The Fastest Way to Pay Off $8,000 in Credit Card DebtUpdated: Oct. 11, 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 $975! Also, check out our pick of the best balance transfer credit card.

Wells Fargo Platinum Visa Card

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 Wells Fargo Platinum Visa Card is for you. This card has an 18-month 0% intro APR on balance transfers and charges a 3% intro balance transfer fee for the first 18 months (then it’s 5%). Even though the Wells Fargo Platinum Visa Card has a balance transfer fee, you’ll still come out money-ahead, which we explain below. Additionally, cardholders will get an 18-month 0% intro APR on purchases. The Wells Fargo Platinum Visa Card has no annual fee, provides cardholders with a free FICO credit score and is available to those with good to excellent credit (usually considered a credit score of 700 or higher). What’s more, when you use your Wells Fargo Platinum Visa Card to pay your monthly cell phone bill, you’ll get up to $600 mobile protection against covered damage and theft (with a $25 deductible per claim and a maximum of 2 claims per year).

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 Wells Fargo Platinum Visa Card (featured above), which offers an 18-month 0% intro APR on balance transfers and charges a 3% intro balance transfer fee for 18 months (then it’s 5%). As you can see, opting for the balance transfer credit card can save you $977.25 and pay off the balance 2 months earlier! That savings even includes the 3% balance transfer fee, which only brings the total balance to $8,240. By opting for the Wells Fargo Platinum Visa Card, you will not only save money, but also pay off your balance 2 months earlier than you would with a card charging an 18% APR, as noted by our Balance Transfer Calculator.
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 this top-rated balance transfer credit card, the Wells Fargo Platinum Visa Card 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.

Longest 0% intro APR period: Citi Simplicity Card – No Late Fees Ever

The Fastest Way to Pay Off $8,000 in Credit Card DebtWith the longest 0% intro APR we’ve seen on balance transfers, the Citi Simplicity Card (a NextAdvisor advertiser) is definitely worth considering. This card offers a 21-month 0% intro APR on balance transfers. While there is a balance transfer fee of 5% of each transfer (with a $5 minimum), it may still be worthwhile if you need the extra time to pay down the balance. The Citi Simplicity Card also offers a 12-month 0% intro APR on purchases. As if that isn’t enough, the card provides cardholders with free FICO scores every month and it no annual fee, no late fees and no penalty APR. The Citi Simplicity Card requires good to excellent credit (usually considered a credit score of 700 or higher) to qualify.

Best for average credit: Discover it Balance Transfer

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 the Discover it Balance Transfer card. 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 Balance Transfer card 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.