Klarna โUnveils Premium Membership Tier,Offering Perks Without Credit Checks
Stockholm,Sweden – โKlarna,the global payments network and shopping assistant,is launching a premium membership โคprogram offering rewards and benefits typically associated with credit cards – โbut withoutโข requiring โคa credit check. the move signals Klarna’s ambition to evolve beyond a “buy now, pay later” (BNPL) provider and establish itself as a comprehensive financial services platform.
the new program, currently available in select Europeanโ markets,โ provides membersโ with perks Klarna claims deliver more than โฌ5,000 ($5822.17) in annual value. This includes cashback rewards, exclusive discounts, and travel benefits. Unlikeโ traditionalโ premium credit cards,access isn’t tied to creditworthiness,instead linked to the Klarnaโข Card,which functions as both a debitโค and โBNPL card,allowing users to spend funds loaded โvia debit card or bank transfer.
“Loyalty programs areโข a greatโ customer acquisition strategy,” said Ben Danner,Senior Credit and Commercial Analyst at Javelin โStrategy & Research. “The idea is to bring customers into โขthe Klarna ecosystem and reward them for โusing their Klarna balance.” He addedโ that Klarna’s strategyโค positions it similarly to Venmo, whereโ balances are stored and used for transactions.โข “Though, the monthly fees to belong to the program โฃcannot be too expensive for โขthe region’s consumers and will โneed to align with consumer interests-and Klarna will need to do its research before launching this program in โthe U.S.”
The launch comes as other financial institutions, including American Express, Chase, and capital One, are revamping their โฃpremium card offerings with increasedโฃ benefits and annual โฃfees, targetingโ more affluent customers amid rising credit card debt. โฃKlarna’s โmodel differentiates itself by extending premium perks โto a wider audience, regardlessโ of credit history.
Klarna’s broader strategy mirrors that of other fintech companies aiming to become “super apps” -โค single platforms offering โa range of financial services.โ The company recently launchedโ a โdebit card in โขEurope and is exploring replicating its success in the U.S. market. “It’s a similar play to what venmo is doing here inโค the U.S-bringing customers into their ecosystem, presenting โขaโฃ physical card โoption to โคspend funds, driving โขmoney into their app, and offering card rewards,” Danner explained. “And the metal card makes it feel more premium.”
