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Klarna's New Card: A Cure or Curse for Credit Woes?

Klarna's New Card: A Cure or Curse for Credit Woes?

Klarna, a leading buy-now-pay-later provider, is set to launch the Klarna Card in the U.S., offering a seemingly attractive alternative to traditional credit cards. This card allows users to make purchases anywhere Visa is accepted and offers flexible payment options. Users can pay their balance in full each month without interest, or choose to pay over three to six months or delay payment till the next month with interest rates between 14.99% and 33.99%. The card promotes itself as having no hidden fees and providing transparency and financial management tools. However, experts warn of the risks associated with its high-interest rates, particularly the upper limit of 33.99%, which significantly exceeds the average credit card rate. Consumer advocates express concerns, suggesting the card's high rates could entrap users in costly debt cycles, despite its benefits like non-compounding interest and cashback rewards.

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