John Lewis slashes points its credit card holders earn on purchases elsewhere
John Lewis promises its shoppers are 'never knowingly undersold' but those with its Partnership credit card may feel short-changed after it slashes perks for general spending.
Points earned on purchases convert into gift vouchers to spend in John Lewis and its sister chain Waitrose, with each point equating to 1p.
From the beginning of August customers will earn fewer points on purchases made with other retailers. Instead of a point for every £4 spent, it will be for every £10.
These less generous terms will mean a longer wait or much greater spending for the vouchers to arrive in the post.
The rewards for spending in the employee-owned group's own stores will remain unchanged at five points for every £4 spent. This means someone using their card to spend £100 in John Lewis or Waitrose collects £1.25 worth of points.
While customers collect fewer points when shopping elsewhere, the company announced bigger rewards for its most loyal customers. For the next three years they will get triple points in its department stores and double points at johnlewis.com during the month August.
A spokesperson said its rewards were being updated to maintain a 'market-leading' return on spending at John Lewis and Waitrose. 'These changes enable us to invest in the rewards that are most valued by our customers - alongside a new bonus to help customers earn additional points throughout August,' they added.
The retailer said there were 'many other advantages' to its card and it was 'adding more for you all the time'. These included double-points promotions, competitions and special offers from its partners.
The new terms and conditions come into effect on 1 August and the company said if an individual was unhappy they had the right to close their account. However, the lower 'earn rate' for external spending is in line with popular cards offered by the likes of Sainsbury's and Tesco.
It is not the first time John Lewis has watered down the card's perks. In 2020, the number of points for shopping elsewhere was halved from one point for £2 spent to £4.
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Branded credit cards are a tactic used by retailers to glean information about customers and reward their most loyal shoppers. However, when John Lewis switched lender from HSBC to NewDay in 2022 it had the opposite effect as high-spending shoppers complained their application was rejected or that their spending limit had been slashed.
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