Reshared from www.businessinsider.com,  Summary List PlacementIf you have a Chase Sapphire Reserve®, you can earn up to 10x points on Peloton purchases over $1,800.
The Chase Sapphire Preferred® Card and Chase Sapphire Reserve® offer statement credits for Peloton workouts.
Chase also extended several pandemic-friendly benefits like Pay Yourself Back for redeeming points.
Read Insider’s comparison of the Chase Sapphire Preferred and Reserve cards »
Chase is expanding its partnership with the popular fitness brand Peloton. After adding up to $120 in statement credits for Peloton classes for the Chase Sapphire Reserve® (and up to $60 on the Chase Sapphire Preferred® Card) in late 2020, the credit card issuer is offering Sapphire cardholders who purchase a Peloton the opportunity to earn a windfall of bonus points.
 Chase Sapphire Preferred® CardEarn up to 10x points on a Peloton purchase with a Chase Sapphire card
Now through March 2022, if you have the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®, you can earn 5x to 10x Ultimate Rewards points when you use your card for any Peloton bike, treadmill, or accessory purchase of $1,800 or more.
Here’s how it breaks down with each Sapphire card:
With the Chase Sapphire Preferred® Card, you’ll earn 5x total points on eligible Peloton purchases over $1,800 — with a max earn of 25,000 points.
With the Chase Sapphire Reserve®, you’ll earn 10x total points on eligible Peloton purchases over $1,800 — with a max earn of 50,000 points.
Personal Finance Insider values Chase Ultimate Rewards points at 1.8 cents apiece, so if you earned 50,000 points through this promotion using the Chase Sapphire Reserve®, you’re looking at $900 in value.
If you don’t have a Chase Sapphire card yet, now could be a great time to open one — whether or not you’re interested in buying any Peloton fitness equipment — because both cards are offering elevated sign-up bonuses.
Increased Chase Sapphire Preferred and Chase Sapphire Reserve bonuses
Chase Sapphire Preferred® Card: Earn Chase Sapphire Preferred® Card after you spend $4,000 on purchases in the first three months of account opening, plus, earn a statement credit of up to $50 toward grocery store purchases in the first year of having the card
Chase Sapphire Reserve®: Earn Chase Sapphire Reserve® after you spend $4,000 on purchases in the first three months of account opening
 
If you were to open the Chase Sapphire Preferred® Card, earn the welcome bonus of Chase Sapphire Preferred® Card, and buy a Peloton bike with your card, you could earn upwards of 100,000 Ultimate Rewards points — worth more than $1,000. Chase hasn’t shared an end date for either of these cards’ sign-up offers, so apply sooner than later if you’re looking to maximize your points earning.
Chase Sapphire Reserve®Chase is extending other Sapphire card benefits like Pay Yourself Back
In addition to launching the bonus points promotion with Peloton, Chase is extending some of its most pandemic-friendly benefits for Sapphire cardholders:
Chase Pay Yourself Back, which lets you redeem Ultimate Rewards points for 25% (with the Chase Sapphire Preferred® Card) or 50% (with the Chase Sapphire Reserve®) more value on select purchase categories, is now extended through September 30, 2021. The eligible purchase categories are grocery stores, dining at restaurants (including takeout and eligible delivery services), home improvement stores, and select charity organizations.
The $300 annual travel credit on the Chase Sapphire Reserve® will apply to gas station and grocery store purchases through December 31, 2021. If you’re traveling, though, you can still use your card for purchases like airfare or public transit and get reimbursed through the annual credit.
Chase Ultimate Rewards points will be worth 25% more (with the Chase Sapphire Preferred® Card) or 50% more (with the Chase Sapphire Reserve®) when you redeem them through Chase Dining through September 30, 2021. You can also earn 10x points on Chase Dining purchases on up to $500 in spending through June 30, 2021.
Chase Ultimate Rewards are among the easiest credit card points to put to use during the pandemic, since Chase has added several options for earning and redeeming that don’t involve travel. Whether or not you take advantage of the Peloton promotion to earn up to 50,000 bonus points, having a Chase Sapphire card in your wallet could be a great way to save money on everyday purchases now, and to start stocking up travel points for your next trip.
Sarah Silbert is the Senior Reviews Editor at Personal Finance Insider. She’s covered personal finance topics, including credit card rewards, for the last six years, and she’s a Certified Educator in Personal Finance (CEPF).
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