Tally Automates Credit Card Management to Replace Consumer Stress with Confidence

SAN FRANCISCO–([1])–Tally[2],
the app that helps pay and organize your credit cards, announced today
that it has launched. Tally’s goal is to automate consumers’ financial
lives, beginning with what according to the Consumer Financial
Protection Bureau (CFPB) is the largest and most complex market of any
financial product:1 credit cards. Tally handles every
permutation of users’ credit profiles, balances, cards, promotional
rates and behavior, with advanced algorithms to help maximize their
savings and protect them from credit card interest costs 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.”

The vast majority of consumers who carry credit card balances experience
“moderate” to “severe” anxiety managing their credit cards, according to
April 2017 research by Tally. However, the stress doesn’t end there,
with more than a quarter of consumers who do not carry balances
reporting the same emotions. There is more than $1 trillion of consumer
credit card debt in U.S.,2 and one of the most common ways
people try to deal with it is through consolidation. However, these
solutions aren’t helping. Nearly 70 percent of people who transferred
balances or consolidated debt are in the same or worse position than
they were in three years ago3—and 71 percent of those
respondents feel more stressed than before.

“After months in Beta with great results, we’re thrilled Tally is
expanding to help more customers across the country. Tally addresses a
huge need from stressed customers who want to enjoy the freedom of
credit cards, but with less anxiety, fees and credit risk,” said Aileen
Lee, founder and partner of Cowboy Ventures. “Tally’s outstanding team
is combining world-class technology with an easy-to-use experience that
will help millions of customers who use credit cards.”

Tally is now available to residents in California, Florida, Illinois,
Ohio, Massachusetts, New York, Texas and Wisconsin, which constitute
half of all U.S. consumers. Tally will be available to more than
two-thirds of U.S. consumers before the end of 2017.

About Tally

Tally[3]
is a smarter way to manage your credit cards and a faster way to pay
your balance, replacing credit card-induced stress with confidence.
Balance or no balance, the credit card industry is notoriously
confusing. Tally’s app applies an advanced algorithm to make the right
payment, to the right card, at the right time, helping you make the most
financially optimal decision and pay down your balances as efficiently
as possible. Credit cards should be empowering—a passport, not a burden.
Tally wants to help automate your financial life, starting with managing
your credit cards.

1http://files.consumerfinance.gov/f/201512_cfpb_report-the-consumer-credit-card-market.pdf[4]

2https://www.wsj.com/articles/the-nations-credit-card-tab-hits-1-trillion-1491593929[5]

3https://www.dropbox.com/s/pktq9d34f7mipve/Tally-Study-Transfer-Trap.pdf?dl=0[6]

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