Neurofeedback (NF) is a brain–computer interface in which users can learn to modulate their own brain activation while receiving real-time feedback thereof. To increase motivation and adherence to training, virtual reality has recently been used as a feedback modality. In the presented study, we focused on the effects of augmented reality (AR) based visual feedback on subjective user experience, including positive/negative affect, cybersickness, flow experience, and experience with the use of this technology, and compared it with a traditional 2D feedback modality. Also, half of the participants got real feedback and the other half got sham feedback. All participants performed one NF training session, in which they tried to increase their sensorimotor rhythm (SMR, 12–15 Hz) over central brain areas. Forty-four participants received conventional 2D visual feedback (moving bars on a conventional computer screen) about real-time changes in SMR activity, while 45 participants received AR feedback (3D virtual flowers grew out of a real pot). The subjective user experience differed in several points between the groups. Participants from the AR group received a tendentially higher flow score, and the AR sham group perceived a tendentially higher feeling of flow than the 2D sham group. Further, participants from the AR group reported a higher technology usability, experienced a higher feeling of control, and perceived themselves as more successful than those from the 2D group. Psychological factors like this are crucial for NF training motivation and success. In the 2D group, participants reported more concern related to their performance, a tendentially higher technology anxiety, and also more physical discomfort. These results show the potential advantage of the use of AR-based feedback in NF applications over traditional feedback modalities.