Consolidate All Your Credit Cards. Pay Less Interest. Prosper.

Most of us suck at credit cards. This (free!) app does not.

By Kirk Miller

 
Tally
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21 June 2017

You, patriotic American shopper, most likely have 1) multiple credit cards and 2) multiple credit card debts.

Tally can ease your mind. A bit.

Recently launched, Tally (which, if you're worried about credentials, has raised quite a bit of money) scans your current credit cards and, if you have good credit, gives you an additional line of a credit which allows you to save money on credit card interest, avoid late fees and/or pay down balances faster.

Basically, you’re now making a single lower-interest payment on your credit cards each month as opposed to multiple, higher-interest payments, and you're doing so automatically so you won’t have a late fee. All without disrupting your credit rating.

And you can still use your multiple credit cards for purchases and rewards.

Tally’s line of credit can only be used to pay back credit cards. The app can also see if you qualify for lower APRs on your current cards and offer behavioral suggestions based on your credit/purchase history.

Now, the caveats: The only way the app is functional is by actually opening a line of credit with Tally. And it’s only for people with ... good credit.

“It is a common misconception that credit card debt is primarily a concern for people with lower credit scores,” says Tally CEO Jason Brown. “The vast majority of credit card balances in the U.S. are held by people with good and excellent credit. It isn’t talked about because credit card debt has a lot of stigmas attached, and these individuals feel a lot of anxiety when dealing with their cards.”

So this isn’t the end to your debt, but it could be a way to safely consolidate your credit cards into one easier payment.

Tally is free for iOS.

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