How Tally built a business around saving people money

We’re big fans of credit cards.

There’s a lot to love: Free flights, cash back and balance transfers, to name a few.

But there’s just as much about credit cards not to love. With unfair APRs and countless fees, credit cards can quickly become a money pit. Most Americans carry at least a few cards in their wallets, meaning they’re getting hit multiple times with interest and fees. The American with credit card debt pays an average of $2,630 in interest alone each year, according to a NerdWallet study.

Even if you’re a spreadsheet whiz (and most people aren’t), it’s not easy to manage multiple credit cards and avoid getting bogged down by interest and fees. With Tally, it is easy. We keep track of all your due dates, minimums and APRs. We automatically calculate the smartest way to pay all your cards so you don’t have to.

From the beginning, we decided Tally should be free. No annual fees, origination fees, prepayment fees, balance transfer fees, late fees or over-limit fees. Unlike credit cards, our bottom line doesn’t depend on squeezing customers for their every last penny. Instead, Tally is designed to help people take back control of their credit cards so they can save more.

We realize this sounds like there has to be a catch. If our product is free, how do we make money? Since lack of transparency surrounding credit cards was the entire reason that inspired us to create Tally, we strive to be as transparent as possible with our own business model. Here are more details on what we charge.

We only make money if we can save you money

Here’s how Tally works: we manage all of your credit cards for you. We make sure you never get charged late fees and prioritize cards with higher APRs. Tell us how much you want to put towards credit card payments each month, and we’ll take care of the hard work. You just pay us once a month.

Taking advantage of Tally requires getting a line of credit with us. If you don’t have enough to cover your cards one month, your Tally credit line kicks in. We make money by charging interest on the amount you borrow from us.

We aim to keep interest rates as low and fair as possible. There’s a strong chance your Tally interest rate will be much lower than your credit card APRs and if it isn’t we will only make payments when we can save you from paying a late fee.

With Tally on your side, you can chip away at those credit card balances and start building your savings faster than ever. Take control of your credit cards — not the other way around.