Ulta Beauty Rewards Mastercard Overview
The Ulta Beauty Rewards Mastercard offers decent earning rates on purchases at Ulta. However, limited earn rates outside of Ulta and limited redemption options make it a poor choice for most shoppers. Card Rating*: ⭐⭐½
*Card review based on the opinions of the TPG editorial board and not influenced by the card issuer.
If you’re a beauty product junkie, you’re all too familiar with the temptation to save on your Ulta purchases at checkout by signing up for an Ultamate Rewards credit card.
Even as a credit card expert, I’m always tempted by this offer – perhaps because it comes at the right time. I’m wondering why I can never get away with it for under $100.
But I never sign up for a credit card without doing some research, and Ulta is no exception. Even though the Ulta Beauty credit card has no annual fee and offers the opportunity to reward my beauty product habits, I always say “no thanks” to this offer.
There are two different types of Ulta credit cards: the Ulta Beauty Rewards Credit Card and the Ulta Beauty Rewards Mastercard. The first is a closed-loop card, meaning you can only use it at Ulta. The other card, the Mastercard version, you can use (and earn rewards with) anywhere Mastercard is accepted.
Since the Mastercard version is most similar to the other cards we talk about here at TPG, I’m focusing this review on that card rather than the closed-loop card.
The Ulta Beauty Mastercard has a recommended credit score of 700 or higher. If you’re out there and considering a card, let’s dig into the details to decide whether you should buy it or not.
Information about the Ulta Beauty Rewards Credit Card and Ulta Beauty Mastercard has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
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Pros and cons of the Ulta Beauty Rewards Mastercard
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Benefits of the Ulta Beauty Rewards Mastercard
When you sign up for an Ulta credit card, you can save 20% on your first Ulta purchase. Plus, you’ll receive 500 Ultamate bonus points after spending $500 outside of Ulta in the first 90 days of account opening.
Those 500 Ulta points are worth $17.50 at Ulta, so you’ll get that value plus any discount you get on your first Ulta purchase with the card.
It’s a discount that always appeals to me, but I remind myself that there are some annual free offers. Cash back credit card offers a $200 sign-up bonus. Since I’ve never spent $1,000 on an Ulta purchase, I’d get much better value from the rewards on one of those cards than I would with the Ulta Mastercard.
Cardholders also receive exclusive offers, such as a mystery gift with a $50 online purchase.
Aside from lackluster rewards, this card lacks additional benefits you’ll find on other cards, like Purchase protection. This might not be a problem if you’re just buying $100 in makeup, but it might change your mind if you’re considering investing in something like a new Dyson hair tool.
Related: The best credit card welcome offers this month
Earn and redeem points on the Ulta Beauty Rewards Mastercard
When you use your Ulta Beauty credit card, you’ll earn 2 points per dollar spent at Ulta Beauty and 1 point per $3 spent outside of Ulta Beauty.
As this chart shows, the value of your points depends on how many you redeem at once.
You must have at least 100 points to make any redemption. At this level, you will receive a value of 3 coins per point. If you accumulate your points and don’t redeem them until you have 2,000 points, you’ll receive a value of 6.25 cents per point. This means you’ll get a return of between 6% and 12.5% when you shop at Ulta and between 1% and more than 2% when you shop outside of Ulta Beauty.
This sounds impressive, and it’s not a bad return on Ulta. However, you are limited to redeeming your rewards at Ulta.
If you have used it Wells Fargo Active Cash® Card (see exchange rates and fees) instead, you’ll get 2% cash back on all your purchases and can redeem rewards to cover your purchases at any retailer.
Related: 4 reasons store credit cards are (almost) always a bad idea
Which cards compete with the Ulta Beauty Rewards Mastercard?
The biggest competitor to store credit cards is cash back credit cards. If you’re unsure about the Ulta Rewards Mastercard, one of these cards may be a better fit:
For more options, see our full list of best credit card.
Related: Store and cashback credit cards: Which card should I buy?
Is the Ulta Beauty Rewards Mastercard worth it?
If you spend a lot of money at Ulta, the chance to get exclusive deals and earn 6% to 12% back on your Ulta spending may be worth it. However, for purchases outside of Ulta, you’ll do better with a cash-back card or travel rewards at a firmly fixed rate.
Bottom line
Resist the temptation to sign up for the Ultamate Rewards credit card just to save $20 the next time you pay at Ulta. The card might make sense if you spend a lot there, but you’ll want to crunch the numbers and consider other options before signing up.
After reviewing my own spending habits and redemption preferences, I decided to skip the Ulta Rewards Mastercard and instead spend my Ulta to earn a new welcome bonus or attractive travel rewards on another card.
