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Sephora launches new rewards credit card

Now beauty buffs can reap even more rewards for shopping their favorite brands

Summary

Sephora will launch its first credit card this spring, joining other relatively new retail players in the market such as Starbucks and Apple.

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Sephora will launch its first credit card this spring, joining other relatively new retail players in the market such as Starbucks and Apple.

The cosmetics retailer announced on March 14 it will offer the Sephora Credit Card, the Sephora Visa Credit Card and the Sephora Visa Signature Credit Card to provide customers with more ways to get rewarded for shopping their favorite personal care and beauty products.

The cards will enable account holders to earn rewards in addition to those they are currently earning in the company’s Beauty Insider Program. Any customer who is not an existing Beauty Insider member will be automatically enrolled in the program when they are approved for the card.

The store sells almost 300 brands, including its own private label.

“The Sephora Credit Card was the natural next step in our loyalty journey, truly adding even more value that our clients can use not only within our stores, but also in their day-to-day lives,” Andrea Zaretsky, an executive at Sephora, said in a news release.

See related:  Apple and Goldman Sachs set to launch new credit card in the spring

The details

Sephora has partnered with Alliance Data and Visa to launch its first credit cards.

“We are delighted to partner with Sephora, a beauty industry trailblazer, to deliver marketing and loyalty-driven payment solutions that will provide increased value, exceptional experiences and further extend the relationship between Sephora and their cherished clients,” said Melisa Miller, president of Alliance Data’s card services business.

Sephora will roll out the Sephora Credit Card and Sephora Visa Credit Card this spring in select markets, and will follow that by launching them on its website and in all U.S. stand-alone stores.

See related:  Chase’s Starbucks Visa card rewards you for every purchase

An expert’s take

Co-branded retail cards like Sephora’s typically offer customers special discounts at their stores. However, Ted Rossman, industry analyst at CreditCards.com, noted that retail cards typically charge higher interest rates than general-purpose cards and their rewards aren’t usually as good.

But Rossman feels store cards can make sense if you shop frequently at a particular retailer and you avoid interest by paying your bills in full. They can serve as good first cards because they’re typically easier to get than the premium rewards cards, he added.

“Sephora has a loyal, young customer base, so I can see why they’re doing this. Most people would probably be better off with a general rewards card – for example, a cash back card [such as the Citi Double Cash Card, which returns 2 percent on all purchases- 1 percent when you buy and 1 percent as you make payments for your purchases] – but if you shop at Sephora a lot, this card will be worth considering,” Rossman said.

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Published: March 15, 2019

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Credit Card Rate Report Updated: August 21st, 2019
Business
15.55%
Airline
17.49%
Cash Back
17.63%
Reward
17.49%
Student
17.69%

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