In the latest of a flurry of new credit card perks that have come out during the coronavirus pandemic, Chase has announced that it’s now offering its Sapphire cardholders statement credits toward Peloton digital or all-access membership. The announcement comes on the heels of a similar one from American Express, which recently offered credits to select cardholders for Variis, Equinox’s home workout app.
- Chase is offering statement credits to eligible cardholders who sign up for a new Peloton membership or have an existing one.
- This new perk is available only to Chase customers with a Sapphire Preferred or Sapphire Reserve credit card.
- The value of the benefit is different for each card, but the promotional period for both ends in December 2021.
- In contrast, American Express' Variis credit is available with many of the credit cards in its portfolio.
How the Chase Sapphire Peloton Credit Works
Since the start of the coronavirus pandemic, gym membership cancellations have grown by a staggering 563% year over year, according to TD Ameritrade. Meanwhile, the home-exercise company Peloton’s revenues tripled for the quarter ending June 30, and Peloton posted its first quarterly profit.
As consumers have changed their habits, credit card companies have scrambled to offer relevant perks and rewards to encourage customers to maintain their accounts and keep spending.
This latest offer from Chase comes in the form of statement credits for Peloton’s digital and all-access memberships. Cardholders with the Chase Sapphire Reserve will receive up to $120 in total credits, while those with the Chase Sapphire Preferred can get up to $60. All eligible cardholders have until December 2021 to take full advantage of the benefit.
To give you an idea of how far those statement credits will go, a Peloton digital membership costs $12.99 per month and provides studio and outdoor running classes through the company’s mobile app. There’s no need to purchase Peloton-branded exercise equipment with this option.
At the higher end, the all-access membership opens up the complete library of classes available for Peloton bikes and treadmills, as well as classes through the app. This all-inclusive membership costs $39.99 a month.
The perk is available to both new and existing Peloton users. Cardholders simply need to activate their membership directly with Peloton instead of using a third-party app, then add their Sapphire credit card to their account. They’ll receive the credits automatically as they pay their monthly subscription fee.
Also, unlike the Amex Variis benefit, the Chase credit isn’t capped on a monthly basis.
Is the Chase-Peloton Offer Worth it?
If you already have a Peloton membership, the new benefit from Chase will save you money on something you’re already using. If you’re not yet a customer, though, it’s important to keep in mind that the all-access membership works only for folks who own a Peloton-branded bike or treadmill. Most of the models cost upwards of $2,000.
That said, the Peloton digital membership could be a good way for Chase Sapphire cardholders to keep up their exercise schedule without feeling that they need to visit the gym. The perk may especially beneficial as the weather gets colder in many parts of the country, and it’s not as feasible to exercise outside.
If you’re considering either membership as a new customer, Peloton offers a 30-day free trial on both—yes, that includes a home trial of one of its bikes or treadmills.