Chase Expands Peloton Partnership, Extends Pay Yourself Back and Travel Credit Flexibility

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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.

Buy a Pelaton bike with your Chase Sapphire card to earn bonus points

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.

Chase Sapphire Preferred® Card
Chase Sapphire Preferred® Card
Annual Fee$95
Welcome Bonus Earn 100,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,250 when you redeem through Chase Ultimate Rewards®.
Our #1 recommended beginners rewards card featuring an 100,000-point signup bonus after you spend $4,000 on purchases in the first 3 months from account opening. This card comes with great benefits and earns valuable Ultimate Rewards points.
  • Our best offer ever! Earn 100,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,250 when you redeem through Chase Ultimate Rewards®.
  • Enjoy new benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining and 2X points on all other travel purchases, plus more.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 100,000 points are worth $1,250 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
  • 5X points on travel purchased through Chase
  • 3X points on dining at restaurants worldwide
  • 3X points on eligible streaming services
  • 3X points on online grocery purchases (excluding Target, Walmart, and wholesale clubs)
  • 2X points on all other travel
  • 1X point per dollar spent on all other purchases

Bottom Line

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?

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Comments

  • Daniel Scott says:

    The Chase pay yourself back program is a game changer — especially if you primarily use the card for restaurants like I do. I hope they extend it indefinitely.

  • This is great news! I hope they keep Pay Yourself Back forever.

  • Do these credits apply to new upgrades to the CSR? P2 currently has a Freedom (downgraded from a CSP so she she isn’t re-eligible for a Sapphire bonus due to 48 month rule) and we were thinking about upgrading the card. Seems like a no-brainer for $300 travel/grocery credit + $120 Peloton credit. Thank you!

    • I don’t see any restrictions that would leave you out. It seems that you just need to have the CSR at the time of the purchase to get these benefits.

  • I have not used the extras that Chase issued and I don’t think I will. It’s nice to have the option to pay myself back but I want my points for travel later. I have been getting the 2x for grocery on the Sapphire preferred card til the end of April.

  • I’m thrilled the PYB categories will continue through September, but could care less about the Peleton “benefit”. Too bad Chase doesn’t make it a more generic benefit applicable to fitness and sporting goods store expenditures.

  • The Peloton association does nothing for me. I can’t stand exercising in a gym or home exercise equipment. I’m lucky that I can do considerable exercise outside so gym memberships and exercise equipment is not part of my spending. However, I am a fan of the pay-yourself-back improvement and extension. I will continue to use that feature as long as it is available.

  • Another coup for Chase, they are beating AMEX at their own game by signing up popular high end partners

  • ‘Pay Yourself Back’ should be kept for the entire 2021.

  • I think that we would still be living with the restrictions in 2022. More than a year ago, I just knew that the peak travel season of 2020 was a goner.

    • It’s starting to pick back up but I think you’re right. I bet it takes two more years for travel to reach the level it was at.

  • Wish they would give rewards for the monthly Peloton membership fee!

  • What is Chase’s deal with Peloton? This is a travel card and that is such a niche market. They need to think just a little broader. It doesn’t need to be a general credit like a dining credit or anything but this is so specific and such a small market that it means nothing to most of us.

  • I don’t begrudge anyone who can or wants to take advantage of the Peloton credits, but this is far too niche in my view, and with Amex providing more widely usable credits through PayPal (and streaming services before that), non-competitive as well.

    • I understand that this is a pandemic but did they honestly look at their demographics? This is a travel card. I for one have no interest or desire in Peleton (as in they’re trying to pay me and it’s still a no) and if they’re somehow trying to lure the few people who use Peleton into travelling, are they really going to keep the card?

  • Good point that the Peloton offer seems like a great deal…at first…but you’re right that you wouldn’t use it for a large purchase more than once. The Pay Yourself Back is nice though.

  • Not sure if this has been covered in another blog post, but to qualify for the $120 Peloton statement credit, you can be either a new customer OR an existing customer (some posts I’ve seen from Chase/Peloton make it seem like it applies to new customers only). For existing customers, you can follow these steps – https://support.onepeloton.com/hc/en-us/articles/360048867251.

  • I personally couldn’t care less about the Peloton benefits. At $550 a year, Chase needs to add much more compelling benefits, especially with the Freedom cards now earning 3X on dining.

  • My wife wants one of these real bad, too bad they are so expensive.