You are absolutely correct.
Here in Norway, they offer a rate of NOK 300, -/year at signup. They promote the auto renewal option, promising "to renew your FORTUNE subscription at the low subscriber rate". However, the renewal price they charge is NOK 572, - - a 90% increase!
Not only that, but when e-mailing customer service after I realized they had charged that much I got the follwing response: "We understand that we have registered your subscription with an incorrect term and/or price.
We wish to confirm that we have updated our records accordingly and you will shortly receive an appropriate refund. Please allow 30 days for this to show on your next statement. "
Sounds OK? Well more than one year later - after once again being billed NOK 572, - for another renewal - I decided to check the bank statement. Think they actually refunded anything? No!
This is clearly a carefully planned scam. I wonder how many worldwide subscribers they rip off this way every year..