Is it bad to open a credit card just to get the balance transfer offer?

Last Updated: May 16, 2013 08:59PM UTC

It depends on a few factors, including how high your balances are in relation to your income and available credit, and how aggressively you can pay down the balance you transfer. Generally, applying for new credit is interpreted from the standpoint of creditors to mean that you are short on cash in relation to your debt.

According to Experian data, the average U.S. consumer has three open and active credit cards. If you’re well above that number, approach the card issuers you have open accounts with to find competitive balance transfer promotions that won’t ding your credit further by requiring you to apply for a new card.

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