What you say is true. I used two splurge code cards today for smaller items I wanted (and one could argue, I needed), for a lipstick case, cosmetic case, makeup brush case, travel cases for cosmetics, etc., just going over the $200.00 mark for the two separate orders, so I could get the items with the $100 discount, twice, which amounted to nearly a 50% discount. For the higher priced items, it definitely makes more sense to go for the up to 30% discount, as you discovered.
Did you go for the petrol Belmont tote? It is so pretty in person!