UK retail giant John Lewis plans to relaunch its retail rewards credit card for customers later this year, in partnership with UK consumer credit business NewDay, as part of investing more than £50 million in its financial services business in 2022-23.
John Lewis said that with effect from 9 May, it will no longer be accepting applications for its ‘Partnership Card’ with its current credit provider HSBC UK, and will reopen applications in the summer when it relaunches the card with NewDay.
The company confirmed there will be no immediate changes for existing card customers, who are rewarded with 1.25% back on every £1 spent at John Lewis and supermarket Waitrose, which they receive as points towards John Lewis and Waitrose gift vouchers.
Amir Goshtai, director of John Lewis Financial Services, said: “We’re delighted to be partnering with NewDay, who are known for their highly flexible and innovative products.
“Together, we’ll continue to offer the gift voucher rewards our Partnership Card customers love and develop new products and services for existing and new customers.”
Goshtai said John Lewis will write to customers this summer about the change to the card.
NewDay CEO John Hourican added: “NewDay has a track record of over 20 years of underwriting, and our proprietary credit decisioning capabilities allow us to responsibly say ‘yes’ to more customers, which will enable even more John Lewis customers to enjoy the much-loved Partnership Card rewards.”
The relaunch if part of a wider investment of more than £50 million by John Lewis to grow its financial services business, with plans to increase the John Lewis finance team by a third.
The investment will also fund the creation of new products and services, as well as the promotion of existing products, which span insurance, point-of-sale credit, travel money and investments.