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The Ulta Beauty Rewards card can give you a significant discount on your first purchase, so if you get it, make that purchase a large one. In addition, you can earn two points per dollar spent. You can redeem points starting at 100 points for $3, with the value of your points increasing if you redeem them in higher quantities. If you spend enough to earn status, you can earn higher base reward rates, discounts and access to exclusive events.