Ulta Beauty Rewards™ Mastercard®
A no-annual-fee cash back card from Comenity Bank.
Rates, fees, and full terms are set by Comenity Bank and can change. See current rates & fees on the issuer’s site, and always confirm the latest terms before applying.
Our review
The Ulta Beauty Rewards Mastercard is a card for beauty regulars, and its points work differently from almost every other card. At Ulta it earns 2 points per dollar, your normal member point plus an extra one from the card. Everywhere else it earns 1 point for every $3. What makes the math interesting is redemption: Ulta points get more valuable the more you save, from 3 cents each on a small redemption up to 6.25 cents each when you cash in 2,000 at once.
Played well, that makes Ulta purchases on the card worth well over 5% back. The weak side is everything else. One point per $3 works out to about 1% at small redemptions and only about 2% if you save up a big balance, and points expire a year after you earn them unless you hold Platinum or Diamond status.
Think twice if: you shop at Ulta only occasionally, since points expire after about a year and only work at Ulta Beauty.
Our 4.2 out of 10 rating
Each score weighs the rewards rate, value after the annual fee, welcome offer, points flexibility, and perks, with every point valued at a flat 1 cent. This is our editorial assessment to help you compare cards, not a guarantee of approval or of the value you will get.
Earning rates at a glance
Rewards: how it earns
At Ulta Beauty and ulta.com you earn 2 points per dollar with the card (Platinum and Diamond members earn 1.25 or 1.5 base points plus the extra card point). Outside Ulta you earn 1 point for every $3. Redemption is tiered: 100 points is $3, 500 is $17.50, 1,000 is $50, and 2,000 is $125. That means the card's value depends on patience. Redeem in small chunks and the outside earning is about 1% back; save up for 2,000 points and it climbs toward 2%. In the calculator I use the conservative 1% figure. Points expire at the end of the quarter one year after you earn them, so a slow saver can lose them.
| Category | Rate | Notes |
|---|---|---|
| Dining and restaurants | 1x | Base rate |
| Groceries | 1x | Base rate |
| Gas | 1x | Base rate |
| Travel | 1x | Base rate |
| Streaming | 1x | Base rate |
| Everything else | 1x | Everything else |
The fine print on rates: Ulta points get more valuable the more you redeem at once: 100 points is $3, 500 is $17.50, 1,000 is $50, and 2,000 is $125. We model the outside-Ulta rate (1 point per $3) at the smallest redemption, which is about 1% back; saving up for a 2,000-point redemption pushes it to roughly 2%. Points expire at the end of the quarter one year after you earn them unless you hold Platinum or Diamond status, and they can only be spent at Ulta Beauty.
Every point and mile above is valued at a flat 1 cent, the same honest standard we use for every card. Run your own spending through the calculator to see what this card would actually return for you.
Best ways to earn & redeem
Use it as a flat-rate everyday card, since it earns the same on every purchase, and pair it with bonus-category cards for groceries, dining, and travel.
When you cash in, take the rewards as cash back or a statement credit, worth a flat 1 cent each. We value every point at a flat 1 cent, so treat any transfer upside as a bonus rather than the baseline — see what your points are really worth.
Pros and cons
- 2 points per $1 at Ulta Beauty
- Points worth up to 6.25 cents each on large redemptions
- 20% off your first purchase
- No annual fee
- Only 1 point per $3 outside Ulta
- Points expire after about a year below Platinum status
- Rewards can only be spent at Ulta Beauty
The welcome bonus
New cardholders get 20% off their first Ulta Beauty purchase. Save it for a big haul, like a fragrance or a skincare restock, to get the most out of it.
First-year value vs ongoing value
| Welcome bonus | 20% off your first Ulta Beauty purchase |
| To earn it | first purchase after approval |
| Est. first-year value* | $292 |
| Est. ongoing value / yr* | $292 |
There is no lump-sum welcome bonus, so first-year and ongoing value are about the same, roughly $292 a year on typical spending after the fee. What you see is what you get from day one.
*First-year value counts the welcome bonus, estimated rewards, and annual credits, minus the annual fee; ongoing value is a typical year after. Every point at a flat 1 cent, on average spending.
Benefits and protections
Beyond the rewards, the perks and protections worth knowing about include:
- 2 points per $1 at Ulta Beauty and ulta.com (your member point plus 1 extra cardholder point)
- 1 point for every $3 spent anywhere else Mastercard is accepted
- Points are worth 3 to 6.25 cents each, depending on how many you redeem at once
- Free shipping on ulta.com orders paid with the card (through November 14, 2026)
Statement credits
This card does not come with recurring statement credits. Its value is in the rewards rate and welcome offer.
Who should get it, and who should skip it
Get the Ulta Beauty Rewards Mastercard if you spend real money at Ulta and you are willing to bank points toward the larger redemptions. Used that way, it is one of the more rewarding store cards for its own store.
Skip it if you shop at Ulta now and then, or if you want a card for everyday spending. Points expire and only work at Ulta, and a flat cash back card earns more outside the store.
Alternatives to the Ulta Beauty Rewards™ Mastercard®
Pairs well with
The Ulta Beauty Rewards™ Mastercard® earns a flat rate on everything, so pair it with a category card or two to earn more where you spend the most.
Frequently asked questions
Best-card guides featuring this card
Learn more
How does it rank for your spending?
Every card is ranked by what it actually returns on the way you spend. Run your numbers and see where the Ulta Beauty Rewards™ Mastercard® lands.
Calculate My CardOffer details verified against issuer sources as of October 2026. Editorial opinions are our own. Cardocrat values all points at a flat 1 cent and never inflates redemptions.
