Has anybody else had this issue with Priceline "name your price"?

I already had a hotel reservation in Vegas for the Flamingo, however I was thinking of changing the days of my trip and decided to check out Priceline name your price to see what the best deal was and see if I could possibly get a lower rate. I was simply browsing for better deals and did not realize that this system was a TRAP!!!! I was informed by a family member that you give your credit card before you're able to view prices, but are not committed to anything until a hotel is confirmed. unfortunately they were wrong. When I entered the search criteria, it wasn't even what I truly wanted...I was just curious to see how it would work. I was under the umption that numerous hotel options would appear and you could choose a hotel if you wanted. Little did I know, only one hotel came up and I was STUCK with that $300 reservation. I called literally a minute later saying this was done by mistake and PRICELING WILL NOT REVERSE THE CHARGES!!! i am not even going to use this reservation at crappy Excalibur since I already had the Flamingo reserved. Apparently, this is in the terms and conditions in very fine print. THIS IS A TRAP AND A RIPOFF AND THEY"RE THIEVES. Has anybody had this issue? Do you know ANY way to get out of it??? Priceline was not even willing to let me use that $300 as a credit towards booking the Flamingo with them...which is $100 extra. and P.S. the excalibur was actually cheaper on the hotel website. Please help!