Three simple ways to crush your debt in 2019

The holiday spending blitz is in the rear-view mirror.

Whether you kept your purchases in check or went way over-budget, the horizon in 2019 is filled with big plans and plenty of opportunity.

But where do you start?

We want you to maximize your savings and crush your debt this year. So, we came up with a few simple ways to get the most out of Tally.

1. Set your cards to Tally Pays

Tally has two payment preferences for your credit cards: Tally Pays and You Pay.

When a credit card is set to Tally Pays, we use your Tally line of credit to pay down the card every month. Tally Pays gives you the benefit of a lower APR, plus the peace of mind that comes with Tally's late fee protection.

Tally always makes at least the minimum payment to any card set to Tally Pays, even if you’ve reached the limit on your Tally line of credit. There’s no fee for being above your Tally limit.

All we ask is that you pay back all of the minimum payments we make on your behalf on your next statement. And as you pay Tally back, we continue sending more money to your cards set to Tally Pays to save you as much money as possible.

When a credit card is set to You Pay, you’re responsible for paying down the card every month. We still remind you when and how much to pay, and you can make payments from your checking account through the Tally app.

Tally always makes at least the minimum payment to any card set to Tally Pays, even if you’ve reached the limit on your Tally line of credit.

If you forget to make a payment on a You Pay card, Tally uses your Tally line of credit to pay the unpaid minimum 2-3 business days before the due date. Tally’s late fee protection guarantees you never miss a payment.

If you don’t want Tally to make payments to a You Pay card, you can disable the late fee protection in the app. (Go to the Cards tab at the bottom of the home screen. Tap on the card you’d like to update. Go to Payment Preference. Uncheck the box.)

2. Pay more than the minimum

Paying more than the minimum is one of the best ways to get out of credit card debt. It helps free up more of your Tally line of credit, which allows us to continue making optimized payments to your cards.

In fact, people who pay more than the minimum with Tally, on average, reduce their debt by 20% in the first 3 months!

We know this isn’t always possible. Your cash flow can change on a month-to-month basis, and paying more than the minimum on your credit card balance can be tough.

But paying as much as you can every month (even if it’s not particularly enjoyable) can save you money in the long run.

3. Refer a friend (and get $20)

When your refer a friend to Tally, each of you gets a $20 Amazon gift card once their account is activated.

To receive a $20 Amazon gift card, your friends must use the link you share with them. The link is available in the Tally app. (Go to the Account tab at the bottom of the home screen. Scroll down to Referrals. Tap on Invite friends.)

People who pay more than the minimum with Tally, on average, reduce their debt by 20% in the first 3 months.

Your friends with an existing Tally account are ineligible to receive the referral, but they can still refer other people, too. They must also live in one of the states where Tally is currently available.

The $20 Amazon gift card is usually received within 30 days of referral. There’s a $5,000 cap on referrals each calendar year.

Every little bit helps, and by saving the money you would've otherwise spent, you'll be on your way to debt-free.

So remember: Set your cards to Tally Pays, try to pay more than the minimum and refer a friend to Tally and get $20!