Facts

• A credit card company will always have a reason for canceling a consumer's account. If you have made all of your payments on time and never exceeded your spending limit, a credit card provider may still cancel your credit card due to economic conditions.
  
  

Time Frame

• As of August 20, 2009, the CARD Act requires a credit card company to give you 45 days' notice before making any changes to your account--including canceling it.
  
  

Considerations

• Consumers who do not use their credit card regularly may lose their accounts due to inactivity. When this occurs, it often seems as if the account was closed for no reason.
  
  

Options

• If you call your credit card provider and express a desire to keep your account open, you may be able to have your account reinstated.
  
  

Effects

• If your credit card account is old or you carry a low balance on the card, losing the account may have a negative effect on your credit score.