More and more credit cards are now offering special credits. The trick with these credits is knowing how to use them and ensuring that you don’t forget to use them or forget when to cancel them.
In this article, I’ll break down the Chase Peloton credits and explain to you how they work and how you might be able to optimize them even if you don’t own a Peloton bike.
What is Peloton?
Peloton is a brand that sells exercise equipment, including exercise bikes and treadmills, and also provides an array of different fitness related classes via its app.
The exercise equipment comes with HD touchscreen monitors and speakers that allow you to get immersed in classes, including live classes with world-class instructors.
You can track your performance metrics and also monitor your position on the leaderboard as you compete with others.
The exercise bikes are known for being high-quality but they are also pretty pricey ranging from around $1,900 to $2,500. You can apply for financing though which can result in payments of around $50 to $65 a month.
As explained in more detail below, you do not have to purchase a Peloton exercise bike in order to use the app or the Sapphire credit.
What is the Chase Peloton credit?
The Chase Peloton credit offers you a statement credit for Peloton Digital Memberships and All-Access Memberships.
So the credits do not go towards the price of the hardware but instead are used for the monthly memberships.
There are two different types of monthly memberships you can sign up for.
The Peloton Digital Membership costs 12.99 per month while the All-Access Memberships cost $39 per month.
The more expensive All-Access Membership is designed for those who purchase the hardware equipment.
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What cards get the Chase Peloton credit?
The following cards will receive the Chase Peloton credit:
The Chase Sapphirre Preferred will offer you a $60 statement credit through December 31, 2021.
Meanwhile, the Chase Sapphire Reserve and the JP Morgan Reserve will offer you $120 in statement credits through December 31 of 2021.
If you are going with the basic $12.99 Digital Membership Monthly Subscription, another way to look at this is that you can get up to 4.6 months free with the Chase Sapphirre Preferred and 9.2 months free with the Chase Sapphire Reserve.
If you are going with the $39 All-Access Membership, another way to look at this is that you can get up to 1.5 months free with the Chase Sapphirre Preferred and 3 months free with the Chase Sapphire Reserve.
How to use these credits
The first thing to be aware of is that these credits are only good through December 31 of 2021.
So if you have the Chase Sapphirre Preferred, you want to be sure to start triggering your credit about six months from the end of the year.
If you have the Chase Sapphire Reserve you want to start triggering your credit about 10 months from the end of the year.
Once you are ready to begin your membership you can go here to initiate the membership.
Tip: If you are a new member, you should be able to receive a free 30 day trial for the digital membership monthly subscription. So remember to factor that in when beginning a membership.
How to optimize these credits
If you already are using or already were thinking about subscribing to a Digital Membership Monthly Subscription or the All-Access Membership, then you will save with these credits and your savings are pretty straightforward (but see the below FAQ).
If you currently do not use Peloton there still may be some value to be had with these credits.
That’s because you don’t have to have a Peloton bike or treadmill in order to sign up for and use the Peloton Digital Membership classes.
You can simply obtain a membership and participate in these classes via the app even if you do not own a Peloton exercise equipment.
You can access these classes on the peloton app using your phone, iPad, android device, Fire TV, or even on the web.
They have many courses that you might be interested in well.
For example, there are classes for things like strength, yoga, cardio, meditation, running, stretching and even walking.
There are thousands of classes and some are live while others are on demand.
My advice would be to download the app from the App Store and browse through the different classes to see if anything interests you.
Increased bonus categories
Chase recently announced that Sapphire Preferred cardholders can earn 5x on Peloton purchases and Sapphire Reserve cardholders can earn 10x through March 2022. There is a limit to the total number of points you can earn and it is limited at 25,000 for the Sapphire Preferred and 50,000 points for the Sapphire Reserve.
Also, there is a minimum purchase amount of of $1,800 that applies to your purchase of Bike, Tread, and accessory purchases.
Chase Peloton credit FAQ
If you are a new member you will want to sign up on this page.
In order to trigger your credit, be sure that your payment method is one of the eligible Chase cards.
Note: If you purchase your membership through the Apple App Store or Google Play App Store you will not qualify for the offer.
If you are already a member, go here to read about instructions on what to do.
Basically, you might have to switch who manages your membership from something like the App Store to Peloton but this is pretty easy to do.
No, the great thing about this credit is that you do not have to use it in consecutive months and can pause your membership if you would like.
Just keep in mind the deadlines mentioned above because if you wait too long to use your credits you will run out of time and not be able to optimize them.
After you have used all of your credits, you will continue to be charged for your membership so if you want to avoid getting charged you will need to cancel the membership.
You should see the statement credit post to your account the same day you make your qualifying Peloton transaction.
It may take one or two billing cycles for it to show up on your credit card billing statement.
Authorized users do not get an additional $60 or $120 credit.
However, if an authorized user card is used on a membership they can trigger the credit attached to the primary cardmember.
This is a fantastic way to save money if you are already a Peloton customer.
If you are not a Peloton customer but are interested in fitness, this could still be a very worthwhile credit to use because you can get access to thousands of classes, including live classes.
If you are more of a couch potato then this credit does not do you much good but perhaps you could use it on somebody else?
Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.