Business Insider/Jessica Tyler Beauty retailers Sephora and Ulta both offer their own rewards programs. Sephora Beauty Insiders earn one point for every dollar spent and earn free gifts as points accumulate. On the other hand, Ulta's Ultamate Rewards members earn one point for every dollar spent and receive discounts based on how many points they've earned. Earlier this week, Sephora added new features to its rewards program that make it more similar to Ulta's than it had been in the past. As two of the top beauty retailers around, Sephora and Ulta are competitors.