In the world of beauty and cosmetics, Ulta Beauty has established itself as a go-to destination for many shoppers. Along with its extensive product range, the company offers a rewards program and credit card options. However, there may come a time when you decide to cancel your Ulta Beauty Rewards™ Credit Card or Mastercard®. This blog post will guide you through the cancellation process, discuss potential impacts on your credit score, and explain what happens to your rewards program membership.
The Cancellation Process: Step by Step
Canceling your Ulta Beauty Rewards™ Credit Card or Mastercard® is a straightforward process, but it’s essential to follow the correct steps to ensure a smooth transition. Here’s what you need to do:
1. Contact Comenity Capital Bank
The first and most crucial step is to reach out to Comenity Capital Bank, the issuer of Ulta credit cards. You have two options for this:
- Call the phone number on the back of your card
- Dial 866-257-9195 directly
This direct communication is the primary method to initiate the cancellation process.
2. Inform the Representative
When you get through to a customer service representative, clearly state that you wish to close your account. The representative will guide you through the necessary steps to complete the cancellation.
3. Consider Your Points
Before finalizing the cancellation, it’s important to consider what will happen to your accumulated points:
- For regular members: Any unused points in your account will expire and cannot be redeemed after cancellation.
- For Platinum or Diamond members: Your points will not expire as long as you maintain that membership status, even if you cancel the credit card.
Potential Impact on Your Credit Score
While canceling a credit card can seem like a simple financial decision, it’s important to understand that it can have several effects on your credit score and history. Here are some key factors to consider:
Credit Utilization Ratio
If your Ulta Beauty Rewards™ Credit Card has a high credit limit, closing it could increase your overall credit utilization ratio. This ratio, which compares your total credit card balances to your total credit limits, is a significant factor in determining your credit score. A higher ratio can negatively affect your score.
Credit Age
Closing an older credit account can reduce the average age of your credit accounts, which is another factor in credit scoring. Generally, older accounts are viewed more favorably by credit bureaus.
Credit Mix
While usually a minor factor, closing a credit card account can slightly affect the diversity of your credit mix, which is also considered in credit scoring.
Long-term Implications
- The account will typically be marked as “closed by consumer” on your credit report, which is generally neutral or slightly negative.
- A history of closing credit accounts might be viewed cautiously by future lenders, although this impact is usually minimal if you have a good overall credit history.
Steps to Minimize Impact
To mitigate potential negative effects on your credit score:
- Consider the age of the account and its impact on your credit utilization ratio before canceling.
- If possible, pay down other credit card balances to maintain a healthy credit utilization ratio.
- Ensure you have other long-standing credit accounts to maintain a good average credit age.
Effects on Your Ulta Beauty Rewards Program Membership
One common concern when canceling an Ulta Beauty Rewards™ Credit Card is how it might affect your membership status in the rewards program. The good news is that canceling your credit card does not directly impact your membership status, including Platinum or Diamond status.
Membership Status Remains Intact
Your Platinum or Diamond membership status is based on your annual spending at Ulta Beauty, not on the use of the credit card. As long as you meet the spending requirements within the calendar year ($500 for Platinum, $1200 for Diamond), your status will be maintained.
Points and Benefits
- You will not lose your accumulated points when you cancel the credit card.
- You will no longer earn the additional benefits associated with using the Ulta Beauty Rewards™ Credit Card, such as earning double points on purchases made with the card.
- Existing points and benefits tied to your Platinum or Diamond status, like non-expiring points, will remain intact.
Continuing Benefits
You will continue to receive all the benefits associated with your Platinum or Diamond status, including:
- Non-expiring points (as long as you maintain the status)
- Higher base earning rates
- Exclusive offers and events
- Birthday gifts
- Other promotional benefits specific to your membership tier
Conclusion
Canceling your Ulta Beauty Rewards™ Credit Card or Mastercard® is a personal financial decision that requires careful consideration. While the process itself is straightforward, it’s important to weigh the potential impacts on your credit score and understand how it affects your rewards program membership.
Remember, your Ulta Beauty Rewards program status remains unaffected by the cancellation of your credit card. You’ll continue to enjoy the benefits of your membership tier as long as you meet the annual spending requirements.
Before making your final decision, consider your overall financial picture, credit health, and how much you value the specific benefits of the Ulta Beauty Rewards™ Credit Card. If you decide to proceed with cancellation, follow the steps outlined in this guide to ensure a smooth process.
