Tally+ Express.
A minimum credit score of 660 is required.
Applies only to credit card debt.

How much does Tally cost?
This is where Tally really shines. First, the app is free to download and use. In fact, you can still use the app directly without borrowing money directly from Tally by choosing the You Pay feature, which is always completely free. The company reports that about a third of its customers use the service only for credit card management.
With the Tally app, you don’t have to worry about annual fees, membership fees, prepayments or balance transfer fees. There are also no hidden fees. Instead, the service makes money by charging interest on the money you owe. Best of all, the interest charges will be lower than your existing credit card APR. Like we mentioned before, lower interest rates alone can be enough to help you start saving money.
Tally also offers an excellent late fee protection service. All registered credit cards in the app are entitled to use this service. This includes credit cards registered under You Pay. The service will scan all credit cards in your account to determine if a payment has been made. Otherwise, all credit card debt registered under Tally Pay will be paid by Tally on your behalf using your service credit limit. This will prevent your debt from incurring late fees and higher monthly payments.

Feature: What Tally can do for you
Pay Off Debt Tally
1. Tally will make debt payments seamless
You might not notice it when you’re trying to pay off your credit debt, but you’re always focused. Debt can lead to stress, and stress can lead to bad decisions.
Now, that’s not a good way to drain your mental energy, is it? Make tools to alleviate such situations, and that’s where Tally comes in.
In case you miss out, Tally makes paying off debt a breeze. The way it works for you is very simple: Tally calculates and figures out exactly what you should do to pay off your debt as quickly as possible. Tally does this in one of two ways. The first goes through an option called Tally Pays, while the other is called You Pay.
Tally payment
This option is self-explanatory. If you choose this payment method, Tally will process the payment for you.
Usually, it does this by using your line of credit to pay off your credit debt at a higher interest rate first. Tally pays the minimum amount for cards with an interest rate lower than your line of credit.
With this option, Tally will send you a bill that includes all payments for the period, the minimum payment, and interest on your credit limit. Tally automatically distributes this bill to your credit card in the most economical way possible.
Using this method, debt repayment is greatly simplified. Instead of worrying about multiple payments, you just have to remember to make one payment: the one that will go to Tally.
Tally takes care of all the hard parts: it decides which credit cards to pay first, making sure you don’t miss any due dates, etc.
Plus, you can also save money if your credit card has a higher interest rate than what Tally is offering you (which is usually the case).
If you choose to pull the payment trigger yourself, you can select “You Pay”. With this, Tally will send you reminders before your credit payment deadline. You can then pay this fee using Tally’s linked checking account, or you can pay through your card issuer’s website as usual.
If you choose You Pay, you’re actually using Tally as a place to manage your credit card, but not necessarily to its full potential. However, if you’re not willing to fully trust a third party to pay you, this is a good middle ground.
Any options you think you need to use are up to you. If you later decide to use Tally Pay for some cards, but you prefer the You Pay option for others, it’s worth noting that Tally lets you choose either option for each card.
2. Tally saves you money
tally statistics
When you have debt on multiple credit cards, figuring out which one to pay off first can be challenging.
There are two well-known debt repayment strategies, stacking and snowballing. The latter works by working through your debt list to pay off the debt with the lowest balance first, then work your way up to the highest balance.
This method is tempting because it lets you pay off debt quickly; however, if the credit card with the smallest balance doesn’t have the highest interest rate, it will cost you more than the stacking method.
The stacking method, also known as the debt avalanche method, focuses on interest rates rather than balances. With it, pay off the debt with the highest interest first, and then pay off the debt with the lowest interest.
This is the method Tally uses, and the most mathematically sound way to pay off debt.
3. Tally has free later protection
On most accounts, late fees are as high as $36. For obvious reasons, paying late fees is not a smart financial move. If for some reason you find yourself paying late fees in the past, or you just want to avoid doing so in the future, Tally will help you.
Tally’s credit line automatically pays you out if you don’t have enough balance when your payment is due. You’ll still have to pay back Tally later, but it’ll usually have a lower interest rate than your credit card. Plus, it saves you on late fees.
4. Tally will not negatively affect your credit score
For some people, their credit score is a prized possession, and so should you.
A high credit score can give you access to benefits you wouldn’t otherwise get. In the case of Tally, as mentioned above, your credit score determines your credit limit and Tally’s interest rate. If you know your credit score (preferably!), rest assured that Tally will not negatively affect your credit score.
When applying for a personal loan or balance transfer credit card, lenders often conduct strict checks. A hard check or deadlift can lower your credit score by a few points.
On the other hand, soft checks (as Tally does) will not negatively affect your credit score. Additionally, using tally effectively will help you lower your debt and thus reduce your credit utilization, which is the biggest factor in determining your credit score (low credit utilization means higher credit score).
So Tally doesn’t actually affect your score negatively, but positively!
5. Tally keeps your account safe (at least on the account side)
If you’re concerned about the security of your credit card and bank accounts associated with Tally, you shouldn’t. Tally utilizes bank-grade encryption to keep users safe.
Even scanning your card early in the setup process is 256-bit SSL encrypted.
So as long as you take standard safety precautions, you don’t have to worry about any safety issues with Tally.

Where is Tally Available?
The Tally app is available in the following US states, including:

Washington DC
New Mexico
New Jersey
New York
South Carolina
South Dakota
However, if you don’t reside in any of these states, you can still download the app and consider joining the waitlist.

What Credit Cards Work with Tally?
Tally supports consolidation of credit cards from a range of banks, including:

American Express
Bank of America
Capital One
Fifth Third Bank
First Bankcard
PNC Bank
U.S. Bank
Wells Fargo

Tally FAQ
How much credit score does Tally need?
To qualify for Tally, you must achieve a minimum of 660 on the FICO score.
Will Tally Affect Your Credit Score?
Tally will not affect your credit score. It uses a lower APR credit limit to pay off a high credit card APR, lowering your interest and maximizing your savings.
How do I repay Tally?
Every month, Tally sends you an email with a statement of the amount you should be billed. You pay directly to their account from your checking account.
Can I cancel the tally?
Absolutely! Simply contact Tally at (866) 50-TALLY or [email protected] to cancel your membership.
Will tally hurt your credit score?
While Tally will not affect your credit score, if you choose You Pay instead of Tally Pays and fail to pay your card issuer on time each month, your credit card score may be affected.
Tally uses your credit limit to repay or repay the card with the highest interest rate. This may take up to three business days.