The Chase MC is about $95 a year and the prestige pack is about $119 (scheduled to increase). If you read the fine print on the coupons offered by the Chase MC you will find:

1. The President's Club pass is only good for one person wheras the one offered by Prestige Pack is good for up to two people.

2. The $ off coupon offers a maximum discount of like $20 for travel originating or ending in EWR, CLE, Houston. The one offered by the Prestige Pack doesn't have this restriction.

3. The $99 companion cert offered by MC can only be used in conjuction with fare that has to be atleast $XXX (forget the exact amount). The Prestige Pack cert doesn't have this restriction.

4. The Prestige Pack gives 7500 miles EVERY year on renewal - The Chase MC does not.

5. Applying for the Chase MC affects your Credit Score (good or bad), The Prestige Pack does not.

Chase MC also has its own benefits (especially if you travel) but if you are just looking at the bonus miles and coupons, I think The Prestige Pack is a great deal.