John Lewis ends credit card partnership with HSBC

John Lewis is relaunching its rewards-based credit card with NewDay, ending its existing partnership with HSBC.

The retailer said that from 9 May it will no longer be accepting applications for its Partnership Card with the bank.

The British company explained that it will reopen applications in the summer when it relaunches with NewDay.

John Lewis did not say why it was switching partners but said it would write to customers in the summer to explain the change.

With the credit card, customers get back 1.25 per cent on every pound spent at John Lewis and Waitrose, which they receive as points towards gift vouchers for the brands.

John Lewis said that over the past five years £230 million has been issued to customers in vouchers.
“Our Partnership Card has been our flagship product for many years and is loved by so many of our customers,” said Amir Goshtai, director of John Lewis Financial Services. “That’s why we’re investing in relaunching it with new digital services to help customers in the moments that matter.
“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. There’s no immediate change for current customers, who can continue to use their card and collect points as normal, and we’ll write to them this summer about the change.”
The brand said that the relaunch is part of wider plans to launch a broader range of financial products.
Last August, the company launched its first investment products with digital wealth manager Nutmeg, and now has over £16m in assets under management.

    Share Story:

Recent Stories

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.