You're forgetting the $2.10 per week (~$9/month) minimum charge, which is 
actually annoying for small apps that only bill for a fraction of that, like 
mine where I am projecting spending about $0.80 per week but will be billed 
for $2.10 per week because of the minimum charge.

I understand that Google is doing this because it gets expensive incurring 
credit card charges per transaction for very small transactions. Which is 
why I'm suggesting that small apps should be able to pre-pay for credits 
(e.g. $5) in lieu of the minimum charge.

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