Thanks, But No Thanks Edit Meaning

1.

a way of saying a polite no!

Thanks can be used to show approval. It could also be used to avoid doing sth undesirable and hence a No-Thanks.

Smith: How would you like to hang out with Lisa and Jane.

You: Thanks, but no thanks. I hate that fat chicks man!

See thanks, apologize, decline, avoid

2.

When you want to emphasize something wonderful you did, that you didn't really do.

Sarah Palin:

I told congress about that bridge to no where, "Thanks, but no thanks!" Then I took the money.

you: Wow, good job, Sarah