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Klarna's New BNPL Debit Card Provides Quick Access to Financing Plans. Is It Better Than a Credit Card?

Klarna, a buy now, pay later (BNPL) service, has introduced a new debit card in the US that allows users to access its financing plans directly, aiming to compete with traditional credit cards. The Klarna card, which functions as a Visa debit card, enables users to make purchases and choose from various payment options, including paying in full or splitting the cost into four interest-free payments over six weeks or monthly financing with interest. Unlike credit cards, the Klarna card does not charge annual fees, late fees, or foreign transaction fees, and it does not require a credit check for approval. However, the card's monthly financing option can have high APRs, and using BNPL services can lead to overspending and potential credit score impacts if payments are missed. While the Klarna card offers flexibility and convenience, consumers should consider the potential risks and compare it with traditional credit cards that might offer rewards and other benefits.

Read the Full CNET Article at:
[ https://www.cnet.com/personal-finance/credit-cards/klarnas-new-bnpl-debit-card-provides-quick-access-to-financing-plans-is-it-better-than-a-credit-card/ ]