John Lewis shoppers will have to reapply for a Partnership Card this summer.
The retailer is axing its deal with card provider HSBC and relaunching the loyalty scheme with credit firm NewDay.
In the meantime all applications for the credit cards, which charge 18.9 per cent APR, have been suspended.
John Lewis is axing its deal with card provider HSBC and relaunching the loyalty scheme with credit firm NewDay
Partnership Card customers earn five points for every £4 spent at John Lewis or Waitrose and one point for every £4 spent elsewhere.
Shoppers are then sent a £5 John Lewis or Waitrose voucher for every 500 points they save. The loyalty point system is not expected to change.
John Lewis has not ruled out tweaks to credit limits or interest rates.
A spokesman says: ‘Customers can continue to use their card and collect, and redeem points as normal.
‘We’ll write to customers again this summer explaining how to apply for a new Partnership Card, so they can continue enjoying the rewards they love.’
