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Klarna's New Card: Not a Credit Card but Charges High Interest

Klarna's New Card: Not a Credit Card but Charges High Interest

Klarna, a leading buy-now-pay-later provider, is launching a new card in the U.S. that allows purchases at Visa-accepting stores and offers a "pay later" option. While the card promotes no interest charges if balances are paid in full monthly, it introduces an interest rate ranging from 14.99% to a steep 33.99% for payments extended over time. The card aims to provide a flexible alternative to traditional credit cards by offering transparent terms, no hidden fees, and perks like 10% cash back within the Klarna app. However, consumer advocates warn about the high maximum interest rate, which significantly exceeds typical credit card rates, cautioning that it could lead to substantial financial strain for users.

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