If you're on the Peloton bandwagon, having a Chase Sapphire Preferred® Card or Chase Sapphire Reserve® can put some money back in your pocket.
Back in late 2020, Chase rolled out a new partnership with the at-home fitness giant, making it possible to earn up to $120 in statement credits on the Chase Sapphire Cards. Those credits could be used on Peloton Digital or Peloton All-Access memberships all the way through Dec. 31, 2021. But as first reported by Pelo Buddy, that partnership has now been extended through June 2022 for both new and existing Chase Sapphire Preferred and Reserve cardholders.
Unfortunately, existing cardmembers who have already used their statement credits will not get another credit. But if you are a new Sapphire cardholder or an existing one who hasn't yet used this credit, you've got six more months to do so.
Here's how they break down:
- Chase Sapphire Reserve: Get $120 total in statement credits toward Peloton memberships through June 30, 2022.
- Chase Sapphire Preferred Card: Get $60 total in statement credits toward Peloton memberships through June 30, 2022
If you've got a Peloton bike or treadmill at home, the Reserve card's $120 credit is enough to cover three free months of the All-Access membership (at the current $39 monthly rate) – or more than nine months of Peloton Digital through an app. With the Preferred Card, you can use these credits to get a free month (and then some) of a full Peloton membership or more than four months of free Peloton Digital. Both cards will also get you a free one-month trial of Peloton Digital for at-home workouts.
You can register to get started at OnePeloton.com/ChaseSapphire. But keep reading to see how it works.
Chase also allows you to earn bonus points using your Sapphire cards on Peloton purchases: 10x on the Reserve and 5x on the Preferred. But that requires a purchase of more than $1,400 like a new Bike, Bike+, Tread, and accessories. Payments processed through financing firms (like Affirm) don't count.
How to Use Chase's Peloton Credits
If you don't have a Peloton or haven't signed up for a membership yet, just head to OnePeloton.com/ChaseSapphire.
But if you're already set up at home and paying for a membership, it could get a bit more complicated. First things first, you'll need to log into your Peloton account and check to see if your subscription shows up there. If not, that means you likely signed up through a third party like the Apple Store. You'll need to switch by signing up directly through Peloton for these credits to kick in – and put your payment on your Chase Sapphire card, of course.
If you're already signed up and your subscription shows up, just switch your payment method to your Chase Sapphire card. Already charging your membership to your Sapphire card? You're set. Just keep charging it to your Chase Sapphire card at least until you've used up those $60 to $120 in statement credits.
These credits aren't earth-shattering by any means, but it's a nice addition with some extra value for Chase Sapphire cardholders. And the extension through June provides more time for new cardholders to take advantage.
But is something more on the horizon? When Chase rolled this new partnership out in October, they hinted at future benefits, saying: “This is the first step in a broader collaboration to provide Sapphire cardmembers more value when using their card with Peloton.”
It's unclear what that might look like at this point, but there is no question the bank will be looking to improve its benefits offering. Chase is without question feeling the heat from the new Capital One Venture X Rewards Credit Card which rolled out at the end of last year. In fact, we think it has largely made the Chase Sapphire Reserve card irrelevant.
If you have a Chase Sapphire Preferred or Reserve card and are also a Peloton member, you've got through June to use up your $60 or $120 statement credits toward's your Peloton membership! These credits were originally scheduled to go away on Dec. 31, 2021.
This is an easy way to save $60 to $120 through the first have of the new year!
Lead photo courtesy of Peloton.