The Fastest Way to Pay Off $8,000 in Credit Card DebtUpdated: April 10, 2018

Credit card debt is something most people try to avoid, but there are instances when you may find yourself owing a little more than you’d prefer. While you may think there’s no way out, there’s an easy way for you to rid yourself of the debt. To help you out, we put together a guide detailing the fastest way to pay off $8,000 in credit card debt. So, what’s the fastest way to rid yourself of $8,000 in debt? Transfer the balance to a card with a long 0% intro APR period. Don’t believe us? Keep reading to see how a balance transfer credit card can save you over $1,200! Also, check out our pick of the best balance transfer credit card.

Best balance transfer card: The Amex EveryDay Credit Card from American Express

The Fastest Way to Pay Off $8,000 in Credit Card DebtIf you want to avoid balance transfer fees and avoid interest while you pay down your credit card balance, the Amex EveryDay Credit Card from American Express (a NextAdvisor advertiser) is for you. This card has a 15-month 0% intro APR on balance transfers made within the first 60 days of account opening and a $0 balance transfer fee for transfers made in the same 60-day period. On top of that, cardholders will get a 15-month 0% intro APR on purchases and rewards on purchases they make with the card, which means it’s likely a card you’ll want to keep in your wallet long after the 0% intro APRs expire. When you spend $1,000 on purchases in the first 3 months of account opening, you’ll get a 10,000-point bonus! In terms of ongoing rewards, you’ll earn 2X points at U.S. supermarkets (up to $6,000 in purchases, then it’s 1% back) and 1X points on all other purchases. What’s more, when you use your card to make 20 or more purchases in a billing period, you’ll get 20% more points on those purchases. Earned points can be redeemed for travel, entertainment, dining, merchandise and online shopping. The Amex EveryDay Credit Card from American Express also has no annual fee and is available to those with good to excellent credit (usually considered a credit score of 700 or higher).

How a balance transfer credit card can save you money

As we’ve noted before, a balance transfer credit card is a great way for you to avoid interest. Here’s how it works: you transfer the balance from your high interest credit card to a new card with a 0% intro APR on balance transfers. By doing this, you’re given time to pay down the balance completely interest free! For example, the chart below compares how much you’d pay to rid yourself of $8,000 in debt by paying $500 a month with a card charging an 18% APR to how much you’d pay if you used a balance transfer credit card, like the Amex EveryDay Credit Card from American Express (featured above), which offers a 15-month 0% intro APR on balance transfers made in the first 60 days and no balance transfer fee for transfers made in the same 60-day period. As you can see, opting for the balance transfer credit card can save you $1,213 and pay off the balance 2 months early! While the Amex Everyday Credit Card’s 0% intro APR ends at month 15, you’d only pay $6 in interest (based on a 14.49% APR) for the final 2 months, as noted by our Balance Transfer Calculator, which is much cheaper than paying a 3% to 5% balance transfer fee.
The Fastest Way to Pay Off $8,000 in Credit Card Debt

Finding the right balance transfer credit card

Although you may think all balance transfer credit cards are the same, that couldn’t be further from the truth. That’s why it’s important for you to look at the card’s terms, including how long the 0% intro APR period is and how much the card’s balance transfer fee is (assuming there is one), to determine which card is right for you. Additionally, you’ll want to make sure the card you select has a different credit card issuer, as you can’t complete a balance transfer within the same bank. Lucky for you, we’ve done all of the legwork. Below are a list of the best balance transfer credit cards we review — and remember that our top-rated balance transfer credit card, the Amex EveryDay Credit Card from American Express is also detailed above. We also encourage you to enter your transfer amount, monthly payment amount and credit level into our free Balance Transfer Calculator to see a list of the perfect balance transfer credit card for you.

No-fee balance transfer card: BankAmericard Credit Card

The Fastest Way to Pay Off $8,000 in Credit Card DebtThose who want to avoid balance transfer fees will enjoy the BankAmericard Credit Card. This card offers a 15-month 0% intro APR on balance transfers made in the first 60 days, and it has a $0 intro balance transfer fee for transfers made in the same 60-day period (after that, it’s 3% or $10, whichever is greater). Cardholders can also avoid interest on purchases with the card’s 15-month 0% intro APR on purchases. Annual fees and penalty APRs are a thing of the past with the BankAmericard Credit Card, and you’ll get access to your TransUnion FICO credit score, which helps you keep track of your credit health. The BankAmericard Credit Card also requires good to excellent credit (usually considered a credit score of 700 or higher) to qualify.

Runner up: Chase Slate

The Fastest Way to Pay Off $8,000 in Credit Card DebtRounding out our picks of the best cards with no balance transfer fee is Chase Slate, which charges $0 balance transfer fee to cardholders who transfer a balance within the first 60 days of account opening (after that, it’s $5 or 5%, whichever is greater). Combine that with the card’s 15-month 0% intro APR on purchases and balance transfers, and you have one well-rounded balance transfer credit card. Other perks of Chase Slate, which is available to those with good to excellent credit (usually considered a credit score of 700 or higher), include no annual fee, no penalty APR and monthly updates to your Experian FICO credit score.

Longest 0% intro APR period: U.S. Bank Visa Platinum Card

The Fastest Way to Pay Off $8,000 in Credit Card DebtIf you don’t mind paying a balance transfer fee in exchange for a longer 0% intro APR, the U.S. Bank Visa Platinum Card is your best bet. This card offers an 18-month 0% intro APR on both purchases and balance transfers. While there is a balance transfer fee, it’s a reasonable 3% of each transfer (with a $5 minimum) and may still be worthwhile if you need the extra time to pay down the balance. In addition to no annual fee, U.S. Bank Visa Platinum Card has a unique perk — mobile protection. When you use your U.S. Bank Visa Platinum Card to pay your mobile phone bill, you’ll get up to $600 protection on your cell phone against covered damage or theft (subject to a $25 deductible). The U.S. Bank Visa Platinum Card requires excellent credit (usually considered a credit score of 750 or higher) to qualify.

Best for average credit: Discover it – 18 Month Balance Transfer Offer

The Fastest Way to Pay Off $8,000 in Credit Card DebtDo you have average to excellent credit (usually considered a credit score of 670 or higher)? If so, you’ll want to look into Discover it – 18 Month Balance Transfer Offer. This card offers a strong combination of balance transfer perks with cash back rewards. Kicking things off is an 18-month 0% intro APR on balance transfers (with a 3% balance transfer fee) and a 6-month 0% intro APR on purchases (after the intro APRs on purchases and balance transfers expire, the standard go-to rate applies). In terms of cash back rewards, you’ll earn 5% cash back on purchases made in categories that rotate each quarter you activate (up to the quarterly maximum, currently $1,500, in purchases, then it’s 1% back) as well as 1% back on all other purchases. What’s more, at the end of your first year as a cardholder, Discover will match all of the cash back you’ve earned. For example, if you’ve earned $400 back in the first year, Discover will match that to give you a total of $800 back! Other benefits of the Discover it – 18 Month Balance Transfer Offer include no annual fee, no foreign transaction fees and a whole host of added perks, including free identity theft protection alerts.

Not finding quite what you’re looking for? Visit our reviews of the best balance transfer credit cards to see some other options. Also, be sure to check out our free Balance Transfer Calculator to find the right card for your transfer amount, monthly payment and credit level.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.