The answer to the question is - it depends on the situation.
A portion of your credit score depends on how long the credit account has been open. Open and close new accounts too often and your score may drop.
However, there are very valid reasons to transfer a balance from one credit card to another.
The best reason to switch credit cards is to save money. If you can get 0% on your balance for a year, it's definitely worth switching... unless there's a huge fee attached to transfers. In that case, look at whether it will be cheaper to pay interest or pay the fee. It depends on the balance you will be transferring.
With such credit cards, watch out for high interest rates on new purchases, high late payment fees and high interest rates if you miss a payment. You always want to know what you are getting yourself into if things don't go well for you for any reason. If this is the case, only use the card offering 0% on transfers for that purpose, and get a low rate card for your new purchases.
An option, however, is to simply negotiate with your current credit card company. Competition in the credit card business is stiff, and many companies will do a lot to keep you as a customer.
It is often particularly beneficial to transfer money off store credit cards. On average, store credit cards have far higher interest rates than other credit cards.
Moving credit balances around is not the way to solve your financial difficulties, however. It may ease the situation, but if it encourages you to spend more, you are only making things worse.
Another factor to consider is how often you are late with your payments. If you are late at least once a year, take a good look at the late payment penalties for each card. Will your interest rate jump higher? It can be all too easy to make a mistake and pay the bill even a day too late.
Look at what each credit card will cost you over the time it will take you to pay off the balance you are transferring. If you can only make the minimum payment, it can take years to pay off a credit card balance.
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