You don't get anything free for using the AE All-Access Card.

each item in the store is a certain amount of points. for example, jeans are 20credits. depending on how many credits you collect during the 'collecting period' (each period is 3 months) AE will mail you a discount code. the minimum you need is 50 credits and you get 10% off your next purchase. keep collecting... 15%, 20%, 30% off... 200 credits and you get 40% off! (it's not too hard, if you're a mad AE shopper... - like me )

It's meant only for regular priced merchandise, and there's a maximum of $350 - which adds from the reg.priced stuff, then you get your % off. but some AEs are really nice and give you the discount to sale items too!