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Here's the fine print from the website to save you some time:
Valid with Borders Rewards membership only. Offer cannot be combined with any other offer, promotion, sale pricing, coupon, or discount, including group discounts, except Borders Bucks, Borders Rewards Plus 10% off purchase-price and Personal Shopping Day 10% off purchase-price discounts (10% off purchase-price discounts are taken after all other discounts are applied, including this offer and Borders Bucks, if any). Offer Excludes: Borders Rewards Plus memberships, previous purchases, special orders, shipping, gift cards, coupon books, newspapers, magazines, comics, eBooks, audiobook downloads, music downloads, vinyl LPs, Rosetta Stone® software, video games, and all electronics (including eReaders), and eReader Protection Plan Packs. Single-use only: One coupon per customer during the valid period. Original coupon must be relinquished at time of purchase. Void if copied, transferred, and where prohibited by law. Any other use constitutes fraud. Cash value .01¢. Not redeemable for cash. Valid 12/14/10–12/16/10 at U.S. Borders, Borders Express, and Waldenbooks stores only. Not valid at Borders.com.