Many credit card companies are doing this now. My credit is flawless, not a single late payment. I get a "update in terms" letter, and after digging around I find that they are raising my interest rate for no reason.
After navigating the phone system menu game, the helpful customer service rep reads a canned statement about how because I'm a valued customer, they won't raise my rate. Bottom line, send out an obscure letter and hope people don't notice the rate increase until it's too late, but if they bother to call and complain, then play the nice guy and let them keep their rate. These banks have no conscience or morals.
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