We report a new approach for the design and fabrication of thin wave plates with high transmission in the terahertz (THz) regime. The wave plates are based on strongly birefringent cut-wire pair metamaterials that exhibit refractive indices of opposite signs for two orthogonal polarization components of an incident wave. As specific examples, we fabricated and investigated a quarter- and a half-wave plate that revealed a peak intensity transmittance of 74% and 58% at 1.34 THz and 1.3 THz, respectively. Furthermore, the half wave plate displayed a maximum figure of merit (FOM) of 23 at 1.3 THz where the refractive index was -1.7. This corresponds to one of the highest FOMs reported at THz frequencies so far. The presented results evidence that negative index materials enter an application stage in terms of optical components for the THz technology.