On the plus side £50 and £50 (or 1x £65) yippee! What's not to like..?
Reasons for switching vs ethos of PP?
Possibility (and even encouragement) of abuse?
Skewing the market?
Disparity between comparison websites and using account codes.
Making loyal customers who can't refer or can't take advantage feel undervalued?
Cost to PP?
Is this desperation because they don't want to or can't decrease prices or is it a perfectly reasonable commercial decision?
I'm just putting it out there for discussion.