John Lewis Partnership is to overhaul its credit and rewards card and introduce new services as it seeks to bolster the appeal of the “flagship product”.

John Lewis Partnership card

John Lewis will relaunch its Partnership Card this summer

The retailer – owner of Waitrose as well as John Lewis department stores – is also switching credit provider from HSBC to NewDay for the new Partnership Card, which will be relaunched in the summer.

The change comes as John Lewis Partnership enacts a new strategy through which it aims to generate more income through financial and other services rather than traditional product.

This year, John Lewis is investing £50m to strengthen its position in financial services. It will increase the size of the John Lewis Finance team by a third and create new products and services to add to a range already including insurance, travel money and investments.

John Lewis director of financial services Amir Goshtai said: “Our Partnership Card has been our flagship product for many years and is loved by so many of our customers. That’s why we’re investing in relaunching it with new digital services.”

He said NewDay is “known for their highly flexible and innovative products” and that “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”.

The Partnership Card was launched in 2004 and holders are rewarded with 1.25% back on every pound spent at John Lewis and Waitrose, which they receive as points towards gift vouchers. Over the past five years, £230m has been disbursed to users.