Generally you cannot transfer information between Apple IDs. You have some options for photos and contacts. For contacts, if the contacts are part of an email account, simply set up that account on the phone and sync contacts. Otherwise, you'll need to export/share individually between IDs.
For photos, provided you have originals on the device you can log in using the new Apple ID. The photos should stay on the new account.
Have a backup of everything first; and offline backup to a computer or wherever you keep the most precious data.
It's typically far easier to simply change the Apple ID, not create a new one. Change your Apple ID - Apple Support