John Lewis to suspend credit card applications
John Lewis will suspend applications for its partnership card from next week until the summer.
The retail giant has confirmed that from Monday May 9 it will no longer be accepting applications for its Partnership Card which is currently provided by HSBC UK.
But from the summer, it will relaunch the Partnership Card with a new partner – NewDay – and resume applications.
John Lewis said there were “no immediate changes” for existing customers who can continue to spend with their cards, earn points and receive reward vouchers three times a year.
He will write to Partnership Card customers this summer to share more details and explain the change in credit platform.
He added that the new partnership card will have the same rewards.
The credit card was launched in 2004 and currently offers a 1.25% cashback on every pound spent at John Lewis and Waitrose. Over the past five years, customers have received £230million in vouchers to spend at the department store and its grocery branch.
In September 2020, John Lewis confirmed YourMoney.com that changes would be made to its partnership card. Customers saw an increase in points spent across both brands, but points for credit card spending elsewhere were reduced.
Amir Goshtai, Director of John Lewis Financial Services, said: “Our partnership card has been our flagship product for many years and is loved by many of our customers. That’s why we’re investing in its relaunch with new digital services to help customers in the moments that matter.
“We are delighted to partner with NewDay, which is known for its highly flexible and innovative products.
“Together, we will continue to deliver the gift certificate rewards our Partner Card customers love and develop new products and services for existing and new customers. There is no immediate change for current customers, who can continue to use their card and earn points normally, and we will be writing to them this summer about the change.
John Hourican, CEO of NewDay, said: “We are delighted to partner with John Lewis to relaunch their partnership card. NewDay has over 20 years of underwriting experience, and our proprietary credit decision capabilities allow us to responsibly say “yes” to more customers, enabling even more John Lewis customers to take advantage of popular partnership card rewards.
Last August, John Lewis launched its first investment products with Nutmeg and has over £16 million in assets under management.
This year, in February, it abandoned its ‘Never knowingly undersold’ promise by pledging to invest £500million as part of its ‘Quality and Value’ campaign on in-store and online pricing.