Hey there! Bungie is currently investigating this issue.
[quote]We are currently investigating an issue where generated Bungie Rewards codes are not valid in the EU Bungie Store.[/quote]
https://twitter.com/bungiehelp/status/1295869444632141825?s=21
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I'm not using the EU store though, and the code for the Prophecy hoodie worked just fine.
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You will need to contact the [url=https://bungiestore.com/pages/customer-service]Bungie Store Customer Service[/url] as they are separate from the forums. They will be able to look into this issue.
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I'm doing that as well, but per the FAQ for claiming Bungie Rewards: "Generating Discount Codes or Invalid Code: Players that are encountering issues generating a Bungie Store code or that receive a message that a code is invalid, should make a post in the #Help forums describing the issue"