Ways to say: "No, thank you"

Just a cooky thought I was having as I walked back from class yesterday.  There are three ways to say it in my opinion.  

1.  I respectfully decline your offer/request, but appreciate it none the less.

2.  On the contrary, it is I who am grateful to you.  

3.  Please, your gratitude is not required.  (this could be wrong, and is probably the least used version)  

Also, I note that the phrase seems to be used/pronounced as if it were one compound word such as notepad, or rattrap.  Or at least, that is how I think about the phrase.