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Ultamate Rewards® Mastercard® Credit Card

Ultamate Rewards® Mastercard

20% Off Your First Purchase at Ulta Beauty

Ultamate Rewards® Mastercard
  • Regular Purchase APR 18.74%, 24.74%, 27.74 variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR 26.99%
  • Cash Advance APR 28.74% variable based on the Prime Rate
  • Annual Fee None
  • Credit Needed Fair
  • Processing Network Mastercard
Best Benefits
  • Earn 500 bonus points after spending $500 outside of Ulta Beauty within the first 90 days
  • Earn 2 points for every $1 spent at Ulta Beauty
  • Earn 1 point for every $3 spent elsewhere
  • 20% off your first Ulta Beauty Purchase
Rates & Fees
  • Regular Purchase APR: 18.74%, 24.74%, 27.74 variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR: 26.99%
  • Balance Transfer Transaction Fee: $10 or 5% of the amount of the balance transfer, whichever is greater
  • Cash Advance APR: 28.74% variable based on the Prime Rate
  • Cash Advance Transaction Fee: $10 or 5% of the amount of the cash advance, whichever is greater
  • Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
  • Late Payment Penalty Fee: Up to $39
  • Return Payment Penalty Fee: Up to $39

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At a Glance

If you love all things beauty, the Ultamate Rewards® Mastercard® is the credit card offer for you. Beauty lovers will be able to earn 2X points on all Ulta purchases, a modest signup bonus of 500 points (valued at $17.50), and 20% off all products and services for the first purchase using the Ultamate Rewards credit card.

Ideal for Those Who:

  • Spend at least $50 at Ulta Beauty per year
  • Are a Platinum-level Ultamate Rewards member or higher
  • Want a credit card with no annual fee
  • Will pay of the balance in full every month

Ultamate Rewards® Mastercard® Review

The Ultamate Rewards® Mastercard® rewards loyal Ulta Beauty customers with points that can be cashed in for discounts towards future purchases. New cardholders will immediately receive 20% off their first purchase (including salon services), 2X points per dollar spent at Ulta both in-stores and online, and a one-time 500 bonus points for the $500 spent outside of Ulta (a valule of $17.50).

Heavily reliant on the Ulta rewards program, the card has limited benefits to offer on its own and is best for expediting the accrual of points for Ulta coupons. It is the Ultamate Rewards loyalty program and not the credit card itself that provides the most tangible perks such as free shipping, $10 birthday coupons and, most importantly, points that don’t expire.

Unfortunately, being a cardholder does not entitle one to an automatic membership upgrade so if you want the top-tier perks you’ll still have to work for them. Moving up in Ulta’s membership ranks has no bearing whether you are a cardholder or not, which is why this card is best suited for someone who is already in the upper ranks of the program.

There is no annual fee but limited earning potential, high APRs, and other fees make the Ultamate Rewards® Mastercard® ill-suited to serve as a credit card for everyday sending or for use as a potential tool for reducing overall credit card debt. If it can be avoided, steer clear of any balance transfers or cash advances with this card. Those with credit scores of Fair or higher are eligible to apply, however, you may receive the closed-loop Ulta Beauty store card if your score is too low.

How to Use the Ulta Credit Card

The best time to apply for the Ulta card is if you have an upcoming beauty haul, have a shopping cart with a hefty total price, or are a basic Ultamate Rewards member looking to spend your way to the higher membership tiers.

Once approved, new cardholders will be able to use their card immediately without having it physically on hand. In addition to being able to start earning 2X points from the get-go, you will also receive a 20% coupon via email (which can be used for your first purchase or at a later date). Although the Ulta credit card eans points on non-Ulta purchases, it’s not recommended.

This card performs quite poorly for earning Ulta coupons through everyday purchases like gas, groceries, or dining. IThe Ulta Mastercard requires spending $3 to earn a single point when using your card outside of Ulta stores and discourages use of the card elsewhere (after earning the signup bonus of course). Once you’ve spent $500, the best use of the Ulta credit card is solely for funding your purchases at Ulta Beauty.

Earning Ultamate Rewards Points

The primary strength of the Ultamate Rewards® Mastercard® is that it earns 2X points on every dollar spent at Ulta beauty stores, but without having a minimum spend requirement. This multiplier is average compared to a general rewards card and still seems fairly unremarkable when compared to Ulta loyalty program rates. this could translate to significant savings if you already planned on achieving Platinum or Diamond status.

Normally, if you were to move up through the Ulta loyalty program your point-earning bonus wouldn’t increase until you reached the new level’s spending threshold ($450 for Platinum, $1,200 on Diamond), resulting in several hundred dollars worth of potential Ultamate Rewards points lost. Until you reach Platinum status you’ll be earning points at the Platinum multiplier (1.25X) and so on.

A non-cardholder would earn 450 points by the time they reach Platinum (basic members earn 1X points) and then 937.5 points from spending enough to reach Diamond status.

This would result in a total of 1,387.5 points, enough for a $50 coupon. Cardholders, on the other hand, will earn 2X points the entire time they work their way up the membership ladder and would result in 2,400 points – enough for a $125 coupon.

Redeeming Ultamate Rewards Points

Ultamate Rewards have a single remdeption method and can only be exchanged through the Ultamate Rewards program. Points are redeemable on a sliding scale and have a higher value when they’re redeemed in larger quantities:

Ultamate Rewards Conversion Rates

Individual Point Value

100 Ulta Reward points = $3 off 1 point = $0.03
250 Ulta Reward points = $8 off 1 point = $0.032
500 Ulta Reward points = $17.50 off 1 point = $0.035
750 Ulta Reward points = $30 off 1 point = $0.04
1000 Ulta Rewards points = $50 off 1 point = $0.05
2000 Ulta Rewards points = $125 off 1 point = $0.0625

The biggest weakness of the card is the fact that points will expire (even for cardholders) unless you are Platinum-level member or higher, which could make it difficult to amass the larger numbers of points needed for the most valuable competitive rates.

Should You Apply for the Ultamate Rewards Mastercard?

Since there is no annual fee, even the infrequent Ulta customer who spends as little as $50 a year could benefit from keeping this in their wallet. However, in order to make the most of the card’s perks (the expedited 2X point-earning capabilities) cardholders should aim to achieve at least Platinum status (minimum spend of $450) where points don’t expire – which is doubly important because Ultamate Rewards points are most valuable when they’re redeemed in large numbers.

In terms of rewards on beauty purchases, this card is unrivaled even by the most competitive of cash back rewards cards. The Ultamate Rewards redemption tiers offer a higher point value than most other cards – a difference that becomes drastically more competitive towards the larger end of the redemption scale (spending $500 would net you $10 with a 2% cash back card, but a minimum $17.50 in Ulta Reward points).

Additionally, the Ulta credit card does a decent job of providing immediate but modest value to cardholders, although the signup bonuses alone don’t provide a compelling enough incentive to apply for this card. If you were hoping for in-store discounts and savings – or rely on those as your incentive to shop at Ulta – this card will probably disappoint.

Offering no shopping benefits (automatic free shipping, exclusive coupons, free returns, etc.) through the card itself, so if you’re not already a loyal Ulta customer this card won’t change that. Instead, this card should be used by a current Ulta customer who would shop regardless, and simply wants to earn a little something back from their purchases.