John Lewis has announced plans to relaunch its Partnership Card with UK consumer credit provider NewDay, ending its current deal with HSBC.

The retailer said that from 9 May it will no longer be accepting applications for the rewards-based credit 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.

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