When it comes time to pay off your credit cards, knowing which ones to pay off first can seem like solving a Rubik's cube. Should you pay off the one with the highest interest first? Should you pay off the one with the lowest balance first?
Generally speaking, it's better to pay off cards that have higher interest rates because it's better for your bottom line. However, paying this card's balance off all at once can take a massive chunk out of your bank account. Another way of paying off several cards is to attack the cards with the smallest balance first. The advantage of this tactic is you can see progress quickly, even if the cards are not costing you much in interest each month.
Either way, life would be much easier if you just didn't have to decide. That's where Tally comes in. Meet Tally is a credit card payment organizer that will make tough calls for you.
What is Meet Tally?
Tally is a mobile app (currently available for Android and iPhone) that manages your credit card payments. In short, Tally collects information from your credit card score, different cards you have, and different lenders. It figures out which cards have the highest APRs and uses a Tally line of credit with a lower APR to help you save money and pay down your credit cards faster. And if you have excellent credit, you may be eligible for Tally's line of credit. We'll go further into that later.
Depending on your credit history, your interest rate with Tally will range between 7.9-19.9% per year and can change with the Prime rate. This primarily builds up your credit into one low-APR line, which pays down your credit cards.
Tally does more than just pay off credit cards. They keep track of your payment schedule to make sure there are no missed or late payments. Plus, if your credit card has higher interest charges than Tally's, you'll end up saving on interest by using Tally's interest rates.
How does Meet Tally work?
Once you get approved, Tally gives you a line of credit. The amount of credit isn't unlimited and depends on your current financial situation. All you need to do is set your credit cards to “Tally Pays,” and you no longer make payments directly to credit card companies yourself. Instead, you pay your Tally line of credit, which connects to your checking account.
There are two options for adding credit cards into Tally. Firstly, you can enter the information by hand. Even easier, you can scan the cards from your phone's camera by allowing camera access on the Tally app. You'll enter the usernames and passwords for each card.
Tally uses smart technology to determine which cards to pay first, based on factors such as APR and utilization.
You only need to make one payment to Tally per month, so there are funds in your line of credit. Using this line of credit, Tally will direct payments to the highest APR cards while lowering the interest of other cards.
What if you don't have enough in your credit line for Tally to make the minimum payment on your cards? You can ask for an advance. You won't be charged over-limit fees, but will be expected to pay the advance balance when you make your payment to Tally next month.
Tally ensures your cards get paid on-time by making payments at least 2 days before they are due.
Meet Tally Features
Along with the main feature of managing credit cards, as well as the line of credit, Tally offers other essential services to help credit users in different aspects.
Tally uses something called Tally Advisor to track credit card debt. Think of it like a robo-advisor. It creates a personalized plan by analyzing your balances, payment due dates, and interest. Not only will it track your debt, but it also tracks your spending behavior. Your monthly recommendation changes based on your spending habits.
Tally Advisor also lets you set new credit card payment goals every month. You can see a real-time timeline of when you'll be debt-free if you keep your payments up. You can motivate yourself by adjusting the payments and view your calendar before you commit to the monthly payment amount.
Late Fee Protection
There's not much worst than not having enough to pay your minimum balance, then getting hit with a late fee. Tally automatically enrolls every credit card you register into their late fee protection program. If you don't have the money to save yourself from the late fee, Tally will advance you the money. The advance given will be put on your Tally monthly payment for the next month.
Save Money on Interest
The average credit card interest rate is 19.02% for new offers and 15.10% for existing accounts. As for APR, the average percentage rate is 18.20%!
Considering these crazy fees, Tally offers excellent APR at 7.9%-25.9% per year. Of course, what you pay will depend on your credit history. However, if you pay the lowest rate, you could save almost 10%.
In addition to paying your credit cards, Tally will automatically transfer savings from your checking account to an FDIC-insured savings account. All you need to do is set up how much you want to save each month, and Tally will take care of it for you.
If you've tried automatic savings apps before, you know they'll take a percentage of the money transferred. Tally offers this service for free!
Did you know you can get rewards for saving? Tally has a rewards program that will give you points for saving or doing other good actions. You can redeem these points for gift cards or give them to charitable causes.
Meet Tally user requirements
To qualify for a credit line with Tally, you currently need at least a 660 FICO score. Tally will also take into consideration other aspects of your credit profile. Don't worry; it's a soft credit check so it won't affect your credit score.
Where is Meet Tally available?
Meet Tally is currently available in the following states: Arizona, Arkansas, California, Colorado, Connecticut, Washington DC, Florida, Georgia, Illinois, Idaho, Iowa, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Mexico, New Jersey, New York, Ohio, Oregon, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, and Wisconsin.
If your state isn't available, you can download the Tally app anyways and be added to the waitlist to be notified when Tally comes to your state.
Juggling credit cards can be a headache, so why not let Meet Tally do it for you?
Missing a credit card payment can really hurt your credit score. As we learned in this Meet Tally review, the app will sort it out for you. This means you'll never miss a payment. You'll also save on money by having Tally make the best, most economical decisions for you.