Are you overpaying on your credit cards?

Use our Debt Calculator to find out!

Tally's Debt Calculator is the easiest way to discover how much you could save on your current credit card balances with a Tally line of credit. Unlock your financial future in just 90 seconds!

My credit score is

My credit card has a balance
of $ at % APR
Last month, I collectively paid
$ toward these cards.

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Calculated savings and payoff timing are only estimates, based on the information you entered.

Nashlia Nahla
I really really love it... I paid off my credit cards and save tun of money due to the low interest rate tally offer. I def recommend.

Credit Card Debt Payoff Calculator


Debt happens, but it doesn’t have to last forever. First and foremost, you need to know exactly how much you owe and how long it’ll take to pay it off—that’s where our credit card debt calculator comes in handy. Tally’s debt calculator enables you to see exactly how much debt you have and then helps you to formulate a plan to tackle it!

How to Use the Tally Debt Payoff Calculator


Tally’s debt payment calculator simplifies one of life’s biggest pain points: understanding, creating, and executing a debt repayment plan. Our debt calculator determines your present financial situation—and potential future outcomes—based on your answers to a few simple questions:

  • Your credit score – Let us know what range you’re in so we can determine if you’re eligible for a Tally line of credit—and the savings that come with it.
  • Your current credit card balance and APR – Understanding your future options requires a complete picture of your present circumstances. Enter the current balance and APR for each of your credit cards so our debt calculator can run the numbers for you.
  • Your last monthly payment – We approximate your debt-free timeline based on your previous repayment amounts.

Our payoff calculator compares your current credit card interest rates and repayment timing with Tally’s solutions to show you a better option—it’s your own financial roadmap.

Understanding Your Results


Tally’s debt payoff calculator gives you a sense of how much time and money you could save paying off your credit cards. Our estimates are based on:


Your current reality: your interest rates and payoff timing if you continue down this road


Your potential future: your interest rates and payoff timing if you make the switch to a Tally line of credit


Enjoy the dual-pronged benefits of Tally based on your calculated results:

  • Save more! Tally can cut your credit card APR/Interest Rate by up to 47%1.

In what way? Tally’s debt calculations are based on the average APR on a Tally line of credit—which is generally going to be lower than the APR on your current credit cards. With Tally’s low-interest line of credit, you could see an average lifetime savings of $5,3002.

  • Get out of debt sooner! Tally can help you get out of debt up to twice as fast3.

How so? With lower monthly payments, less accumulated total interest, and an aggressive debt-repayment strategy, we help shave off more of your credit card debt every single month until you emerge debt-free. And, Tally lets you know just how soon that could be.

When Will I Be Out of Debt?


The results of our credit card payoff calculator can give you some sense of a debt-payoff roadmap. But you’re still the one in the driver’s seat. How soon you’ll be debt-free depends on the actions that you’re willing to take and just how quickly you take them. It also depends on your:

  • Actual credit card balances and APRs
  • Ongoing credit card usage
  • Monthly debt payments

While getting out of debt can be a challenge, it’s certainly possible to get there—and do so faster—with a Tally line of credit and Tally APR. As an approved user of these Tally tools and solutions, you’ll set yourself up for successful debt repayment.

Mastering the Ins & Outs of Debt Terminology


Credit Card Balance – This is the total dollar amount you owe to a credit card company. You might have multiple different balances if you have multiple credit cards.

Balance Transfer – Like transferring money from your chequing account to savings, a balance transfer is a credit card transaction that moves your debt from one account to another—oftentimes, to one with a lower interest rate.

Debt Consolidation – This combines multiple—usually high-interest—debts into a single payment, sometimes with a lower interest rate.

Utilization Ratio – Also called your credit utilization rate, this is your current credit debt—how much you are currently borrowing—divided by your total available credit—the maximum amount you could borrow.

Minimum Payment / Monthly Payment – Your minimum monthly payment is the absolute least amount of money you can pay towards your credit debt while remaining in good standing with the credit card company.

Current Balance – Much like your credit card balance, this is the total amount you owe on your account, minus pending interest charges.

Credit Limit – This refers to the maximum amount you can borrow from—and therefore, owe to—your credit card company before being penalized.

Interest Rate / Interest Charge – Your interest rate is the percentage you’ll be charged for borrowing money. Your interest charge, then, is the actual amount you owe the credit card company, based on your interest rate and the amount of money you’ve borrowed.

APR – Similar to your interest rate, your Annual Percentage Rate is the cost of borrowing money—the percentage you’ll be charged—plus additional costs and service fees.

Credit Score – This is a number assigned to you as an evaluation of your capacity to return borrowed money and an indication of your future creditworthiness. A high credit score is earned by making prompt debt repayments on credit cards and other loans.

1 The average APR for Tally borrowers is 16%. The stated estimates reflect APR/interest rate reductions for an appreciable number (at least 10%) of line of credit users. We calculated the APR/interest rate reduction in December of 2020 based on Tally’s records for borrowers who enrolled in Tally from November 2018 through October 2020. We compared the average APR for each user’s credit cards with the APR offered in the Tally line of credit and computed a simple average across all users. Cards with missing and/or invalid APR data were excluded. To get benefits of a Tally line of credit, you must qualify for and accept a Tally line of credit. The APR (which is the same as your interest rate) will be between 7.9% – 25.9% per year, and will be based on your credit history. The APR will vary with the market based on the Prime Rate.

2 We calculated this average in May 2019 and compared the interest users would pay with and without Tally. We evaluated users with a Tally line of credit between 11/2017 and 02/2019 and assumed they stay Tally users until their Tally and credit card balances are fully repaid. We excluded delinquent users, users who did not use Tally’s line of credit, and credit cards with APRs lower than the Tally APR (since Tally wouldn’t pay those cards, except for late fee protection). For each user, we assumed 1) an average APR weighted by the user’s initial credit card balances and APRs; 2) an average monthly payment based on the user’s payment history while using Tally, and 3) an average monthly credit card spend based on the user’s spend while using Tally.

3  50% of Tally users can get out of debt 3 years, or 47%, faster with Tally. The stated estimates reflect potential time to pay off debt for an appreciable number (at least 10%) of line of credit users. We calculated the estimates in December 2020 based on Tally’s records for borrowers who enrolled in Tally from November 2018 through October 2020. We compared how long it would take for a user to pay off their credit card debt with and without Tally, using for each borrower: (a) their average APR weighted by their initial credit card balances and APRs; (b) an average monthly payment of 3% of their credit card balance(s); and (c) average monthly credit card transactions of 0.8% of their credit card balance(s). We excluded credit cards with APRs lower than the Tally APRs since Tally wouldn’t make payments to those cards, except for late fee protection. Actual pay off rates will vary based on factors such as each user’s credit card APRs, the total payments made, and additional credit card charges.

To get the benefits of a Tally line of credit, you must qualify for and accept a Tally line of credit. The APR (which is the same as your interest rate) will be between 7.9% – 25.9% per year, and will be based on your credit history. The APR will vary with the market based on the Prime Rate.

How does Tally work?

How does Tally work?

Tally can help you save money immediately on your high-interest credit cards and get you out of debt faster. If you qualify, we give you a credit line with a low interest rate and use it to pay off your cards. We manage all your credit cards for you. All you have to do is make one easy payment to Tally every month.

Do I qualify for Tally?

You must be 18 years old and live in a state where Tally is available. You must also have a FICO Score of 660 or higher to use Tally. We perform a soft credit check when you sign up for Tally, which means you can apply without hurting your credit score.

How much does Tally cost?

Tally is free to download, and we don’t charge any fees to use the app. To get the benefits of Tally, you’ll need to qualify for and get a Tally credit line. Depending on your credit history, your APR (which is the same as your interest rate) will be between 7.9% - 25.9% per year. And similar to credit card APRs, it will vary with the market based on the Prime Rate. (This information is accurate as of May 2020.) We make money by charging interest on your credit line — and we only make money if we can save you money.

How does Tally calculate interest?

We use the Daily Balance Method. First, we calculate your interest charge each day, multiplying your Daily Balance by your Daily Periodic Rate. (Your Daily Periodic Rate is your APR divided by the number of days in the year). Then, we add up all the daily interest charges in your billing cycle to get your total interest charge for the statement period. To calculate your Daily Balance, we take the beginning balance each day, add any new transactions made that day and subtract any payments or credits made that day. Unlike most credit cards, we don’t compound interest daily — you are only charged interest on what you borrow.

How does Tally pay my credit cards?

Tally monitors the balances, APRs and due dates on each card you register. Then, Tally uses your credit line to pay your cards in the way that will save you the most money. Payments are sent at least two (2) business days before your card’s due date to ensure payment arrives on time.

How do I pay back Tally?

You receive an emailed statement every month with the amount you must pay. You can pay anytime directly in the Tally app from your linked checking account.