Then you have a problem, because you can no longer offer (and your referees will no longer receive) a $97 discount (and this has been true for quite a while now).
Yep - except for what I mentioned above about the $97.00 bit. Now, since you can't give $97 discount in cash anymore, a discount offering a "maximum cash discount" (and no other features!), would only give $50.00 off to the user of the promo code (and leave a $47.00 payment to you - one time).
It didn't "rip you off recurring rewards" (you were warned of that clearly in the screen when you created the promo code), but other than that, and the fact that a "$97 discount" just won't work anymore, it does do you "no good" (if monetary rewards are how you define "good")except for potential secondary referrals where you get $5.00.
That's nothing new ... and that should not be any surprise; it's always been like that from the very beginning of the promo code program.
Now, however, instead of competing against $97.00 discount promo codes that pay you nothing fro the initial referral, you could offer a "max $50.00 off" promo code and keep $47.00 for yourself, but you will still have to compete with those who give away some, or all, of that $47.00 left after the cash discount in "features" for the new user (which, like the old $97.00 discount, is better for the new user but pays you little or nothing).
There are a lot of these "give it all away" promo codes out there, so good luck with that.