We’ve seen card issuers introduce all kinds of partnerships that offer perks to cardmembers, including with ride sharing apps, delivery services, fitness brands, and more.
The logic makes sense — premium credit cards have a lucrative customer base that many companies would love to have access to. These companies can offer benefits to cardmembers, all while credit card issuers can enhance their card offerings without paying much.
Well, we’re now seeing the latest partnership along those lines introduced.
Chase & Peloton team up on Sapphire cards
Thanks to a new partnership, Chase Sapphire cardmembers can receive statement credits for spending with Peloton:
- Those with the Chase Sapphire Preferred® Card (review) receive up to $60 in statement credits
- Those with the Chase Sapphire Reserve® Card (review) receive up to $120 in statement credits
There are some basic things to be aware of:
- This is valid towards Digital and All-Access Peloton memberships
- The credits need to be used by December 31, 2021, and are available to new and existing cardmembers
- Cardmembers can activate their Peloton membership benefit by visiting this link and enrolling
- Statement credits will be applied automatically until reaching the full value offered on the card
It’s said that this is the first step in a broader collaboration between Sapphire and Peloton, so I’m curious to see what else they come up with.
Peloton’s Digital & All-Access memberships
As mentioned above, these credits apply either towards Digital or All-Access memberships, which give you access to thousands of on-demand and live fitness classes, including indoor cycling, outdoor and indoor running, strength training, yoga, and more:
- Peloton Digital memberships ordinarily cost $12.99 per month, and get you access to Peloton’s full content library through the Peloton app without having to own a bike or tread
- Peloton All-Access memberships ordinarily cost $39 per month, and get you access to Peleton’s full content library through the Peloton bike or tread, or the Peloton app
As you can see, the $60-120 in credits covers you from anywhere for a month to nine months, depending on the card and product.
It’s great to see card issuers establishing partnerships to be able to add more perks. This will be great for those who use Peloton (or were considering it), while it will have very little value for others.
I expect we’ll continue to see card issuers add more temporary partnerships along these lines, which will benefit some cardmembers, but not others.
Will you use this new Chase Peloton perk?