Peloton’s $120 Credit & 10X Points for Chase Sapphire Cardholders (US only)

This one is entirely for US folks, as it has to do with credit cards. But, it’s a pretty notable ‘deal’ when you start doing the math on it – and could be an interesting template for other larger companies to look at (cough, Zwift). If you remember the way-back machine, last October Peloton announced a partnership with Chase Sapphire/Reserve for cardholders to get back $120 of their annual Peloton subscription fees, as a credit on their credit card statement (so basically, a refund). However, now it’s expanded to getting 10x points for purchase of Peloton hardware (Bike/Bike+/Tread/Tread+/accessories). So the purchase of a new Peloton Bike+ gets you basically 25,000 points – or enough for a free round-trip US flight in most cases (depending on the myriad of ways you can redeem points).

Essentially, there are two variants of bonus/credits that Chase Sapphire Preferred and Chase Sapphire Reserve cardholders get:

Sapphire Preferred folks:

Subscriptions credit: Sapphire Preferred folks get a $60 credit per year for Peloton subscription fees
5X points on Bikes/Tread/accessories: This is capped at 25,000 points for Sapphire Preferred cardholders.

Sapphire Reserve folks:

Subscriptions credit: Sapphire Reserve folks get a $120 credit per year for Peloton subscription fees
10X points on Bikes/Tread/accessories: This is capped at 50,000 points for Sapphire Reserve cardholders, so basically any purchases above the $5,000 threshold just earn the regular points amounts, not the 10X multiplier.

Technically speaking, the minimum purchase for the 10X multiplier is $1,800 – but since Peloton doesn’t sell any bikes or treadmills below $1,800, then that’s largely a moot point (unless you plan to buy accessories decoupled from your bike/treadmill purchase).

If you have a Chase Sapphire or Reserve card, you simply need to associate your Chase account to your Peloton account to start getting the Peloton credits/refunds, as well as to then earn the bonus before purchasing a Peloton thingy. It literally takes like 7 seconds. You should then see on your dashboard some time later the statement credit show up. Here’s mine:


You can read a far more detailed compilation of this from one of the frequent flyer points blogs I follow.

(Geeky miles & points side note: Well before I got into sports tech I was and still am into travel and frequent flyer points. Like…real deep into the nuances of frequent flyer points. So, the potential usage of 25,000+ Chase points is far greater than just a simple free flight, due to the way you can redeem Chase points as cash or transfer straight into various airline/hotel programs. Heck, you can even straight buy an Apple Watch using the points. 25,000 points equals $250 of Apple credit money on their site – almost enough for an Apple Watch SE. In fact, doing a search for 10 days from now, it’s just shy of the 28,895 points needed for a round-trip flight needed from Washington DC to Amsterdam. Mostly because the plane is empty, and because most Americans aren’t allowed in Europe right now. But hey…that’s besides the point.)

With that – thanks for reading!


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  1. Jeff Tignor

    Not the least bit surprising for Ray, but I’d also wager that many triathletes are deep into the points/credit card rewards game. Marginal gains…

    • Haha…true.

      I think it’s just fascinating how easy it is, in some cases, to get something for nothing. In this case, if you were a Chase Sapphire/Reserve person already, you can tap an account connection link and get back $120/year. Or, if you were considering buying a Peloton, that’s a free trip (or more, if you get creative with it).

      Of course, sometimes, folks end up spending more for artificial gains. For example spending twice as much to fly a given airline to save up a small amount of points (and not for airline elite status type reasons). Or, using those Chase points to buy an Apple Watch (seriously, don’t – it’s a horrible spend of points ROI-wise, relative to the potential travel value when transferred to partner airlines/hotels).

      But on the whole, there’s a lot of opportunities for minor tweaks to ones existing process for large benefits.

    • Eric J Otte

      Jeff is triathlon still a thing?

    • Dave Lusty

      Something for nothing! No such thing as a free lunch, those funds are coming straight out of what you pay, and you’re paying more as a result. When you’re on corp funded expeditions to the far corners of the world that’s a small reward, but if you paid for the flight/peloton then you’re effectively still using your own money :)

    • The nothing I’m referring to though is that if you buy a Peloton on a regular credit card (or even the Chase Sapphire/Reserve cards), but don’t link it – then you don’t get the points/etc. Thus, the simple acts of linking it gets you something for no added cost beyond what you were going to do (nothing).

      The concept is the same for other miles/points cards. Of course, in general, the US miles/points game is well beyond what’s in Europe (there’s a bit in the UK, but nothing near the level of US stuff).

      Inversely, as noted above, if people are paying sums more for tickets on a given carrier to get points, without doing the math of whether it’s worth it – then yes, it’s definitely dumb.

  2. Paul N

    Chase also recently extended the “Pay Yourself Back” feature for points so those 25,000 points could also be worth $375 worth of purchases at grocery stores, home improvement stores, and restaurants. That’s at the Reserve’s 1.5 cents per point rate. Another way using this credit could be worth it.

  3. Yonah

    Ray, I think you have some of the details wrong about the points:

    – It’s 5x points for Sapphire Preferred/10x for Sapphire Reserve/JPM Reserve
    – The Minimum spend to get 10x is $1800 – so you need to get at least the lower-end bike
    – The max is 25k points for Sapphire Preferred/50k points for Reserve

    So if you buy a Tread+ on your reserve, you get 43k points.

    — See here: link to cnbc.com

    • Thanks Yonah – I didn’t catch that the base Preferred is 5X only.

      However, the rest of your points I already covered in the post, including the $1,800 min spend – which is below the price of the Bike anyway, so it’s a moot point. I also covered the 25K/50K max too. The point about $5,000 cap is that an increasing number of people buy both a Peloton Bike & Treadmill – thus, beyond that $5K level, it doesn’t matter.

    • Yonah

      Missed the minimum spend earlier. Interesting to note though – you can buy a Bike + and a base tread and hit the max (4990 for both).

      50k points for a $5k spend is a nice bonus – almost akin to some of the new signup bonuses they offer for credit cards.

  4. Rob

    Not that you have time these days but I would find it very, uh, interesting(?) to see an example of how far down the rabbit hole you went with frequent flier points. I can only imagine the spreadsheets that were created.

    • Many, many spreadsheets.

      Though, the vast majority of my spreadsheets actually skewed more towards EQM than straight miles. Base miles were a benefit, but honestly with flying 250-300K/year for work in my corporate work, most of it international, and most of it further towards the front. So ‘plain miles’ were kinda falling out of the sky in most cases. I was largely more interested in optimizing EQM & lifetime status with various programs, knowing eventually that travel would end.

      So I’m just shy of 2 Million Mile Status on United (which is another step-up in lifetime benefits). Had it not been for the Pandemic, I likely would have cross it this year easily. But I haven’t been across the pond (any pond) in over a year+ now. After I moved to Europe in 2012 I split more of my mileage between United (+Star Alliance) & British Airways (+Oneworld), about 100K a year each till I left the corporate world – so that slowed my United status.

      Marriott I have lifetime Gold Elite, and for Hilton, I’m also pretty darn close to lifetime Diamond too.

      Fun old post on hitting UA Million Miler: link to dcrainmaker.com

  5. Mike Dyke

    Using credit cards for personal expenses is MORONIC. Has been proven again and again that it leads to overspending and larger debt loads. Pay CASH or you can’t afford it.

    • Ultimately, people are free to make the best financial choices for themselves. If one pays off the bill entirely, and is fiscally responsible – then there are significant benefits to using a points/miles credit card versus paying cash/debit.

    • The Real Bob

      Agreed Ray, especially if you do any sort of travel for work at all. I would counter the above to say that if you do work travel at all and don’t use a credit card you are moronic! Jk, to each their own. But while on work travel you get oodles of points from food, hotels, etc. Even if you only travel a couple of times a year its worth it.

      Now I am not anything close to you on travel Ray. The fact that you have lifetime Marriot/Hilton and all of these airline lifetime benefits is crazy.

      People are getting so savvy with airline miles and such is actually making it a requirement that you do the same otherwise you will be permanently boarding the plane last and fighting for overhead space.

  6. Matthew

    Thanks for the info! This is super helpful I have a Sapphire Preferred and I’ve already received the $120 credit per year for Peloton subscription fees, but how do I get the 25,000 points? I purchased my Peloton back in November, will that have an issues?

  7. Rob

    Did I miss something??? Peloton bought Precor for $420M.
    link to investor.onepeloton.com

  8. jessica

    Is it $120 credit each monthly statement?

  9. KakPekan

    Great article that I enjoy reading so much that It gives me a lot of positive feelings but I wanted to add that it is really hard to earn those credit points to buy what you want every time you want to do that. Like when I was 20 years old I saw an advertisement with something like “Go Now and read financial articles” and I have done that and now I know a lot about finance and can easily say that taking a lot of credits is not good as it seems to be.

  10. Brent Taylor

    Thanks for this article.

  11. Ricky M. Lyles

    Thank you