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Klarna's New Card: A Risky Alternative to Traditional Credit?

Klarna's New Card: A Risky Alternative to Traditional Credit?

Klarna is introducing a new Klarna Card in the U.S., promising a more transparent and flexible alternative to traditional credit cards. The card will operate under a buy-now-pay-later model, allowing users to make purchases with no interest if paid in full each month, or opt for installment plans with interest rates ranging from 14.99% to a steep 33.99%. The card, which will be accepted wherever Visa is accepted, also offers perks like 10% cashback when used within the Klarna app and has no annual fee. Despite these features, experts warn of the high maximum interest rate, which significantly surpasses average credit card rates, potentially leading to high costs for users who choose to extend their payments. Consumer advocates express concern, emphasizing the importance of understanding the full implications of such financial products.

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