I got a Borders coupon yesterday, and I'm seeing a disturbing trend. It looks like the golden era of the 40% rewards coupon is over — at least for us free-member peons. Now, it looks like the new regime involves a 33% coupon for Rewards (free) members, while the 40% off coupon is only for Rewards Plus paid members.
The Rewards Plus program is $20/year, and they usually offer some sort of incentive like $10 back in store credit to offset the cost, but given that they're having trouble paying the bills, a year-long paid rewards membership is probably not a wise investment. There are also rumors that Borders has been leaning on its employees to push these memberships, which is why we're all getting the hard sell now. RESIST!