FinTech News
Klarna Introduces More Membership Tiers with New Perks
The “buy now, pay later” (BNPL) app Klarna has launched new membership tiers that include perks ranging from media subscriptions to airport lounge access.
About Klarna’s New Premium and Max Plans:
This week, Klarna rolled out two new membership tier options for U.S. members: Premium and Max. These join the existing Core and Plus plans, which cost $4.99 a month and $9.99 per month, respectively. Each tier includes the Klarna Card (issued by WebBank), which can function as a debit card by default but also offers customers access to Klarna’s flexible payment options.
First, the Premium tier states features “more than $3,000 in perks and benefits per year,” while coming at a cost of $19.99 a month. With this tier, members can enjoy subscriptions to several services, including AudioBooks.com, Blinkist, ClassPass, Headspace, New York Times, and more. It also includes travel perks such as travel medical, trip, and baggage coverage, as well as discounted lounge access ($30 per visit). Plus. Premium members can earn 1.5% cashback when using their Klarna balance and can choose either a black or silver 16-gram metal Klarna Card.
Meanwhile, the Max plan costs $44.99 a month, but boasts a stated $5,000 in annual perks and benefits. In addition to the subscriptions included with Premium, members enjoy Conde Nast Digital Access (Premium includes just GQ and Vogue), among others. Max members also get unlimited and complimentary access to more than 1,800 airport lounges via LoungeKey Pass. This tier also offers 2% cashback when using Klarna balance and an exclusive rose gold metal card.
What They’re Saying:
Announcing these additions, Klarna’s CMO David Sandström said, “For too long, Americans have been told they need expensive credit cards to access premium rewards. Klarna is challenging that idea. With our new membership program, U.S. consumers can unlock exclusive cashback offers, travel advantages, and lifestyle rewards without using a credit card or need to hit a spending threshold.”
My Thoughts:
Is it true that I decided to write this story just so I could discuss how confused I am by these products? Yes, that’s exactly what happened. But, honestly, I really don’t understand who these top tiers are for. Moreover, the spin that these tiers are somehow democratizing rewards and making them more accessible is laughable given the costs.
At $44.99 a month, the Max subscription is certainly pricey — and almost definitely not worth the cost. I’ll also note that I’m not familiar with LoungeKey and can’t speak to how strong their lounge network is stateside. That might prove to be a disappointment for travelers who assume they’ll be able to take advantage of this perk during any given domestic flight they might be on. Also, I’d need to dive into the travel protection details to know if those are really worthwhile or not.
Obviously, especially without knowing more, I really can’t recommend any of these Klarna options. But, I suppose if you’re somehow already subscribing to all of the included services, this might be an upgrade for you? Short of that, I’d look at other options.
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