Mail from Chase Bank about lowering credit card APR

A month or two ago I had the 16.99% APR on my Chase credit card jump to 29.99% for no clear reason.

Today I get in the mail something from them on how to lower my rate. Here is what it says:

1. Sign up for auto bill pay by 8/31/07 and get your APR lowered to 28.24%
2. Pay on time, stay within your credit limit, and have no returned checks for 12 months
3. Then watch your APR drop to an even lower 16.24%

That's swell. After more than a year total of a ridiculous rate it will go back to what it was almost.

Hopefully I will have it paid off completely before that year of auto bill pays are up.

The fine print - once you sign up for auto bill pay by 8/31/07 your APR will be reduced to 28.24% no later than 10/31/07. To get the 16.24% all of the conditions in #2 above must be met each month after June 30, 2007. That rate will be effective no later than 8/31/08.