What is a Sephora VIB Card?

Really curious what the whole Sephora VIB sales are about, I've heard so much about it but just have no clue what are the benefits of being a Sephora VIB member, can anyone help me answer this question?

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I mean, I understand how to obtain the VIB status, but what do I really get?

Keep your membership by spending $350 at a Sephora store, sephora.com, sephora.ca, or in a Sephora inside JCPenney within a calendar year (January-December). VIB status is good for the calendar year in which the BI member qualifies and the following calendar year; annual requalification is required.