Tally is launching its credit card debt payment app on Android this week — around one year after it debuted on iOS.
The app can handle every aspect of its users’ credit profiles, balances, cards, promotional rates and behavior, with advanced algorithms to help maximize savings and protect consumers from credit card interest and fees.
“When you combine powerful algorithms with the ability to do work on behalf of the customer, you can really help millions of people,” said Jason Brown, co-founder and CEO of Tally. “Whether credit card users carry balances or not, research has shown that they find managing their cards as stressful as awaiting major medical test results, and that’s not what credit cards should represent. At Tally, we believe credit cards should be empowering and more like a passport, not a burden, so we set out to provide a simpler, smarter way to manage them.”
Data shows that in 2016, the average cardholder had around $16,000 in credit card debt — about 11.7 percent of their total household debt. With an interest rate of 17 percent and a minimum monthly payment of $250, it would take 11 years to pay off the balance.
According to Venture Beat, Tally users can simply add their credit cards to the app by scanning them with their smartphone camera. If they have a credit score above 660, they’re offered a new line of credit at an interest rate between 7.9 and 19.9 percent per year, depending on various factors. Tally will make sure a payment is made at least two business days before the due date and refunds any late fees if a mistake occurs.
Last month, the company also launched Tally Advisor, which calculates when users will be debt-free by using their account income, spending, level of debt and current balances.
Right now, Tally is only available in Arkansas, California, Colorado, Florida, Illinois, Louisiana, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, Texas, Utah, Washington and Wisconsin, with plans to expand to all 50 states in the coming months.