CNN  — 

CNN Underscored reviews financial products such as credit cards and bank accounts based on their overall value, but does not review all financial companies or all available financial offers. We may receive compensation for sending traffic to partner sites, such as, and this compensation may impact how and where links appear on this site.

While travel is already seeing signs of a rebound in the wake of the pandemic, credit card issuers aren’t taking their foot off the gas just yet when it comes to expanding bonus categories and perks that can be utilized at home, even on credit cards designed primarily for travel.

On Tuesday, Chase launched another “at home” benefit, adding a new Peloton bonus category to its Chase Sapphire Preferred® Card and Chase Sapphire Reserve® card. At the same time, the issuer extended several other limited-time perks on its Sapphire cards as well.

Now through March 2022, both Sapphire cards will earn bonus points on Peloton bike, tread and accessory purchases over $1,800. The Chase Sapphire Reserve will earn 10 total points for every dollar spent on those purchases, with a maximum of 50,000 points, while Chase Sapphire Preferred card holders will earn 5 points per dollar, up to 25,000 in total points.

Eligible card holders just need to use either a Sapphire Reserve or Sapphire Preferred card at checkout in order to automatically earn the bonus points on these Peloton purchases — no advance registration is required.

Earn bonus points on the Chase Sapphire Preferred and Chase Sapphire Reserve for your major Peloton bike, tread and accessory purchases.

The new bonus category comes on top of previously added limited-time credits on Peloton memberships. Now through December 31, 2021, Chase Sapphire Reserve card holders can get up to $120 in credits on Peloton Digital and All-Access Memberships, while Chase Sapphire Preferred card holders have access to up to $60 in statement credits for those memberships.

‘Pay Yourself Back’ categories extended again

Also on Tuesday, Chase extended the current Sapphire categories and redemption rates on its popular “Pay Yourself Back” tool. First launched in May of last year, the “Pay Yourself Back” tool allows Sapphire Reserve and Sapphire Preferred card holders to redeem points for purchases made at grocery stores, dining establishments (including delivery and takeout) and home improvement stores.

These initial categories were originally scheduled to run through September of last year but were later extended through April 2021. They have now been extended again and will remain until September 30, 2021.

Chase Sapphire Reserve and Chase Sapphire Preferred card holders can continue to redeem points for their grocery store purchases using the "Pay Yourself Back" tool.

Chase Sapphire Reserve card holders will continue to get 1.5 cents per point in value when redeeming via the “Pay Yourself Back” tool through September 30, 2021, with Chase Sapphire Preferred card holders getting 1.25 cents per point. That’s the same value that these card holders receive when redeeming points for travel via Chase’s travel portal.

In addition, since the start of the pandemic, Chase Sapphire Reserve card holders have been able to use the card’s $300 travel credit on gas and grocery store purchases, along with the usual eligible travel charges. This expansion was slated to end on June 30, but it will now continue to automatically apply to any eligible purchases made in the additional categories through the end of 2021.

Related: Chase Sapphire Preferred vs. Chase Sapphire Reserve: Which is best for you?

How to use the ‘Pay Yourself Back’ tool

If you have an eligible Chase credit card, once you’ve made an eligible purchase, you can log into your Ultimate Rewards account, either via desktop or Chase’s mobile app, to find the “Pay Yourself Back” tool.

Chase's "Pay Yourself Back" tool is available via either desktop or mobile app.

From there, use the tool to find any eligible transactions made on your card in the previous 90 days, then choose to apply your points for either a portion of the purchase or the entire amount. The points will be deducted from your account and you’ll see a statement credit for the corresponding amount within three business days.

You'll get a statement credit based on which Chase card you have and the number of points you redeem.

As a reminder, Sapphire card holders can also currently use the “Pay Yourself Back” tool to make donations to eligible charities at the same redemption rates, including the American Red Cross, Habitat for Humanity, the NAACP Legal Defense and Education Fund and several others.

The issuer’s family of Chase Freedom credit cards — including the Chase Freedom Flex℠ and the Chase Freedom Unlimited®, as well as the old Chase Freedom card that’s no longer open to new applicants — can also utilize the “Pay Yourself Back” tool to make donations to the same list of charities as the two Sapphire cards.

The three Chase Freedom credit cards nominally earn cash back rewards rather than travel points. However, the cash back on these cards is initially issued in the form of points, which can then be redeemed for cash back at a rate of 1 cent per point. However, when using the “Pay Yourself Back” tool with the Freedom cards to donate to an eligible charity, the points are worth 1.25 cents apiece.

Related: Spend $500 and earn $200 with the Chase Freedom Flex credit card.

Frequent flyer website The Points Guy values Chase Ultimate Rewards points at 2 cents apiece, thanks to the program’s ability to transfer points with either of the Sapphire cards at a 1-to-1 ratio to 14 airline and hotel loyalty programs. Strategically transferring points this way makes it possible to score premium redemptions, such as first class and business class airline tickets, at a fraction of what they normally cost.

However, using transferred points is complicated and can require a great deal of time and research. As a result, many Chase card holders prefer to redeem their points through the Chase travel portal. If you’re one of these people, you’re getting the same value with the “Pay Yourself Back” tool as you normally would when redeeming for travel with an eligible Sapphire card, so it can make sense to take advantage of it.

Learn more about the Chase Sapphire Preferred.
Learn more about the Chase Sapphire Reserve.

Check out which cards CNN Underscored chose as its best Chase credit cards of 2021.

Get all the latest personal finance deals, news and advice at CNN Underscored Money.