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Klarna Introduces High-Interest Card as a Credit Alternative

Klarna Introduces High-Interest Card as a Credit Alternative

Klarna, a leading buy-now-pay-later (BNPL) provider, has unveiled its new Klarna Card in the U.S., offering an alternative to traditional credit cards. This card, already available in several European countries, allows users to make purchases with Visa merchants and offers the option to pay in full or in installments. If the balance is paid monthly, no interest is charged. However, choosing to pay over time can attract interest rates between 14.99% and a steep 33.99%. The card promotes itself as a tool for responsible spending by not compounding interest and providing a non-revolving credit option, aiming to prevent the usual debt cycle associated with credit cards. Klarna also emphasizes transparency, with no hidden fees and perks like 10% cash back when used within their app. Despite these features, experts warn of the risks associated with its high interest rates, especially in scenarios where users extend their payments.

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