Here are 2 other risks of card cancellation:
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Citi MC suddenly reduced my available credit to the current balance while I was traveling overseas. (Due to a high balance decreasing my credit score?) Fortunately, I had another card with me, or I would have been stranded without even the ability to pay my hotel bill.
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Amazon just dropped its affiliation with AMEX for its business credit card. They are switching to another firm and re-assured it would be seamless and painless. However, last week, when AMEX was delisted from Amazon, AMEX (without my permission) took the entire balance out of the personal bank account from which monthly autopays had been deducted. I was left with but $50 until my next payday - and no reserve cash savings any longer.