Exemplary embodiments are directed to a pedal for a bicycle that includes a body, a spindle rotatably secured to the body and for connection with the bicycle, a first magnetic platter non-rotatably secured within the body, and a second magnetic platter rotatably secured within the body and overlaying the first magnetic platter. The first and second magnetic platters each include two magnetic blocks that are separated and magnetically charged by a respective permanent magnet plate positioned therebetween. The second magnetic platter includes a keyed protrusion configured to be engaged by a ferrous metal cleat, which can rotate the second magnetic platter between a first position where the pedal is in a magnetically inactive state and a second position where the pedal is in a magnetically active state magnetically securing the cleat to the second magnetic platter.