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Do you mean the gem fund and the monthly card discounts? That’s not part of this event. Gem fund is one time and gives about 15k gems total, and the monthly card discount is for first purchase of each (since they added the discount).
The gem fund is definitely an excellent deal if you aren’t f2p
Oh I thought it was part of the event, because the value pack thing says something about a sale. I have long "retired" from IH in terms of spending money, but I still play for my guild, and this made me buy all the cards and the gem fund. I've been 100% F2P for 9 months now.
Also, the real hook is that your VIP level is tied to your monthly card. When you go without a monthly card, you get pretty much zero benefit from your VIP sub. A little bit (eg: I get a ton of tavern quests each day), but not much.