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Paying back credit card debt is a lot harder as it gets larger. If your total credit card balances are $25,000 or higher, they'll go up by hundreds of dollars every month because of interest. And it could cost you $500 or more just to make minimum payments.
We've outlined the steps for a good debt repayment strategy to speed up the process and help you save on interest.
Pay off credit card debt with balance transfers
The most cost-effective way to pay off credit card debt is with balance transfers. Here are the steps to follow:
Apply for a balance transfer credit card.
Transfer as many credit card balances as you can to the new balance transfer card. Start with the ones that have the highest interest rates.
Pay as much as you can toward your balance transfer card every month until it's paid off.
Apply for another balance transfer card and repeat the process.
Compare expert picks for the best balance transfer cards
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Good/Excellent (670-850)
Credit Rating Requirement:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Fair to Excellent (580-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Fair to Excellent (580-850)
Welcome Offer:
N/A
Welcome Offer:
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
$200
Rewards Program:
N/A
Rewards Program:
Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, a special travel offer, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25.
2% cash back
Intro APR:
0% intro APR for 21 months from account opening on purchases and qualifying balance transfers
Purchases: 0% intro APR, 21 months from account opening
Balance Transfers: 0% intro APR, 21 months from account opening on qualifying balance transfers
Intro APR:
Purchases: N/A
Balance Transfers: 0%, 18 months on Balance Transfers
Regular APR:
17.24%, 23.74%, or 28.99% Variable APR
Regular APR:
18.24% - 28.24% (Variable)
Annual Fee:
$0
Annual Fee:
N/A
$0
Highlights:
Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.24%, 23.74%, or 28.99% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
$0 Annual Fee.
Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
Highlights:
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, a special travel offer, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25.
Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 18.24% - 28.24%, based on your creditworthiness.
Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Many consumers don't realize you can do this, but it is possible to negotiate a lower interest rate with your credit card companies. All you need to do is call the number on the back of your card and ask. It will help your cause if you've always paid on time.
Even though you may not be successful with every card you have, any deal you get from a card issuer could save you hundreds or even thousands of dollars in credit card interest as you pay off your balances.
Now, let's look at how balance transfers work in more detail
First, you need a balance transfer card. This type of credit card offers a 0% intro APR on balance transfers. That means you can pay zero interest for the entire introductory period. These cards almost always charge a balance transfer fee, but it's a small price to pay considering how much you'll save on interest.
Check out the best balance transfer cards to find one that works for you. There are two things to look for here:
The length of the 0% intro APR: A longer introductory period gives you more time to pay off balances you transfer.
The credit card issuer: Most card issuers don't let you transfer balances from one of their cards to another. For example, if you have balances on Chase credit cards, don't choose a balance transfer card from Chase, because you won't be able to bring over those balances.
You probably won't be able to transfer all your credit card debt onto your balance transfer card. The amount you transfer, including fees, can't exceed the card's credit limit, and some cards also have their own separate balance transfer limits. That's why you'll start by transferring your highest-interest credit card debt.
Next, you need to pay off your balance transfer card as quickly as possible. Only make minimum payments on your other credit cards, and put every cent you can toward your balance transfer card.
Once you've paid off the balance transfer card in full, you can apply for a new one.
By following this method, you'll continually refinance your highest-interest credit card balances at a 0% intro APR. This will maximize how much you save and how quickly you're able to pay off your debt.
What if you can't qualify for a balance transfer card?
Although balance transfers work well for credit card debt, they aren't right for everyone. Like most of the best credit cards, the top balance transfer cards are typically only available for consumers with good to excellent credit. If your credit score isn't at least near 670, you could have trouble qualifying.
Debt consolidation loans are another option, and many lenders offer loans for borrowers who don't have high credit. You could get a loan large enough to cover all or a portion of your debt and use that loan to pay off your credit cards. Then, you'd pay back your loan in fixed installments and ideally at a lower interest rate than you had before.
You'll need to find a lender with minimum requirements you can meet, but there are plenty of personal loan lenders available to fit many people's income and credit score. If you don't have a high credit score, here are a few lenders that focus on borrowers with poor to fair credit:
Make no mistake about it -- there's no magic bullet to wipe out over $25,000 in credit card debt. Even with balance transfer cards, you'll need to be diligent about paying as much as you can every month, and the process could still take years.
But this method does help you in a few key ways:
It dramatically cuts down how much interest you'll need to pay.
It gives you a clear target to pay off each time you get a balance transfer card.
It allows you to chip away at your debt and see the progress you're making as you pay off one balance transfer card after another.
If you can stick with it, this is the smartest way to pay off a large amount of credit card debt.
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Bank of America is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Discover Financial Services is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Wells Fargo is an advertising partner of Motley Fool Money. Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Bank of America, JPMorgan Chase, PayPal, Target, and Upstart. The Motley Fool recommends Discover Financial Services and recommends the following options: long January 2027 $42.50 calls on PayPal and short December 2024 $70 calls on PayPal. The Motley Fool has a disclosure policy.
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