Is your credit card about to get canceled?

Not long ago I receive a letter from American Express notifying me that they were canceling my credit card. It wasn't because I had too large of a balance or had been late with payments. It was because I had a zero balance and hadn't used the card in at least two years.

Apparently more credit card companies have taken similar actions against customers ahead of new Federal Reserve guidelines scheduled to begin taking effect later this week. American Express, Bank of America and other credit card issuers have canceled customer accounts with no advance notice or much of an explanation.

After the Fed's new guidelines take effect credit card companies will have to give 45 days notice before raising interest rates, reducing credit limits or making other significant changes to the terms of credit card agreements.