If you’re a fitness enthusiast, you might be feeling nostalgic for the gym right now. The good news is that many credit card issuers offer fitness-related benefits, including some deals that can help you stay in shape while you’re stuck at home. The best opportunities to save money on gym memberships are available on certain cards for a limited time, but other cards offer more long-term (albeit less valuable) ways to save money down the road when the pandemic is over.
Chase Sapphire Card: Peloton
Peloton is one of the most popular home fitness companies with 3.6 million members, and its popularity has increased during the pandemic. To join this trend, Chase Sapphire has teamed up with Peloton in an exclusive deal. Until the end of 2021, if you have an All-Access membership (for those with a Peloton bike or treadmill) or a digital membership (for those without the devices), you can take advantage of the following offer:
- Chase Sapphire Preferred: up to $60 in data credits
- Chase Sapphire Reserve: up to $120 in data credits
The membership costs $39 per month for the All-Access tier or $12.99 per month for the digital tier. This means you can get nine months of free membership depending on the card and membership tier you sign up for. Anyone – even those already using Peloton – can take advantage of this offer by ensuring that their Chase Sapphire card is set as the payment method in their Peloton account.
Note: If you subscribed to Peloton through iTunes or another third-party app, you’ll need to cancel your account and re-register through Peloton directly for it to be counted. Be sure to use the old email for your new membership so your workout history is transferred and you don’t miss out on joining the Century Club.
American Express Platinum and Blue Cash Preferred Card: Variis by Equinox
Fitness company Equinox launched the Variis app in March 2020. With the Variis app, you can attend classes from some well-known brands owned by Equinox, such as PURE Yoga and Precision Run. Perhaps the most famous for its SoulCycle classes, it even offers a spin bike to rival Peloton.
A subscription to the Variis app typically costs $40 per month, but you can get a discount in the form of data credits if you have an American Express card:
- The Platinum Card from American Express: $25 monthly until June 30, 2021
- Blue Cash Preferred from American Express: $10 monthly until June 30, 2021
American Express Total Cards: Obé Fitness
The Obé Fitness site is another home workout platform that offers live studio classes and a library of on-demand workouts. Unlike the other partnerships on this list, Obé Fitness does not offer its own exercise equipment, so you won’t feel like you’re missing out on extra features.
If you have an American Express card, you can sign up through American Express for a free two-month trial. A subscription typically costs $27 per month, although anyone can get a free seven-day trial at any time. (The offer ended on March 31, 2021.)
US Bank Cash+ Visa Card: 5% Cash Back on Gym Memberships
The US Bank Cash+ Visa card is a rewards card that rotates in a category that allows you to earn 5% cash back on gym and fitness center membership fees.
Note:
You may not earn 5% cash back again on transactions with app-based fitness programs like Peloton, obé fitness, and Variis by Equinox because your credit card issuer may classify them as streaming services or bicycle shops. When in doubt, check with your credit card issuer.
Not earning rewards on purchases you assumed would offer rewards is a problem faced with any category-based rewards card. Because gym memberships usually require a long-term commitment, it is especially important to check with your credit card issuer before signing a contract to ensure you will earn the rewards you hope to receive.
World of Hyatt Card: 2x Rewards on Gym Memberships
The World of Hyatt card from Chase offers two points for every dollar you spend on gym memberships and fitness clubs. Not only do you earn a reward on these memberships, but you also gain a lot of value from the points you earn. We estimate that each Hyatt point is worth 2.01 cents, which is higher than the minimum point estimate of half a cent per point you would want to earn from a rewards card.
However, only gym memberships and fitness centers are eligible, and not purchases from the juice bar at your gym. In some cases, online-based memberships like Peloton may not be classified as a gym membership.
Cards with Relevant Benefits
It is also important to note that there are cash-back cards that reward fitness-related purchases. For example, many major retailers that sell fitness equipment offer their own credit cards with discounts or special rewards. So, if you are looking to outfit a home gym, be sure to check out these cards as well:
- Amazon Prime Rewards Card: Earn 5% cash back on all fitness equipment (and everything else) sold by Amazon if you have a Prime membership.
- Target RedCard: Earn 5% cash back on all Target purchases, including fitness gear and apparel. If you hope to try on workout clothes before purchasing, this card may be better for you.
- Bowflex Credit Card: While you won’t earn anything special with this card, it offers a deferred interest deal where you pay no interest if paid in full within 18 months. This can be a good way to finance an expensive piece of equipment, but make sure to pay it off, as deferred interest cards are not the same as 0% APR cards.
- REI Co-op World Elite Mastercard: If you’re an outdoor fitness enthusiast or prefer some indoor sports activities like yoga or climbing, you might appreciate this card that offers 5% cash back on REI purchases. Additionally, you’ll receive a $100 REI gift card if you make a purchase on your card within the first 60 days.
- ScoreRewards Credit Card or ScoreRewards Mastercard: These two cards from Dick’s Sporting Goods offer deferred interest financing on larger purchases, as well as a points-based rewards system. You’ll earn two points for every dollar you spend in-store, and you can redeem 300 points for a $10 discount.
Make sure the sporting equipment you want to acquire is available before signing up for a specific card. Some retailers may experience stock shortages amid the surge in demand for popular equipment like adjustable weights and aerobic steps.
Source:
https://www.thebalancemoney.com/credit-card-fitness-perks-rewards-5095355
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