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Chase and Peloton partner to offer Sapphire card members up to $120 in statement credits for Peloton membership

Chase Sapphire Preferred and Reserve card members can offset the cost of Peloton membership with up to $120 in statement credits through 2021.

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Switching from your favorite gym to an at-home workout during quarantine can be an adjustment, but select Chase cardholders may now qualify for a new way to offset the cost of virtual classes.

Chase and the mega-popular home fitness brand Peloton just partnered to offer Sapphire cardholders up to $120 in statement credits toward Peloton digital and all-access memberships.

Peloton's in-home streaming services provide access to thousands of live and on-demand classes so you can break a sweat in the comfort of your home. Through this new promotion, select Chase cardholders can offset a new or existing Peloton membership now through December 31, 2021.

Here's who's eligible and the amount of the credit:

To take advantage of this offer, you must enroll at Onepeloton.com/ChaseSapphire. Memberships purchased through a third-party app store like Apple or Google Play are not eligible for these benefits (though you can cancel your current membership and rejoin directly through Peloton).

New Peloton members receive a 30-day free trial. After your free trial expires, your statement credits will automatically be applied each month to your credit card account to offset the monthly membership fee. Once you redeem the full value of your statement credits, you'll be charged $12.99 per month (plus taxes) for Peloton digital membership. You can cancel your membership at any time.

If you purchase a Peloton Bike or Tread, your statement credits will be automatically applied to the All-Access Membership fee of $39 per month once you activate using your eligible card. (Statement credits do not apply to Bike or Tread purchases themselves.)

Chase stated in the press release that this is the first step in a broader collaboration with Peloton.

Other card issuers with online fitness credits

Chase isn't the only card issuer to offer statement credits for online fitness programs. American Express has a partnership with obé fitness that provides U.S. card members with a two-month free trial to obé fitness monthly membership. This offer is available for a limited time, ending November 30, 2020.

The Amex promotion is valued at $54 since obé fitness monthly membership typically costs $27. And the two-month free trial is much longer than the typical 7-day free trial period.

Eligible Amex credit card members include the American Express® Gold Card and the Blue Cash Preferred® Card from American Express.

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