Now there are two premium credit cards that want you to put your pedal to their metal. Hot on the heels of Chase’s announcements offering various benefits and discounts to those who pay for Peloton products using their eligible cards, The Platinum Card® from American Express has launched their own incentive for cardholders who were considering a jump on the at-home fitness equipment bandwagon.
Starting April 1, 2021, those with an eligible consumer Amex Platinum card who applied for their card before Jan 31, 2021 may be eligible to enroll in an offer to earn a statement credit of $300 after they make a single purchase of $2,500 or more on a SoulCycle at-home bike. Eligible cardholders can only earn the statement credit after they enroll in the offer through Amex Offers and then make their purchase online at m.equinoxplus.com/e/amexbike with their enrolled card by Sept. 30, 2021.
Chase’s original offer was launched in Oct. 2020 and gave eligible cardholders up to $120 in statement credits towards Peloton digital and all-access memberships through December 31, 2021. The offers had to be activated in order to receive the benefit.
Chase then extended that offer and added a new benefit that started March 30, 2021:
- Chase Sapphire Reserve® card: Earn 10 total Chase Ultimate Reward points per dollar spent on each Peloton Bike, Tread, and accessory purchase over $1,800, up to a maximum earn of 50,000 points, through March 31, 2022.
- Chase Sapphire Preferred® Card: Earn 5 total points on each Peloton Bike, Tread, and accessory purchase over $1,800, up to a maximum earn of 25,000 points, through March 31, 2022.
Which Offer Is Better?
The Amex Platinum offer is a straight $300 statement credit back on the purchase of SoulCycle at-home bike, which starts at $2,500 plus a monthly subscription fee. That’s 12% back on a purchase price of $2,500. The SoulCycle site promises delivery of your new bike in one to three weeks, a notable claim given that since the onset of the pandemic, Peloton has been plagued by significant delays in fulfilling their orders.
But the Peloton offer, particularly for holders of the Sapphire Reserve card, could be much more lucrative. A basic Peloton bike starts at $1,895 plus a monthly subscription fee, but the jacked-up Bike+ with all the accessories costs as much as $2,945, plus a monthly subscription fee. Someone who charges the Bike+ to their Reserve card, can earn 29,450 Chase Ultimate Rewards points. Thanks to the card’s 50% points bonus when redeeming for travel or eligible Pay Yourself Back purchases, that’s worth $441.75, which is 15% of the purchase price.
Bigger spenders who want the luxe Tread+ treadmill, which costs $4,865 plus a monthly subscription, can earn 48,650 Ultimate Rewards points, worth $729.75, also 15% of the purchase price, when redeemed for travel or eligible Pay Yourself Back purchases. Throw in a couple of accessories like an extra pair of cycling shoes and weights to hit the spending cap and you’ll snag the maximum 50,000 points that comes with this offer, worth up to $750 depending on how you use it. That’s a pretty nice offer on $5,000 worth of spending for a card that you already own.
The Chase’s Peloton offer has the edge over the Amex SoulCycle offer as it’s more generous, especially when you combine the potential 15% earnings back plus statement credits towards the cost of the monthly subscription service.
The American Express offer is also one that is only available to cardmembers who applied for their cards on or before Jan. 31, 2021. You will not be eligible for this offer if you applied for the card after this date. There are no such restrictions on the Sapphire Reserve or the Sapphire Preferred.
But if you were planning on buying a piece of Peloton or SoulCycle equipment anyway, and you own a qualifying card, any of the offers are worthwhile, especially given that discounts on these brands are hard to come by. Whichever one you choose, make sure to activate the offer via your card’s Website or app to take advantage of it.