As Americans grapple with $1.23 trillion in credit card balances, Klarna Group is introducing a new way to access premium rewards—one that doesn’t require a credit card at all.
The Swedish fintech company launched its Premium ($19.99/month) and Max ($44.99/month) membership tiers in the United States on Thursday, expanding upon its existing Core and Plus offerings and mirroring successful rollouts in the UK and EU.
The move positions Klarna squarely in the territory long dominated by high-end credit cards like the Amex Platinum and Chase Sapphire Reserve, but with none of the spending thresholds, APRs, or annual fees that usually define that segment.
The timing is strategic: Americans, especially affluent Americans, are increasingly walking away from traditional credit cards and leaning into debit-first financial tools and buy now, pay later (BNPL) options.
According to Klarna, 11.2% of U.S. adults cancelled a credit card in the past 12 months, and that jumps to 15.1% among people earning more than $100,000. Nearly one in three high-income consumers (30%) now use BNPL as one of their preferred payment methods.
That shift was central to how Klarna designed these new tiers.
“Affluent consumers are growing tired of the overspend-to-earn dynamics of traditional credit cards and the eye-watering annual fee that comes with them,” said David Sandström, chief marketing officer at Klarna. “They want premium benefits without carrying a balance, chasing categories, or navigating fine print.”
Klarna’s new tiers, he adds, offer “transparent pricing, month-to-month subscriptions, immediate access to meaningful perks they will actually use, and no requirement to take on debt.”
A Premium Ecosystem Without Credit
Traditional premium rewards in the U.S. have been dictated by the major card networks and issuers. Klarna’s pitch is that the entire system can be rebuilt for consumers who don’t want debt in exchange for access.
“The legacy premium card model assumes you’ll spend more to earn more,” Sandström said, adding, “We’re redefining premium by reinventing the economics, not replicating the incumbents’ playbook.”
That means U.S. members can access benefits typically found behind $500+ ins annual fees, including travel protection, lounge access, cash back, and subscription bundles, without needing a credit line or hitting a spending minimum.
With more than one million Core and Plus signups in the U.S. over the past two months alone, the appetite appears strong.
Building a Global Rewards Network
One standout feature is Klarna’s ability to convert earned cashback directly into points or miles across major loyalty programs. It’s the kind of benefit usually restricted to premium cardholders, but now available to debit-based and BNPL users.
“We focused first on scale and consumer relevance,” Sandström said of Klarna’s partner strategy. “Airlines like United, British Airways, Air France–KLM, and Turkish Airlines and hotel groups like IHG, Accor, Radisson, and Wyndham serve the widest range of global travelers. They also integrate cleanly with cashback conversion, allowing members to unlock value immediately. We’ll continue expanding across regions and loyalty ecosystems to give consumers more choice and deeper travel utility.”
This partner ecosystem, built on cash back rather than credit spend, further distinguishes Klarna’s model from the legacy rewards system.
Making the Value Impossible to Miss
Klarna claims Premium and Max unlock between $3,000 and $5,000 in annual perks, ranging from subscriptions (Vogue, GQ, Headspace, ClassPass, The New York Times, Care.com) to travel coverage and concierge-style offerings.
But the company knows consumers are rightfully skeptical in a world filled with subscriptions and fine print.
Sandström argues that Klarna deliberately built transparency into the product experience.
“Members can track benefits unlocked, used, and saved directly in the app, ensuring the value is transparent, not theoretical,” he said. “Because perks activate instantly and deliver tangible savings, Premium and Max counter subscription fatigue: you use it once and feel the impact immediately.”
Klarna Card: The Physical Anchor for a Digital-First Strategy
The new tiers are available to any U.S. consumer, but Klarna expects the Klarna Card, its fast-growing debit product, to become a key touchpoint.
“The Klarna Card is core to our U.S. and our global strategy,” Sandström said. “With over four million signups since July, it’s one of our fastest-growing products ever.”
The Premium and Max tiers each offer a 16g metal card, continuing a trend among financial products that blur the lines between banking utility and lifestyle branding.
Premium vs. Max: Two Paths Into Klarna’s New Rewards Ecosystem
Klarna’s two new top-end tiers, Premium and Max, are designed to meet different levels of travel frequency, lifestyle needs, and appetite for perks, but both operate under the same promise: predictable pricing and immediate value.
Premium, priced at $19.99 per month, is tailored for consumers who want meaningful upgrades to their everyday spending without committing to an expensive annual fee.
Members receive more than $3,000 in yearly value, including access to a rotating catalog of premium subscriptions. Premium users also earn 1.5% cash back when they pay from their Klarna balance, and receive global travel protection for trips booked throughout the year.
Max, at $44.99 per month, pushes the concept further and is clearly aimed at the frequent traveler who might otherwise carry an Amex Platinum or Chase Sapphire Reserve.
Klarna estimates that the plan delivers more than $5,000 in annual perks, anchored by unlimited airport lounge access through LoungeKey, which reaches more than 1,800 lounges worldwide.
Max members earn 2% always-on cash back, gain access to elevated travel, rental cars, and cancel-for-any-reason protections, and unlock a broader suite of subscriptions, including the exclusive social and travel community ASmallWorld.
The tier’s signature accessory is a rose-gold 16-gram metal card, designed to mirror the tactile satisfaction of high-end credit cards without tying the experience to a revolving line of credit.
The Future of Rewards—Without Credit
Sandström believes that American consumers are ready for a shift and that the traditional system’s dependency on credit lines is nearing its expiration date.
“In five years, credit-dependent rewards will feel outdated,” he said. “Consumers will expect transparent value without annual fees, debt traps, or points systems that only work for heavy spenders.”
“Membership-style rewards will replace bloated card programs,” Sandström predicts. “Klarna intends to lead that shift.”