Does transferring balances between credit cards affect you credit rating?

It seems like every week one card or the other offers zero percent on balance transfers. Since the amount I owe is below the credit limits on all my cards, I have considered just moving the debt between the cards I already have as I pay the total off (not opening new accounts, just shifting the balance back and forth). If I did this 2 or 3 times, I could eliminate the interest altogether for the time it will take me to pay off my total balance.

Would this negatively impact my credit rating?

Are there any other hidden costs or problems?

Any helpful advice greatly appreciated.

Does transferring balances between credit cards affect you credit rating?

Earlier, it was very easy to find credit cards which allowed to transfer balances without any fee what so ever. These credit cards came with 0% intro APR for a specified period like 6, 12, or 15 months. This was used as a goldmine by those with large outstanding balances. They would simply transfer their balances to such credit card and get rid of existing high APR%26#039;s. The 0% intro offer would then be exploited by them. Just by paying the minimum balances they would stay in the good books of credit card companies, and when the %26#039;golden period%26#039; of0% intro APR was nearing its end, voila they shifted their huge balances to another credit card with similar offer.

So, this resulted in loss of revenue for credit card companies in terms of interest rates, but a more disastrous consequence of this process was that the credit card holder was increasingly getting into huge debts.

A major issuer of such no fee balance transfer credit cards, Morgan Stanley with their range of Discover credit cards, took strong exception and withdrew all such offers. Now they decided to take a certain percentage on balance transfers. To counteract such measure the credit card companies now have a different APR for balance transfer, this includes credit card with 0% intro APR. read more from: http://www.credit-card-gallery.com/credi...

Does transferring balances between credit cards affect you credit rating?

If you can shift between existing cards, there would be no effect, but it has been my experience that zero percent balance transfers only come with new cards. Every time you apply for a card, they do an %26quot;inquiry%26quot; and every time you have an %26quot;inquiry%26quot;, it drops your credit score.

Does transferring balances between credit cards affect you credit rating?

It never has mine! ~

And I do it all the time!

Does transferring balances between credit cards affect you credit rating?

Been doing it for years,saved thousands in interest,score was 780 last i checked...