I am VIB Rouge for Sephora and an Ulta Platinum member. It is true that Ulta's coupons often exclude prestige items, but they offer 20% coupons a few times a year; Sephora does it twice a year. So far, I received a 20% off Friends and Family offer that Ulta posted on their Facebook page last month and a mailer that just expired on February 1st. That's two opportunities to save 20% off on prestige items so far this year. I buy most of my haircare items from Ulta; Joico, Redken, It's a 10, etc. I also buy TONS of nail polish that I use their coupons for. There are point opportunities and coupon savings for more than just their drug-store items. Also, Ulta has several 3x point opportunities for Platinum members several times a year (and non-Platinum members earn 2x points). The last time they had a 3x the points offer I banked over 1000 points! That is an extra $50 worth of points for spending about $340! Sephora's once a year gift card doesn't match the cashback that I earn from Ulta year-round. Plus, I ONLY redeem my points in 2000 point increments because they give you a bonus $25, so 2000 points is worth $125. I've already renewed my Platinum status for 2015 because of the two 20% offers and the clearance items they had last month. I bought six perfumes for 50% during the clearance sale which included Coach Love, Coach Love Blush, etc. I also snagged a Stila eye pencil set, Urban Decay Shattered case (for when I travel), and a few other prestige items that were on clearance. I will agree that Sephora has a MUCH better return policy than Ulta, but that isn't a part of their rewards program.