On Tuesday, Chase announced that it has added up to $120 in statement credits to the Preferred and Reserve cards. You can use these credits on Peloton Digital or Peloton All-Access memberships all the way through Dec. 31, 2021. Here’s how they break down:
- Chase Sapphire Reserve: Get $120 total in statement credits toward Peloton memberships through Dec. 31, 2021.
- Chase Sapphire Preferred Card: Get $60 total in statement credits toward Peloton memberships through Dec. 31, 2021.
This is just the latest new perk Chase and other banks have added during the pandemic. And with Peloton purchases skyrocketing the last few months as even diehard fitness junkies steer clear of the gym, it’s a timely addition.
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.
How to Use Chase’s New 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 new credits aren’t earth-shattering by any means, but it’s a nice addition with some extra value for Chase Sapphire cardholders.
But is something more on the horizon? Chase 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.”
Put your Peloton memberships on your Chase Sapphire cards, people! This is an easy way to save $60 to $120 over the next year and change.
Lead photo courtesy of Peloton.