(EXPIRED) Chase Sapphire Reserve & Preferred add Peloton benefit (up to $120 in credits)

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Update 1/5/22: In October 2020 Chase Sapphire Reserve and Sapphire Preferred cardholders received a benefit giving statement credits when paying for Peloton memberships.

Those credits were due to expire on December 31, 2021 and so we published a reminder that readers should cancel their subscriptions if they didn’t want to pay for their membership out-of-pocket going forward.

Reader Serena subsequently reported that she received a credit for a payment on January 2, 2022, while reader flybyFIRE discovered updated terms stating that the promotion has been extended through June 30, 2022. If you hadn’t previously redeemed these credits for a Digital or All-Access membership, you therefore have until the end of June to do so.

Original post is below.

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Chase announced today that it is adding a temporary statement credit toward Peloton Digital and All-Access memberships to both the Chase Sapphire Reserve card and the Chase Sapphire Preferred card. The credits will only cover a membership for a short time period, but for those subscribing or interested this could be a decent value add.

Sapphire Reserve vs Preferred

The Deal

  • Today Chase has announced a partnership with Peloton that has added the following credits toward digital and all-access memberships:
    • Chase Sapphire Reserve cardholders can earn up to $120 in credits toward digital ($12.99/mo) or all-access ($39.99/mo) memberships through 12/31/21 6/30/22
    • Chase Sapphire Preferred cardholders can earn up to $60 in credits toward digital ($12.99/mo) or all-access ($39.99/mo) memberships through 12/31/21 6/30/22
  • Direct link to this offer (old terms)
  • Direct link to this offer (terms with new expiry date)

Key Terms

  • Qualifying Peloton purchases include only those Peloton Digital or All-Access Memberships purchased by you, or an authorized user, with a Chase Sapphire Preferred, Chase Sapphire Reserve or J.P. Morgan Reserve credit card.
  • Statement credits will automatically be applied to your credit card account when you make qualifying Peloton purchases, up to a maximum accumulation of $60 (Chase Sapphire Preferred) or $120 (Chase Sapphire Reserve or J.P. Morgan Reserve).
  • To redeem the statement credits for a Digital Membership, you must visit www.onepeloton.com/digital/promotions/chase and sign up for a new Peloton Digital Membership or sign into your existing Peloton account with an eligible credit card as the payment method on file.
  • To redeem the statement credits for an All-Access Membership, you must have an eligible credit card set as the payment method on file.
  • Purchases made via a third-party app store (e.g., Apple App store or Google Play store) do not qualify for the statement credit.
  • After you reach $60 (Chase Sapphire Preferred) or $120 (Chase Sapphire Reserve or J.P. Morgan Reserve) in statement credits, your payment method on file will continue to be auto-billed each month at Peloton’s then current regular monthly membership price, unless you cancel before the end of the relevant membership term pursuant to Peloton’s terms and conditions.
  • Statement credits will not be earned toward the purchase of a bike
  • Statement credits do not need to be earned in consecutive months.

Quick Thoughts

Tons of people in my Facebook feed seem to be riding the Peloton wave, so I know the brand is super popular and there are probably many people into the digital apps. If you are already paying for this, it’s a no-brainer to save some money here.

The CSR will get you either 3 months of all-access or more than 9 months of the digital subscription, which is probably a good deal for free, though keep in mind that there are similar options on the table right now from Amex as well.

H/T: Doctor of Credit

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DaninMCI

Finally something I can use. I live in a rural area with no food delivery, no uber + limited travel so getting this credit on two cards for something I already pay for is awesome value.

Alex

FWIW–the Peloton digital app has classes other than cycling (strength, outdoor running, yoga, etc.)

Larry K

This one is as good as cash for me. I can get the credit on one and then switch to P2’s preferred and get the credit there bringing the annual fee down to an effective $35. It’s kind of rare where a credit card perk can be said to have at or close to its actual value as cash, but this one does. I suppose that’s not entirely true since I would use a 2x card otherwise but this is still pretty close.

Last edited 2 years ago by Larry K
Beechy

Do you think I could pay for my son’s membership with my credit card and the benefits would apply? Or do I need to set up an account? Thanks

Larry K

I think that would work. I don’t think Chase really sees whose account it is.