Chase adding new Peloton benefits to Sapphire cards

Life in the pandemic has created many new routines. People are working from home instead of going to the office, ordering in instead of eating out and doing a lot of their shopping online. It’s no wonder that workout routines have changed as well, moving from gyms to living rooms.

Adjusting to these changes, credit card issuers have been coming up with new offers and promotions. On Oct. 27, 2020, Chase announced new benefits in partnership with Peloton, introducing an opportunity for Sapphire cardmembers to earn statement credits on Peloton Digital and All-Access memberships through the end of 2021.

On March 30, 2021, the issuer also added an opportunity for Chase Sapphire members to earn extra points on Peloton purchases as Chase expanded on some of its most popular limited-time benefits.

Peloton has seen rapid growth during the pandemic. It’s safe to say there’s currently a lot of interest around the company’s offers, which include on-demand or live fitness classes, such as indoor cycling, outdoor and indoor running, strength training, yoga and more.

“We’ve heard from our cardmembers that personal wellness and connecting with others through new experiences are core to their lifestyle – even more so during this past year,” said Marleta Ross, general manager of Chase Sapphire, when the statement credit benefits first launched. “With Peloton, we’re excited to bring together these two key passion points and give our collective community the opportunity to unlock even more value through fitness.”

How the Peloton benefits will work

The benefits will be available to new and existing cardholders and provide access to the content library in the Peloton app.

Chase Sapphire Reserve® members can earn up to $120 in statement credits, and Chase Sapphire Preferred® Card holders can get up to $60 in statement credits on Peloton memberships through Dec. 31, 2021.

To use the Peloton membership benefit, cardholders need to activate it by visiting OnePeloton.com and enrolling in an eligible membership with their Sapphire card. The statement credits will be automatically applied until the full value offered on the card is reached.

Additionally, Reserve cardholders will be able to earn 10 total points per dollar on each Peloton Bike, Tread and accessory purchase over $1,800, with a maximum earn of 50,000 points. Preferred cardholders are getting a similar offer: They will earn 5 total points per dollar on each Peloton Bike, Tread and accessory purchase over $1,800, up to a maximum earn of 25,000 points. The offer is valid through March 31, 2022, on both cards. To use it, cardholders can simply checkout with their eligible Sapphire card.

Cardholders can also join the #SapphireSquad tag within Peloton to connect to others in the community.

“The Peloton community is there cheering you on with high-fives and pushing you to be the best version of yourself,” said Karina Kogan,  senior vice president and head of global product marketing at Peloton. “We have thousands of classes across more than 10 fitness disciplines, taught by world-class instructors, where we can move together as a community. We can’t wait to welcome Sapphire cardmembers who may be new to the Peloton community and glad we’re able to offer our existing members this wonderful benefit.”

Should you use the new benefits?

If you’re already a Peloton member, the new offer is a no-brainer – simply update your payment information and set your Sapphire card as your default payment to start using the benefit.

Note that if you’ve purchased your membership through a third party, such as Apple App Store or Google Play App Store, you’ll need to cancel your current membership and enroll again here.

If you’re considering a Peloton membership, your Sapphire card can allow you to earn some extra rewards when you’re purchasing Peloton equipment.

If you’re new to Peloton, consider your options first. Peloton Digital membership offers indoor and outdoor running classes, as well as access to the Peloton app class library with no Peloton equipment required at $12.99 per month.

Peloton All-Access membership, however, provides you access to all the classes available with Peloton, weekly live classes and perks like real-time metrics and instructor shout outs. The cost is $39 per month, and you’ll have to purchase equipment such as the Peloton Bike or Tread+. Peloton bikes start at $1,895.

Remember that before committing, you can always see if Peloton is the right fit for you with a free 30-day trial. Your Sapphire statement credits will be automatically applied to your monthly membership fee after the trial period.

According to Chase, this is the first step in a broader collaboration to provide Sapphire cardholders more value when using their card with Peloton, so we can expect more Peloton-related perks to be announced in the future.