COLUMBUS, Ohio–Buy now, pay later (BNPL) provider Klarna said it plans to launch a membership program in the U.S. that it sees as an alternative to high-end credit cards like the American Express Platinum or Chase Sapphire Reserve cards.
According to the company, its Premium and Max programs will give users access to more than a dozen subscriptions, cash back and other perks.
The company said the European roll-out of alternatives to high-end credit cards, a business in which banks are competing for consumers who pay annual fees in many cases approaching $1,000 in exchange for access to airport lounges, restaurant perks and other benefits, will extend its $18-a-month Premium and $45-a-month Max membership programs to the U.S. later this year.
No ‘Hidden Costs’
“For decades, exclusive perks such as airport lounge access, concierge-style subscriptions, and premium travel insurance were only available to elite credit card holders,” Klarna’s chief marketing officer, David Sandström, said in a statement. “Through Klarna memberships, consumers can enjoy travel, lifestyle, and digital experiences in one seamless plan, without the burden of credit-based rewards or hidden costs.”
Klarna’s Premium membership costs nearly $220 annually and offers more than a dozen subscriptions, including to media groups, such as Condé Nast and
The New York Times, the fitness and beauty company ClassPass and laundry service provider Laundryheap. Members also get 0.5% cash back when paying with Klarna Balance, a product for holding funds and making and receiving payments that is offered in partnership with WebBank, Klarna said.
Max Program, Max Price
The Max program costs about $540 annually. In addition to the subscriptions, Max members get travel and rental-car insurance, 1% cash back when using Klarna Balance and access to hundreds of airport lounges through LoungeKey, Klarna said.
The program is Klarna’s latest attempt to get users to sign up for its offerings that are taking on traditional banking products. About 1.2 million Americans use Balance, which is modeled after the bank account and offered in partnership with an FDIC-insured institution, according to the company.
