If they are one of your current creditors, then their credit pulls are soft inquiries. They are considered "account reviews" and don't count against you because you didn't initiate them in your quest for additional credit.
But you are correct, they probably have a Universal Default motive. They are monitoring your other accounts, just waiting for you to pay late once so they can rate jack you in an instant. Although technically, if you read the fine print in your CC agreement, they can raise your rate for any reason (and for no reason) whatsoever.
Yet another in a long list of reasons to keep utilization low.
If you have a balance of $27.78, the CC company has no incentive to jack your rates. In the unlikely event they do, tell them not to spend all their extra $1.03 in annual interest in one place. PIF, then once every other month, walk into your 7-11 and charge a Big Gulp. PIF by the end of the week. They'll get the message.
- - - - in a credit-scoring postnuclear Stone Age...