Chase just extended its Pay Yourself Back feature for redeeming points and added new Peloton benefits

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  • If you have a Chase Sapphire Reserve®, you can earn up to 10x points on Peloton purchases over $1,800.
  • The Chase Sapphire Preferred® Card and Chase Sapphire Reserve® offer statement credits for Peloton workouts.
  • Chase also extended several pandemic-friendly benefits like Pay Yourself Back for redeeming points.
  • Read Insider’s comparison of the Chase Sapphire Preferred and Reserve cards »

Chase is expanding its partnership with the popular fitness brand Peloton. After adding up to $120 in statement credits for Peloton classes for the Chase Sapphire Reserve® (and up to $60 on the Chase Sapphire Preferred® Card) in late 2020, the credit card issuer is offering Sapphire cardholders who purchase a Peloton the opportunity to earn a windfall of bonus points.

We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Chase Sapphire Preferred® Card

Chase Chase Sapphire Preferred® CardAverage 401(k) balance

  • With the Chase Sapphire Preferred, you’ll earn 5x total points on eligible Peloton purchases over $1,800 — with a max earn of 25,000 points.
  • With the Sapphire Reserve, you’ll earn 10x total points on eligible Peloton purchases over $1,800 — with a max earn of 50,000 points.

Personal Finance Insider values Chase Ultimate Rewards points at 1.8 cents apiece, so if you earned 50,000 points through this promotion using the Sapphire Reserve, you’re looking at $900 in value.

If you don’t have a Chase Sapphire card yet, now could be a great time to open one — whether or not you’re interested in buying any Peloton fitness equipment — because both cards are offering elevated sign-up bonuses.

Increased Chase Sapphire Preferred and Chase Sapphire Reserve bonuses

  • Chase Sapphire Preferred® Card: Earn 80,000 points after you spend $4,000 on purchases in the first three months of account opening, plus, earn a statement credit of up to $50 toward grocery store purchases in the first year of having the card
  • Chase Sapphire Reserve®: Earn 60,000 points after you spend $4,000 on purchases in the first three months of account opening

 

If you were to open the Chase Sapphire Preferred, earn the welcome bonus of 80,000 points, and buy a Peloton bike with your card, you could earn upwards of 100,000 Ultimate Rewards points — worth more than $1,000. Chase hasn’t shared an end date for either of these cards’ sign-up offers, so apply sooner than later if you’re looking to maximize your points earning.

Chase Sapphire Reserve®

Chase Chase Sapphire Reserve®

Annual Fee
Regular APR
Credit Score
  • A five pointed star
  • A five pointed star
  • A five pointed star
  • A five pointed star
  • 4.65 out of 5 Stars
    Editor’s Rating

    Our editor’s ratings are primarily based on 3 things: simplicity, affordability, and value.Our credit card editor takes those factors into account, and comes up with a rating to best reflect how the card performs in that criteria – relative to other products we’ve reviewed.A tooltipOur editor’s ratings are primarily based on 3 things: simplicity, affordability, and value.Our credit card editor takes those factors into account, and comes up with a rating to best reflect how the card performs in that criteria – relative to other products we’ve reviewed.Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

    Annual Fee

    $550

    Regular APR

    16.99%-23.99% Variable

    Credit Score

    Recommended credit score. Note that credit card lenders may use many different variations of credit score models when considering your application.A tooltipRecommended credit score. Note that credit card lenders may use many different variations of credit score models when considering your application.ExcellentA five pointed star

  • A five pointed star
  • A five pointed star
  • A five pointed star
  • A five pointed star
  • 4.65 out of 5 Stars
    Editor’s Rating

    Our editor’s ratings are primarily based on 3 things: simplicity, affordability, and value.Our credit card editor takes those factors into account, and comes up with a rating to best reflect how the card performs in that criteria – relative to other products we’ve reviewed.A tooltipOur editor’s ratings are primarily based on 3 things: simplicity, affordability, and value.Our credit card editor takes those factors into account, and comes up with a rating to best reflect how the card performs in that criteria – relative to other products we’ve reviewed.

    Featured Reward

    Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account openingA tooltipEarn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening60,000 pointsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.

  • Pros & Cons
  • Details
  • Pros
    • Annual travel credit can effectively shave $300 off the annual fee if you use it
    • Strong travel insurance
    • Strong bonus rewards on travel and dining
    Cons
    • Very high annual fee
    • The new DoorDash statement credits may not be useful for everyone, which can make the recently increased annual fee harder to justify
    • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $900 toward travel when you redeem through Chase Ultimate Rewards®
    • $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year. Through December 31, 2021, gas station & grocery store purchases will also count towards earning your Travel Credit
    • 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants including eligible delivery services, takeout and dining out & 1 point per $1 spent on all other purchases
    • Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards®. For example, 60,000 points are worth $900 toward travel
    • With Pay Yourself Back℠, your points are worth 50% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
    • 1:1 point transfer to leading airline and hotel loyalty programs
    • Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit for Global Entry or TSA Pre✓®
    • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more

    Chase is extending other Sapphire card benefits like Pay Yourself Back

    In addition to launching the bonus points promotion with Peloton, Chase is extending some of its most pandemic-friendly benefits for Sapphire cardholders:

    • Chase Pay Yourself Back, which lets you redeem Ultimate Rewards points for 25% (with the Chase Sapphire Preferred) or 50% (with the Chase Sapphire Reserve®) more value on select purchase categories, is now extended through September 30, 2021. The eligible purchase categories are grocery stores, dining at restaurants (including takeout and eligible delivery services), home improvement stores, and select charity organizations.
    • The $300 annual travel credit on the Chase Sapphire Reserve® will apply to gas station and grocery store purchases through December 31, 2021. If you’re traveling, though, you can still use your card for purchases like airfare or public transit and get reimbursed through the annual credit.
    • Chase Ultimate Rewards points will be worth 25% more (with the Chase Sapphire Preferred) or 50% more (with the Chase Sapphire Reserve®) when you redeem them through Chase Dining through September 30, 2021. You can also earn 10x points on Chase Dining purchases on up to $500 in spending through June 30, 2021.

    Chase Ultimate Rewards are among the easiest credit card points to put to use during the pandemic, since Chase has added several options for earning and redeeming that don’t involve travel. Whether or not you take advantage of the Peloton promotion to earn up to 50,000 bonus points, having a Chase Sapphire card in your wallet could be a great way to save money on everyday purchases now, and to start stocking up travel points for your next trip.

    Sarah Silbert is the Senior Reviews Editor at Personal Finance Insider. She’s covered personal finance topics, including credit card rewards, for the last six years, and she’s a Certified Educator in Personal Finance (CEPF).

    Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

    Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

    Please note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.

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