I am about to get married and we will be combining finances, so please base your suggestions off of the assumption that our finances will be fully combined.
I currently have 3 credit cards of which 1 I have not used in years. She currently has 2 credit cards. Her 2 credit cards are from the same banks as the 2 or 3 credit cards that I am currently using. It seems excessive for us to keep 5 credit cards, 2 cards seems more appropriate. We always pay the full balance of our cards every month so there are no complications there.
What would be the best way to approach combining our credit cards? The simplest approach we can see is just to close a couple of the accounts that have the least benefits to them (such as rewards like cash back). The problem we see with this is that we lose out on a higher overall credit line. I inquired with one of the credit card companies and they just informed me that there was no process of consolidating credit card accounts due to recent credit regulations.
I am not trying to do anything special to move money around to different interest rates (since I pay my cards off every month), I just want to simplify the number of cards I have. We also do not have any loans other then our house, nor do we every plan to have any other loans. What should I do?