When presented with a generous offer from the king, the servant respectfully explains his reasons for declining. He recognizes the king's proposal as a sincere attempt to grant a reward and return a favor [מצודת ציון, ביאור שטיינזלץ]. However, he feels compelled to refuse, and commentators offer two distinct ways to understand his reasoning based on how he evaluates his own actions.
One perspective suggests that the servant is speaking in terms of physical distance. He explains that he only intends to escort the king a very short way past the Jordan River before returning to his own home and city [רש"י, רד"ק, מצודת דוד]. Because his journey with the king is meant to be so brief, the servant wonders why the king would offer a reward that does not suit his current stage of life. From this viewpoint, the proposed arrangement is not actually a benefit to him at all, making the offer of such compensation puzzling [רש"י, מצודת דוד, ביאור שטיינזלץ].
A second approach focuses on the servant's deep sense of modesty regarding the value of his deeds. Rather than speaking about the distance of his travel, he minimizes the importance of the help he provided during the river crossing, viewing it as a marginal and insignificant act [מלבי"ם, רלב"ג]. Consequently, his question to the king is one of basic principle. He genuinely does not understand why he should receive such a massive and significant reward in exchange for what he considers to be a remarkably small favor [מלבי"ם, רלב"ג].