To a certain extent, yes, it can have a negative impact on your credit. However, if your credit is above average and you have no plans to buy a house or apply for any other major loans, the ding is generally minor and temporary.

May I suggest a search on this since I know there are a couple of other threads which detail the impact on scores rather well.

If your credit is average or you are planning to buy a house/car soon, I would not recommend churning