First Equity, false advertising and thanks but no thanks

ApplicationI received this credit card application from a lender called First Equity a couple of weeks ago. The letter featured an APR "as low as 0%" and it was a new lender for me, which I figured could open me up to a new credit stream, so I applied for it.

EnvelopeHere is the envelope that the offer came in. Note that it says both, "pre-qualified" and "0% APR" on it and not "as low as 0%".

Credit card termsThen, yesterday I received the card along with the terms - $3,000 credit line with a 20% APR. I know that when they say "as low as 0%", that means it could be anything above 0% but the actual terms that they gave me are pretty unattractive. Plus, stating "0% APR" and "pre-qualified" on the envelope is clearly a way to get me interested and then perhaps overlook the "as low as..." bit that's actually contained in the offer. In my opinion, what's printed on the envelope is inaccurate and is false advertising. Guess I'll just put this one in my file cabinet and close the account in 6 months.