And executives at rival beauty giant L'Oréal (OR.PA) see an opportunity to grab market share back from e.l.f. "What is true is that, in the world of indie brands, very clearly, ... many of them ...

It earns eye-popping rates at some of the biggest brands in America, including Amazon, Target and Walmart, plus 3% back in other popular categories. But there's a rewards cap and an annual fee ...