underscored peloton bike plus man riding

Update: Some offers mentioned below are no longer available.

CNN  — 

Coming on the heels of a temporary expansion of its credit card bonus categories, on Tuesday, Chase announced another new limited-time benefit for its trademark Chase Sapphire Preferred Card and Chase Sapphire Reserve card.

Starting today, Chase Sapphire Reserve card holders can get up to $120 in statement credits on Peloton Digital and All-Access Memberships through December 31, 2021, while Chase Sapphire Preferred card holders have access to up to $60 in statement credits for those memberships until the end of 2021.

The statement credits are available to both new and existing Sapphire card members. Eligible card holders can activate their Peloton membership benefit by visiting Onepeloton.com/ChaseSapphire and enrolling in an eligible Peloton membership using their Sapphire card. You can’t use the credits toward the purchase of a bike or tread — only a membership.

Existing memberships managed by Peloton are also eligible for the credits — just change your default payment method in your Peloton profile to your Chase Sapphire card. Memberships purchased through a third party, such as the Apple Store or Google Play Store, won’t qualify for this offer, but you can convert your membership to a Peloton-managed one by following the steps in Peloton’s support guide.

New Peloton members are also entitled to a 30-day free trial, which you’ll still get as long as you sign up through the dedicated link. Then, after your free trial ends, you’ll be billed for the monthly membership and will get the statement credits.

Peloton statement credits will be applied automatically to eligible Peloton transactions, and will appear on your monthly credit card billing statement within one to two billing cycles, up to the maximum on your Chase Sapphire card.

If you don’t already have a Chase Sapphire card, the Chase Sapphire Preferred is currently offering 60,000 bonus points after spending $4,000 in purchases within the first three months of opening the account.

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The Sapphire Preferred has a $95 annual fee, but if you can take advantage of the card’s $60 in Peloton credits, you’re effectively only paying $35 for the card in the first year.

With the pandemic likely to affect travel well into 2021, issuers will undoubtedly continue to proactively add limited-time features to their travel credit cards in an effort to keep customers engaged. While this new benefit will primarily be of use to those with a Peloton membership — or looking to get one — it’s a good fit, given that many people are currently limited to working out at home.

So, if these Peloton credits are of use to you and you don’t already have a Chase Sapphire Reserve or Chase Sapphire Preferred, now is probably an ideal time to grab one.

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