It's even worse, everyone gets free 200 credits few times in a month. What supposed to be award for buyers' loyalty, now turned in to some sort of promotional campaign. It's endless, it hurts sellers a lot and it unnecessary spoils buyers (remember that guy crying that 30% discount is miserably low on each ocasion?).
I can only repeat what btbt already said, you have to try both options and find what works for you. I already did and i would never go back to discount programs, if it will stay the way it is now. Like you said, it was a permanent 30% off on everything and eventually i got fed up of it.