How Tally works
When you register your cards with us, we monitor your balances, APRs and due dates for you. We make sure you never miss a payment, and we’ll calculate the smartest way to save you on interest across all your cards.
Tally is free to download, and we don’t charge any fees to use the app. In order to get the benefits of Tally, you will 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 2019) Tally makes money by charging interest on the amount you borrow from us. We only make money if we can save you money, and that’s it. There’s no annual fee, no origination fee, no prepayment fee, no balance transfer fee, no late fee, no over-limit fee, nada. Like you, we hate hidden fees.
We send payments at least two (2) business days before your card’s due date to ensure payment arrives on time.
Tally is currently available in the following states: 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. We are adding new states on a regular basis.
You can download Tally now, and when you enter your address you will be able to join our waitlist. We will then notify you when we come to your state!
This is a good thing. Issuers usually won’t charge you interest as long as you pay your statement balance in full every month. If you always pay in full, Tally won’t be able to save you money on interest charges. To save the most money, we recommend setting these cards to “You Pay” and disabling Tally’s Late Fee Protection if you have a good track record of paying on time.
If you know you won’t be able to pay off your statement balance in full, set your card to “Tally Pays.” We’ll take care of your payments.
This is an option where Tally pays your cards each month using your Tally credit line. You receive one bill for all the cards that Tally pays, then repay Tally every month.
Even if you’ve used your entire Tally credit line, we never charge over-limit fees. We’ll take care of any card that is set to Tally Pays, so you only need to worry about paying Tally back once a month.
This is an option where you manage the payments to your cards. Tally will remind you to pay these cards a few business days before your due date. You can pay through the Tally app from your linked checking account directly to your card. You can also pay directly from your credit card issuer’s app or website. When you make a payment from your checking account to your credit card in the Tally app, we show you an estimated date of payment arrival.
If you decide to pay through your credit card issuer’s app or website, we recommend paying seven (7) business days before your due date. You can also disable Tally’s Late Fee Protection to avoid double payments, in case we don’t detect your payment in time.
You can still add your cards to the Tally app. There aren’t any savings on interest, but you’ll have the benefit of easy, consolidated credit card management. If you add a well-managed card to Tally, it should be set to You Pay. You’re also automatically enrolled in Tally’s late fee protection, where you can enjoy freedom from late fees.
When you sign up for Tally, all registered credit cards are automatically enrolled in Tally’s late fee protection. A few business days before your due date, Tally scans your cards (even cards set to You Pay) to see if you’ve made a payment that satisfies at least your minimum amount due. If Tally hasn’t detected a payment by you, Tally will make the minimum payment on your behalf, using your Tally credit line, to prevent you from being charged a late fee.
We ask that you pay us back this minimum amount, plus any interest accrued, by your next Tally due date. You can disable this option at any time by unchecking the box next to “late fee protection” within the You Pay payment preference.
To calculate this average, we 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.
Tally monitors the balances, APRs, and due dates on each card you register. Tally’s smart technology will determine which cards to pay first, based on factors such as APRs and utilization. If you have cards with a lower APR than your Tally credit line, only minimum payments will be made to those cards to make sure you won’t be charged late fees. You can disable Tally’s Late Fee Protection at any time.
As long as you keep your account in good standing with Tally, we’ll advance you money to pay at least the minimum amount due to all your cards. We also never charge you over-limit fees. All we ask is that you pay back these advances by your next Tally due date. This way, you only need to worry about paying Tally back once a month.
Tally offers a revolving line of credit. As you pay Tally back and clear up enough of your Tally credit line, our algorithm determines what the optimal amount is to pay on all your cards to help save you the most on interest and fees. Our goal at Tally is to let you sit back while Tally makes the hard decisions.
For any card set to Tally Pays, we recommend turning off autopay with your credit card issuer. Going forward, Tally will take care of the payments to these cards. For any card set to You Pay, you can keep autopay on with your credit card issuer, but please make sure to disable Tally’s Late Fee Protection.
If you have any issues making a payment, we can work it out together. Contact us at (866) 50-TALLY or firstname.lastname@example.org. As a reminder, we will stop paying your cards for you, so you’ll have to manage your cards on your own until you get back on track with Tally.
See more in our Terms and Conditions page.
We need you to maintain up-to-date information on all your registered credit cards and payment accounts. In order to monitor your cards and allow you to make payments to Tally, we need to have updated card numbers, checking account numbers and routing numbers on file. We’ll notify you if something looks incorrect with your account on our end, but it’s your responsibility to promptly notify us if any card or checking account information is changed.
You’re also required to let us know when your account information changes. This includes, but is not limited to, your email address, mailing address and phone number associated with your Tally account. If there’s any change in your account information, contact us at (866) 50-TALLY or email@example.com.
We email you a statement every month with the amount you must pay. You can pay anytime directly in the Tally app from your linked checking account. All payments are due by 5 p.m. Pacific Standard Time on your due date.
Billing and Payments
Your first payment is due approximately one month after activating your account. We’ll send you an email two weeks after activation with a link where you can download your statement, which shows you all the activity on your account and the amount due. If you’d like to know the exact due date of your first Tally payment, check your welcome email from Tally with the subject line: “It’s here. Your Tally account is ready.”
We require you to pay a monthly amount based on how much you borrow from Tally. First, we ask you to repay the minimum payments we made to your credit cards that month. Then, we ask you to pay interest based on your APR. Finally, we ask you to repay 1 percent of the total amount you borrowed from us to ensure you’re making progress toward paying down your Tally balance. Your minimum payment will be at least $25 unless your balance is below $25.
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.
Absolutely! You can pay up to your current Tally balance. You must pay Tally back at least the minimum, but we always recommend more if you’re able. Paying more than the minimum helps clear up more of your credit line to continue making optimized payments to your cards to help you pay down your balances faster.
If you made a payment to Tally before your statement closed, your payment will count toward decreasing your principal balance with Tally. As long as you still have a balance with Tally, you will always have a minimum amount due after your statement closes. If you want your payment to satisfy your minimum amount due, we recommend making the payment after you receive your statement.
Currently, the best way to pay is through your Tally app. We’ll send you reminders as your due date approaches, and you can make payments anytime. As long as you submit your payment by 5 p.m. Pacific Standard Time, it will be applied on the same day; otherwise, it will apply by the next business day.
If you’d like to enroll in our Tally autopay beta program, contact us at (866) 50-TALLY or firstname.lastname@example.org. We are constantly adding new features to help you manage your account, so check back for enhanced payment options.
When you make a payment from your checking account to your credit card in the Tally app, we show you an estimated date of payment arrival. This is usually four to six (4-6) business days later because we must wait for the bank to confirm the payment before we can send the payment to your card. If you need your payment to arrive sooner, we recommend paying the credit card issuer directly.
Payments that Tally makes from your line of credit generally take two to three (2-3) business days before they’re reflected in your credit card account.
You should be able to see your updated credit card balance in the app within two to three (2-3) business days. Any transaction made directly through your bank app will not show up under the Tally transactions tab.
To live up to our Late Fee Protection promise, we must make a minimum payment on your behalf a few days business days before your due date if we haven’t detected a payment. If you have autopay, we recommend changing your autopay date to seven (7) business days before your statement due date. Otherwise, we recommend disabling Tally’s Late Fee Protection.
Contact us at (866) 50-TALLY or email@example.com before 5 p.m. Pacific Standard Time of the same day you receive the notification we are making a payment.
Contact us at (866) 50-TALLY or firstname.lastname@example.org. Payments submitted before 5 p.m. Pacific Time are scheduled to be applied to your account that day, so you have until then to let us know you want to cancel a payment. If you submit a payment after the deadline, you have until 5 p.m. the next day to cancel.
It’s very important to keep your card information up to date so Tally works properly. Go to the Cards tab in the app and tap on the card that was modified. You can then relink your card to Tally. If you are experiencing any issues, please contact us at (866) 50-TALLY or email@example.com.
We can help you with this. Call us at (866) 50-TALLY.
Provide us with the new card information at (866) 50-TALLY.
Please contact us at (866) 50-TALLY or firstname.lastname@example.org, and we can help you with this.
Tally relies on the current information from your issuers to determine when and how much it pays. If you think there’s an error with your card statements or you are actively disputing a charge, please let us know. Contact us at (866) 50-TALLY or email@example.com. We can’t get involved on your behalf or otherwise interfere with your cardholder rights, but we do need to know if a bill is incorrect so we don’t overpay.
Contact us at (866) 50-TALLY or firstname.lastname@example.org.