Best Store Rewards Programs Worth Joining

The only fair way to compare store rewards programs is to turn each one into cents back per dollar you spend, then check how and when you can actually use the reward. Do that, and the picture is clear: Kohl's Rewards pays 5 cents per dollar, CVS ExtraCare 2 cents, Sephora 2 cents, myWalgreens and Old Navy's Encore about 1 cent, and Ulta between 3 and 6.25 cents depending on how long you save. Bath & Body Works can pay the most of all, but only if you choose the right free item. This guide shows the math for each program at three spending levels, the expiry rules that can wipe out your rewards, and when a paid membership is worth its fee. Every rate comes from the store's own terms, linked below. For more ways to cut everyday costs, see our money saving tips.

Free programs in cents back per dollar

Rates and rules as of October 2026. For Ulta, the value per point rises the more you save before redeeming: 100 points take $3 off, and 2,000 points take $125 off. Our Ulta points chart has every level.

Worked example: what each program pays at $500, $2,000 and $5,000 a year

Here is what you would get back from a year of spending at each store, using the rates above. The math is shown so you can swap in your own numbers.

How to read it:

• Sephora at $5,000 assumes you reach the Rouge tier, which Sephora's terms set at $1,000 a year, and trade 2,500 points for each $100 Rouge Reward. Below Rouge, 5,000 points are worth $100 as Beauty Insider Cash.
• Ulta uses the base 1 point per $1. Platinum ($500 a year) and Diamond ($1,200 a year) members earn 1.25 and 1.5 points per $1, so real numbers at $2,000 and $5,000 are higher.
• Macy's at $500 never reaches the 1,000 points needed for $10 within the year. The points carry over as long as you keep making qualifying purchases, but nothing comes back that year.
• Bath & Body Works is the best case: it assumes every reward is used on an item with an original price of exactly $18.95. Redeem on a cheaper item and the value drops.
• Michaels assumes you move up a tier as you cross $300 and $1,000 in a year and earn the higher rate from then on.
• These numbers only count if you use the rewards before they expire. A $5 Kohl's Cash coupon you forget about is worth nothing after 30 days.

Who should skip each program

Stacking at Kohl's: a worked example

Kohl's is the easiest store to stack at, because it applies discounts in a fixed order and you still earn rewards on what you pay. Here is the order, with dollar amounts for a jacket that normally costs $120:

1. Sale price. The jacket is on sale for $100.
2. Kohl's Cash. Apply a $10 Kohl's Cash coupon. Dollar-off coupons come before percent-off codes. You now owe $90.
3. One percent-off code. If a 20% off code is running, it applies to the $90: $90 × 20% = $18 off. You now pay $72.
4. Kohl's Rewards. You earn 5% of what you paid: $72 × 5% = $3.60, which builds toward your next $5 Kohl's Cash.
5. Kohl's Cash event. If you buy during an earn period, Kohl's gives $10 in Kohl's Cash for every $50 spent, so $72 earns $10 for your next trip.

Total: you paid $72 for a $120 jacket and earned $13.60 toward future purchases. Kohl's does not let two percent-off codes share an order, and Sephora at Kohl's is excluded from Kohl's coupons and Kohl's Cash. Our Kohl's vs Macy's guide explains the rules in detail, and our guide on how to stack coupons covers other stores.

Paid memberships: the break-even math

A paid membership is worth it only if what you save in a year is more than its fee. These are the fees on each store's own pages in October 2026, and the spending or usage at which each one pays for itself.

Sources: Costco membership, Target Circle 360, Walmart+, CVS, Best Buy and Amazon pages, checked October 2026. Discounted versions exist: Prime for Young Adults is $7.49 a month and Prime Access $6.99 a month for people on qualifying government assistance, while Walmart+ Assist and Walmart+ Student are $49 a year.

The quick rule: if a membership's main benefit is free delivery, count how many deliveries you actually paid for last year. If that number is below the break-even, skip it.

Rewards stack with almost everything

Store rewards are earned on what you pay after discounts, so you lose nothing by stacking. The order that works at most stores:

1. Sale price or member price.
2. Store coupon or promo code, usually one per order.
3. Store rewards earned on what you pay, and old rewards redeemed as payment.
4. Cash back portal, started before you shop online. See our guide to cash back shopping.
5. Rewards credit card, only if you pay the balance in full.

For beauty specifically, our Sephora vs Ulta rewards guide goes deeper, and our Michaels Rewards guide covers Michaels' tiers.

Store rewards programs FAQ