What will withdrawing from a cl do to me?

I am currently in my seventh quarter in community college. I have recieved many great grades, and I currently have a 3.6 GPA through about 60 tranferable units. I am taking a cl and thr professor is pretty bad to say the least, I though I tould try and stick it out, but he isnt getting better. I am due to recieve my midterm back next monday, and our withdraw date is may24. if i dont get a good grade on the midterm i could consider withdrawing. what would withdrawing do to my GPA, and how bout schools that I am planning on tranfering to and applying this fall. does it affect my gpa, or is it just shown on the report card.