Redirects are not the best solution code that Google will show while searching the web, but they are required in many situations. So, redirects aren’t bad for SEO unless you’re using them the right way (there’s always a “unless”).
The 301 redirect increases the loading time of the website. That’s not normally seen by consumers, but it’s taken into account by Google, since it takes an extra step for the spider to crawl the newer tab, and it can add a couple milliseconds to the loading pace.
Now, if you had a redirect to Page A and Page B, and wanted to build Page C by submitting a newer URL redirect to the top of the old one, it will be 2 redirects from Page A for the bot to obey. Is that negative, huh? Yes, yes.
So, is there a cap on the amount of redirects on the website? Nope, but there is a limited number of redirects per page. Google advises that you should not reach 2 in a row. 5 or 6 would have been too many, and the spider would have stopped using the site. This so-called redirect chain means that with any additional tab, the user faces a wait and thus loses confidence, and so does the spider, meaning that the page loses the authority to redirect chains.
Matt Cutts explains this very clearly in a –fairly old- video which is still relevant to answer this question:
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We highly advocate redirecting ALWAYS to the new article. Irrespective of how much work this would cost you, it is the best way not to maximize the loading time to prevent lack of authority.