John Lewis Partnership card

One can no longer apply for a John Lewis/Waitrose card from HSBC.

Their credit card is moving to Newday.

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I feel sorry for all cardholders in this case. New day are very challenging to deal with. Very sub par lender

I too find this rather disappointing news. My Partnership Card is my oldest open credit card account, and although rarely used these days it is reassuring that it’s there, and that it’s issued by HSBC. I realise there’s probably some flawed logic there!

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They are indeed very garbage. Some of their processes are like pulling teeth, 100% with the intention of making less people likely to go through them

I’ve no doubt you are right, but what a strange business model. Surely they make money from the card business, or do they have fingers in other pies that offsets the hassle? R-

I don’t think they’re anything more than a mobile lender. They’re actually quite high on the innovation and cost reduction front, too; they do credit building cards but also virtual only cards (called Bip, iirc)

Edit: just went on a long journey; Cinven Group Limited / Cinven Partners (part of Cinven Group) own NewDay and all of the little subsidiary companies that have that kinda name; it’s largely owned by pension funds as a result of the ultimate group ownership (mainly US/European). They own lots of stuff, not just NewDay

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I had a Newday Amazon card for a bit. It was fine.

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I’ve also had an Aqua Reward card for ages, which officially is a credit-building NewDay card. I’ve actually always found it very good, and service has never been an issue on the few occasions I’ve used it.

They have already announced in that press release that rewards won’t change, which is good, and NewDay have much better apps than the existing John Lewis Finance one. The NewDay API will also mean the card will gain access to Open Banking, so this is probably a good move overall.

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Probably a good shout, someone that can take NewDay further would be a better idea. On top of that, there’s a lot of room I think to have cross-country credit lenders that can make world-wide usage of data.

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They‘ve also lost business from the Arcadia group collapsing so it’s no surprise that they are currently on the lookout for new partners.

What’s interesting about this deal is it seems to imply that existing HSBC cardholders will be migrated over as well (unlike the Amazon situation, where NewDay are keeping the customers and Amazon are simply “taking away” their right to use the brand). So it’s more like when Jaja acquired various cards from Bank of Ireland; in that case BOI were selling their portfolio directly. There seems to have been some degree of co-ordination between the various parties and, reading between the lines here, it seems that HSBC likely wanted out as well and John Lewis wanted better digital offerings for customers (which isn’t surprising, as HSBC seemed to make very little effort on that before). Overall, then, it’s most likely a mutual parting of ways.

Debenhams was a huge partner of theirs as well.