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Update 1/5/22: In addition to Chase extending the Peloton membership statement credits on Sapphire Reserve and Sapphire Preferred cards through the end of June 2022, they’ve also extended the ability to earn bonus points on Peloton bike purchases on those same cards while also reducing how much you have to spend in order to earn those bonus points.
You can now earn 10x on Peloton bike purchases on the Sapphire Reserve card through March 31, 2022, while you can earn 5x on the Sapphire Preferred card through the same date.
Dan’s Deals also notes that the spending requirement to earn the bonus points has been reduced. His post states that you only need to spend $495 now, but what I think he’d meant to say is that the amount you have to spend has been reduced by $495. You previously had to spend $1,895+ to earn the 10x/5x, but that requirement has now been reduced to $1,400.
Original post is below.
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This morning, Chase has announced newly-increased earnings on the purchase of a Peloton Bike, Tread, and accessories, with Chase Sapphire Reserve cardholders able to earn 10x on the purchase of a new bike and accessories of $1800 or more up to a max of 50,000 points earned. Sapphire Preferred cardholders can earn 5x up to 25,000 points with the same minimum purchase of $1800.
There is no action necessary to take advantage of this deal: the increased earning structure will be automatic when you use an eligible Sapphire card at checkout. Given that the original bike starts at $1895, the earnings here are pretty significant. Sapphire Reserve cardholders would stand to earn 18,950 points on a purchase of the Peloton Bike alone, which is worth $284.25 if used to Pay Yourself Back for grocery or home improvement purchases.
Keep in mind that this is in addition to the credits that Chase had previously announced for Peloton digital memberships:
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- Chase Sapphire Reserve cardholders can earn up to $120 in credits toward digital ($12.99/mo) or all-access ($39.99/mo) memberships through
12/31/216/30/22 - Chase Sapphire Preferred cardholders can earn up to $60 in credits toward digital ($12.99/mo) or all-access ($39.99/mo) memberships through
12/31/216/30/22
- Chase Sapphire Reserve cardholders can earn up to $120 in credits toward digital ($12.99/mo) or all-access ($39.99/mo) memberships through
- Direct link to this offer
It is also worth noting that Peloton offers a 30 day trial. I have no idea how good they are at honoring their terms, but they do offer free setup and take-down.
According to the full terms of the home trial, it sounds like they refund the whole bit including delivery, assembly, and return shipping if you’re not satisfied and contact them within 30 days. Again, I’d recommend doing your research to see how reliable that is. I do not plan to do that research because I already had this conversation with my wife this morning:
- Nick [out loud unfortunately]: Huh, Chase is offering 10x on Peloton Bikes.
- Mrs. Reyes: Peloton for mommy for Easter?
- Nick: At $1900, it still seems a little steep for a bike that doesn’t go anywhere.
- Mrs. Reyes: If it’s too steep, just turn down the resistance.
- Nick: That’s exactly what I’d like to do: turn down the resistance by about $1700.
So yeah, I won’t be mentioning the risk-free trial since it comes with the risk of a $1900 exercise bike. That said, I do know a number of people who have these and love them. If you’re thinking about buying one, 10x looks like a solid deal to me. Don’t forget that you should also get Sapphire Reserve extended warranty and purchase protection — though since return protection is limited to $500, don’t count on that.
Finally, keep in mind that the bonuses on both the Sapphire Reserve and Sapphire Preferred are increased at the moment. If you’re thinking of buying a Peloton and qualify for the new cardmember bonus, this would make for a nice little points bonanza.
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Bit confused. Are the $120 and $60 Peloton credits “new” credits for 2022, or is there just an extension of the 2021 credits? You write that the credits are in addition to the previously announced credits — however, the Dan’s Deals piece I thought read that this is simply an extension of any unused credits from 2021.
Thanks in advance for any additional guidance!
hope chase will also xtend the doordash credit, and the grocery cat. is good for the $300 travel cr
The lower amount is correct, terms on the Chase page are:
You’ll earn a total of 10 points for each $1 spent on up to $5,000 in total purchases during the promotional period when your card is used for Peloton equipment and accessory purchases over $450 through Peloton from 03/30/2021 through 6/30/2022
I am currently cancelling and re-ordering to take advantage as my order just missed the prior minimum to quality.
[…] 10X points for Peloton charges by Chase Sapphire Reserve cardholders. […]
Do you know if the 10X will apply if you’re already financing a Peloton Bike+ via Affirm and want to pay it down/off? TIA
No, I don’t know, though I doubt it since I imagine you’re paying Affirm and not Peloton. If I’m correct about that, I can’t imagine that paying Affirm would code the same as paying Peloton.
haha I assumed that would be the response, as it’s prob way too early for DPs. I’m gonna call Chase to see what they say. I’m also gonna ask Chase (via secure message) to get it in writing, JIC they ok it. Will let you know what I find out.
lol all I ever see on posts like this is hate from people who aren’t the target market for Peloton. The bike was the best purchase I made during COVID (even without health plan reimbursements factored in). Averaging >1 workout a day, best shape I’ve been in in a long time. Always invest in yourself, the returns are fantastic.
Some of us have bikes that we are able to use outside. It’s magical.
Good for you, buddy. Some of us live in cities without bike lanes or safe biking roads, or live in places with unfriendly weather, or get home from work when it’s dark. Again, not the target market.
I totally agree that investing in yourself is worth it. And I totally agree that I am not in the target market for Peloton as I’m not looking to spend this much on an exercise bike which is largely influenced by the fact that I live on a 30-mile rail trail with no motorized traffic where I can ride to my heart’s content with a bicycle during the non-winter months. If I lived in a city where my only options to ride were city streets full of traffic (and at night, during cold weather, etc), I certainly may think differently about Peloton.
For me, the best shape I’ve been in since I was a kid was when I ran my first Chicago Marathon in 2014. I did a significant amount of training for that on a cheap recumbent exercise bike that I got on clearance for $36 at K-Mart (the only reason I’m not still using it is because a family member needed it). I obviously also ran a lot, both on a treadmill and on the rail trail (as well as the very hilly roads in my mountain town). These days I can’t run a lap around the house forget about any measurable distance, so goodness knows I could use the exercise – I just have a hard time justifying the price tag.
But like I said in the post, I know many happy Peloton owners. And whether it’s because Peloton makes sense for your physical location or because of the motivating factor of shareable workouts or just because plunking down the cash will force you to exercise, I think that’s great — and getting 10x is icing on that cake.
And after all that, let me say thanks for mentioning health plan reimbursements. I hadn’t looked at what my plan offers in that regard for a long time. No angle toward a Peloton in my case, but some ways we could be saving that I had let fall by the wayside – so thanks!
Our yearly subscription is more than subsidized by one person’s health plan reimbursement for gym services — and the subscription covers all the users on the service (up to 3 streams at a time). Sure, some people can get $20/month gym memberships, but this is $39/month for everyone in the household.
Once I finish using CSR credits (using different friends’ cards who don’t care for Peloton), I’ll be earning 4680 UR points per year for nothing.
True story. At 1.5cpp, the bike pays for itself in 26.99 years! 😀
Hah! I got mine with a HCW discount, and got a further discount when shipment was delayed another 2 weeks last spring when demand was high. I bought through Affirm, not for the 0% internet for 3 years, but because they take VGC debits for payment, so Affirm has been a great way to use up the fee-free VGCs for 5x+ points when MO route dried up.
Do you know if they still accept fee-free VGCs for monthly subscription payments?
How about getting a free COVID vaccination and a gym membership for what, $20/mo? Of course you can’t use the gym membership as a coat rack when you stop using by 2022.
Personally, I’m going for the $1.900 cash back deal on not getting one of these. As my grandma used to say “I don’t believe I can afford the savings.”