7:39 AM
Meet Tally
Your personal credit card optimizerFrom inflated APRs to late fees, credit cards are designed to make money off us. Tally is the first app that helps you fight back—potentially saving you hundreds. Just keep using your cards like normal, and let Tally work in the background to find you savings.
In an age where there is app for everything, managing all your credit cards in one place was an inevitable app. The new Tally app promises to do that and more. Just how much it actually does is still a bit of a secret as the app is only available on limited release.
What we do know from Mashable.com is that the app will be a financial tool that if configured correctly and if it works without any errors, it should:
There's a lot to like about Tally, but at its core, the app still operates much like a credit card company combined with a financial manager.Tally tracks your accounts and then figures out the best way to pay off your credit cards. Users have to apply and get a line of credit from the company. You pay Tally, Tally pays the credit card companies"
The Major Concerns:
- Identity theft. This app will have access to every single one of your credit cards and the ability to access them. In the event of a massive security breach, every Tally user will have all of their credit card information exposed. In the event your phone is stolen, you may have all of your credit card information exposed. Big risks.
- Monthly payments not made on time. What happens if the app has a some sort of problem, whether at the software, data-server, connectivity, or even device-specific problem and NONE of your payments are made. What if you don't notice until after three months, when your credit card companies start calling. You will then have to go to Credit Repair to fix a problem that you did not cause. Who is going to pay for that? Who is going to pay for your late fees, fines, etc?
- Bad artificial intelligence. We are assuming that the app will be smarter than us at managing debt, allowing it to pay off higher interest (APR) cards quickly. What happens when the app makes mistakes, like paying off a card that is at 0% APR, or transfers debt over to a card that has a limited time 0% APR with a much higher APR after that?
Here are the bullet points for the new Tally App
Add your credit cards to Tally Tally analyzes your cards and credit history. If you’re approved for a Tally Credit Line, the app starts managing your cards and pays off any higher APR balances up to your limit. Each month Tally optimizes your payments Instead of paying your cards directly, let Tally automatically pay your cards so you don't get overcharged or miss a payment. All you do is pay Tally. Manage your cards in one place Easily track your savings, update your preferences, and see when Tally makes payments to your credit cards.
To learn more about the Tally app visit:
Mashable: http://mashable.com/2016/05/29/tally-credit-card-app/#39UtD5HXkuqY
Tally: http:www/meettally.com
