We all get them. Credit card after credit card offers. It will probably never stop. Even if your credit is poor, credit card companies are still willing to take a chance on you, albeit at a very high interest rate. You get so many credit card offers that it may overwhelm you. A popular move by many right now is to open a credit card and move all the existing balances of other credit cards to one card, therefore creating one payment. Most card companies offer a year or two of 0% interest, so at first thought this may sound great.
Lets take a closer peek though at exactly what creditors will see if you do this too much. If you have indeed opened a credit card account to transfer other accounts to, then it was probably a good move. However, creditors will be able to see this when you apply for certain loans and other financial resources. If you do this too many times, creditors are able to see what you are doing and tell you that you are not a good candidate for a loan. Why? Because they see that all you do is run up your credit and then move it to another place.
Again, doing this once or twice is fine, as we all have done it. Continuing to do it will only harm your credit score, and more than likely put you in even more debt because you are still running purchases up on your newly emptied cards.
Remember, there may be no interest rate involved for a year or two, but there will indeed be a transfer fee for each transfer, thus making your debt even larger. Think about these aspects next time you are offered a card that allows balance transfers. There are better ways to help manage your debt.
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