AwardWallet receives compensation from advertising partners for links on the blog. Terms Apply to the offers listed on this page. The opinions expressed here are our own and have not been reviewed, provided, or approved by any bank advertiser. Here's our complete list of Advertisers.
Chase has fully joined the Peloton craze. With the home exercise system increasing in popularity every day, Chase is doubling down on its partnership.
Starting March 30, 2021, Chase Sapphire Preferred® Card and Chase Sapphire Reserve® cardholders will earn 5-10X points on several types of Peloton purchases—including the purchase of the bike itself. This pairs nicely with the up-to-$120 in Peloton membership credits announced for the same cards last year.
But perhaps even more widely relevant is Chase's news about its popular ‘Pay Yourself Back' feature. Chase recently extended this feature through the end of April. Now, it's extending it again through September 30, 2021.
New Chase Peloton Bonus Category
Last October, Chase unveiled a new partnership with Peloton designed to provide renewed value to cardholders. Through December 2021, Sapphire Preferred cardholders get up to $60 in statement credits toward Peloton Digital Memberships. Sapphire Reserve cardholders get up to $120 in statement credits.
Now, Chase is taking things one step further. Sapphire cards can now earn increased bonus points for certain Peloton purchases starting March 30, 2021:
- Through March 2022, Sapphire Reserve cardholders will earn 10X points on each Peloton Bike, Tread, and accessory purchase over $1,800, with a max earn of 50,000 points.
- Through March 2022, Sapphire Preferred cardholders will earn 5X points on each Peloton Bike, Trad, and accessory purchase over $1,800, with a max earn of 25,000 points.
There is no activation or sign-up required. To take advantage of this increased earning potential, simply complete an eligible purchase with your Sapphire card.
Chase ‘Pay Yourself Back' Extended Through Fall 2021
The ‘Pay Yourself Back' feature has been a huge success among Sapphire cardholders. In a nutshell, it allows you to cash out your Ultimate Rewards points for up to 1.5¢ each towards offsetting purchases in eligible categories. Since the feature's debut, these categories have included grocery stores, dining, home improvement stores, and select charities.
The ‘Pay Yourself Back' program was originally slated to end September 30, 2020. But, Chase extended Pay Yourself Back to April 30, 2021. Now, it's extending the feature and applicable purchase categories once again, this time through September 30, 2021.
This means that Sapphire cardholders have another five months to take advantage of this valuable option.
Other Extended Sapphire Features
There are two other Covid-era Sapphire features that Chase has also decided to extend:
- Sapphire Reserve $300 Travel Credit Flexibility — In addition to ‘Travel' purchases, cardholders can also continue to utilize their $300 Travel Credit for grocery and gas station purchases through December 31, 2021.
- 25–50% Bonus for Chase Dining Redemptions — Sapphire cardholders can redeem points worth 25–50% more when redeeming towards Chase Dining purchases. This ability is now available through September 30, 2021.
The increased flexibility for the Travel Credit is especially welcome. It's important that Chase continues to provide value to cardmembers who may not be comfortable traveling yet.
- Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 when you redeem through Chase Ultimate Rewards®. Plus earn up to $50 in statement credits towards grocery store purchases within your first year of account opening.
- Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,000 toward travel.
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.
- 5X points on Lyft rides through March 2022
- 2X points on travel and dining at restaurants worldwide
- 1X point per dollar spent on all other purchases
Chase just announced a new facet to its partnership with Peloton, adding new earning bonuses for large Peloton purchases. Moreover, Sapphire cardholders can continue to utilize several popular Covid-era features for longer than expected. This includes ‘Pay Yourself Back', which is now good through September 30, 2021.
Overall, I'm most excited about Chase extending the current Pay Yourself Back categories. These are quite useful for cardholders to receive 1.25–1.5¢ in value for their points—even without traveling. However, I'm willing to wager that even if these categories end at the end of September, the Pay Yourself Back feature probably won't end with them. Creating the infrastructure for this feature was too big a task to simply scrap after a year and a half. I expect Pay Yourself Back will hang around for a while, with Chase likely swapping out purchase categories from time to time.
As for the new Peloton bonus category, I'm not particularly impressed. Even if you're a Peloton fan, you probably won't make more than one $1,800+ purchase that'll qualify for the 10X points. That massively limits the value. For me, designing a bonus category for you to use once (maybe twice) doesn't make a lot of sense.
How do you feel about Chase extending the current Pay Yourself Back categories? And have I missed something with the new Peloton bonus category?
The comments on this page are not provided, reviewed, or otherwise approved by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.