The straight forward simple answer is “yes” you definitely can transfer credit card balances from multiple cards to another (or a new one).
There can be benefits to doing this but as you will read in the excerpt below from the Credit Shout website there are also things to watch for.
The benefits like a lower interest rate and having only one payment to make are worth considering on the “pro” side.
Please also consider the “cons”. As well as the warnings from the article listed below you also need to consider many credit card companies send you tempting low offers in the mail however these are often only for 3 months or 6 months and then the interest rate goes up to one more than likely similar to the one you are currently paying.
In addition, your credit score is partially determined by how close your credit balances are to their maximum limits. So if by bringing all your credit balances onto one card causes the new card to be quite close to it’s maximum credit limit than this will indeed reflect negatively on your credit score.
If the new card is going to help you save on interest and maybe offer better Air Miles or Avion points than at least consider only moving part of your balance to the new card in order to keep yourself from maxing out the card’s limit and lowering your credit score.
Please read the excerpt from Credit Shout below or click on the link to read the entire article.
“The most important thing to remember is that you don’t want the balance transfers to cause you to go above the credit limit that your card company allows, or you requested, or was in other ways pre-determined for you. It isn’t going to help anything if you are paying penalty fees for exceeding credit limits, which can sometimes happen; depending on a card company’s operating procedures.”
http://creditshout.com/can-you-transfer-multiple-credit-card-balances-to-one-card/
