When the restrictions started happening due to coronavirus last year, Peloton became a big hit with those that wanted to work out and have a social aspect to their in-home exercises. But, Peloton cycles are not exactly cheap yet Chase is here with some perks on two cards to help make that a little easier for you to stomach. While some were added last year, Chase has now expanded it.
Chase Cards Add Benefits to Save Money on Peloton and Earn Points
Sure, there are cheaper bicycles and treadmills but people are not buying these from Peloton for just the equipment. It is also the subscription services that you add-on that give you various workouts and classes to follow along on the built-in display. Here are the costs for Peloton equipment and memberships.
- Peloton Tread – starting at $2,495
- This is their new, basic treadmill with a traditional running belt
- It has 59 inches of running room
- It has a 23.8″ HD touchscreen display
- Peloton Tread+ – starting at $4,295
- This is their premium treadmill with a shock-absorbing slat belt
- It has 67 inches of running room
- It has a 32″ HD touchscreen display
- Peloton Bike – starting at $1,89
- This is their original cycle
- It has a 22″ HD touchscreen display
- Peloton Bike+ – starting at $2,495
- This is their premium cycle
- It has a 24″ rotating HD touchscreen display
Peloton membership packages can be subscribed to even if you don’t have any Peloton gear. It is a separate membership fee for this and here is how the membership fees look.
- Own a Bike or Tread? That membership fee is $39 per month for the at-home experience and workout library of classes and programs
- Don’t own a Peloton? This membership is $12.99 per month and allows you to follow various workouts from wherever you are using the Peloton App.
How Chase Cards Can Save You Money with Peloton
Now we get the cost-savings part! Chase has made the smart move of partnering with Peloton as it encourages fitness as well as giving cardmembers access to savings on something that many people are already paying for. Here is how it works and which cards give you these benefits.
Chase Sapphire Preferred
The Chase Sapphire Preferred is a card that is currently offering 80,000 Chase Ultimate Reward points (after spending $4,000 in three months). These points can be transferred to travel programs or you can pay yourself back on grocery purchases, dining, or home improvement purchases at the rate of 1.25 cents per point – this means your bonus is $1,000.
The card itself costs $95 per year to keep. With that $95, here is what you get for Peloton purchases and memberships.
The Chase Sapphire Preferred will give you up to $60 in statement credits on the Peloton Digital and All-Access Memberships. This means that if you currently own a Peloton machine, you will get almost two months of the membership for free. If you are only interested in the digital membership, you will get 5 months of that for free. So, why not give that a try?!
This perk is good through December 31, 2021. Go to this link to activate your membership and start getting statement credits on your Chase Sapphire Preferred.
Earn 5X Points on Peloton Purchases
What about if you currently do not have a Peloton Bike or Tread? The new Tread is coming and that is something that runners like me may be interested in. With this other benefit, it could make that purchase a bit easier. Chase Sapphire Preferred cardholders will earn 5X Chase Ultimate Reward points per dollar spent on Peloton bikes, treads, and/or accessories. The only catch is that the purchase has to be at least $1,800 (meaning, any bike or tread will work for this). This is good through March, 2022.
The max you can earn at Peloton with your Chase Sapphire Preferred and this new perk is 25,000 points. That would mean you would purchase a total of $5,000 from Peloton to hit that cap. But, let’s say you spend the minimum on a treadmill – $2,495. You would earn 12,475 Ultimate Reward points. If you were to Pay Yourself Back with those, you would be getting a $155 rebate on your Peloton purchase. Not bad!
Chase Sapphire Reserve
The Chase Sapphire Reserve is the bigger brother to the Preferred and currently comes with 60,000 bonus points but a hefty $550 annual fee (check out this post to compare the Chase Sapphire Preferred and the Chase Sapphire Reserve). Thanks to its better earning performances, you will benefit even more if you have the Chase Sapphire Reserve and want to spend on Peloton.
One more thing is that you can cash your points out on travel, grocery, dining, or home improvement at a rate of 1.5 cents per point for better redemptions!
The Chase Sapphire Reserve will give you $120 in statement credits on membership fees. That means at least 3 months or as many as 10 months of membership access! Not bad! Again, this works even if you do not have any Peloton gear. To get this started, click here to activate your account and start earning statement credits.
Earn 10X Points on Peloton Purchase
You also can earn 10x points on Peloton purchases, purchases on bike, tread, or accessories over $1,800. This is capped at 50,000 points. If you take the same example as above – a $2,495 treadmill – you will earn 24,950 points. If you were to pay yourself back on groceries/dining/home improvement, you would get a $374 rebate. Not bad at all! This is also good until March of 2022.
Peloton equipment is not cheap but those who have bought them really do love the entire experience. At least now, you can save some money with these Chase cards and even get some monster points if you have one of these cards and you want to buy a Peloton bike or treadmill.
Either way, it is almost a no-brainer for cardholders to at least sign-up for the digital membership since you will get some months for free and can always cancel later! This is what I will be doing to give these at-home workouts a try. Why not?
The popular Chase Sapphire Preferred card is having a special bonus offer – 80,000 points and a $50 statement credit for groceries! This makes this offer worth at least $1,000 in travel, groceries, dining, or home improvement!
- Earn 80,000 points after spending $4,000 in three months
- Get a free $50 statement credit for grocery purchases!
- Transfer the points to popular airlines and hotels for maximum value!
- Use the points with Pay Yourself Back feature to pay for groceries, home improvement, and dining purchases
- Earn 2x points on all travel and dining!
- Annual fee of $95
- Application Link (this is an affiliate link that supports the site)