Agreed, in retrospect the CPC bid was stupidly high. They suggested ~$0.28 after we set our targeting...I guess I trusted google since their Adwords suggestion

Agreed, in retrospect the CPC bid was stupidly high. They suggested ~$0.28 after we set our targeting...I guess I trusted google since their Adwords suggestions are generally pretty accurate. We also ran a $50 campaign previously though I didn't include it in this post. We didn't even realize we had run the campaign-- 1200+ clicks at a $0.04 CPC in minutes. We thought our payment had never processed, but when we checked our bank account it had-- it's just that Admob spent our budget so quickly we didn't realize it.