Chase Adds Points Bonuses to Peloton Perks Package
Chase cardholders can now earn extra rewards points on Peloton Bike, Bike+, Tread, and Tread+ equipment through March 2022. The new promotion awards 5 points per dollar for eligible purchases made with the Chase Sapphire Preferred and 10 points per dollar with the Chase Sapphire Reserve. The perk is a formidable one, as a Sapphire Reserve cardholder could purchase a Tread+ Family treadmill package and earn 48,000 points, worth an average of $720 according to The Balance’s valuation of Chase Ultimate Rewards points.
Rewards are capped at 50,000 points for Reserve cardholders and 25,000 points for Preferred cardholders. Only purchases of at least $1,800 qualify. While cardholders could earn a lucrative points payoff from the offer, the high rewards rates aren’t unheard of. Preferred and Reserve cardholders can earn more than 10 points per dollar with multiple retailers through Chase’s Ultimate Rewards online shopping portal.
The new Peloton points bonuses are part of a growing relationship between Chase and the fitness brand, which launched in October 2020 when Chase announced Peloton digital membership discounts worth up to $60 for Preferred cardholders and $120 for Reserve cardholders. That offer is good through December.
“We’ve heard from our cardmembers that personal wellness and connecting with others through new experiences are core to their lifestyle–even more so during this past year,” Chase Sapphire General Manager Marleta Ross said about the Peloton partnership’s genesis. “We’re excited to bring together these two key passion points and give our collective community the opportunity to unlock even more value through fitness.”
The partnership could be a shrewd one for Chase, as Peloton has experienced tremendous growth over the past two years. The company’s membership base grew from 511,000 in 2019 to more than 4 million members by the end of 2020, and its revenue rose by more than 300% from Q3 2019 to Q3 2020.