Well rep is for contributions, for well written guides, or helping with free lends, or just helping the forum in general.
I use thanks for little things. If I agree with something but don't wanna expand upon their post. If somebody gave some advice that helped out, or maybe somebody just made me laugh (:
Rep isn't a currency and thanks aren't really either.
Both are things you need to earn and are awarded to you from other members.
Premium is often used for other perks, which I believe joe said he is going to be incorporating into lifetime premium.
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