I called them yesterday due to a similair letter, increasing my interest rate to 16.99. Unless I read the fine print wrong you have the option of opting out but the kicker is they will honor your current rate until the expiration date on your card, then your account is canceled and any balance is due. I told the guy that there was no freaking way I am going to be punished with an increase because they issued cards to anyone with a pulse and was opting out. He convinced me to stay on the line for a different account manager and it was worth the wait. She not only gave me 3500 “thankyou points” but lowered my current interest rate by a point to keep me as a customer!

It would be worth your time to call them and opt out.