Klarna review

The monthly fee is $0 and the annual fee is $0, which is what the no annual fee model means in practice. Keeping the account and the card costs nothing, so money only leaves the balance when you spend or withdraw.

The currency conversion fee is 0%, against a site median of 1% for cards in this group. That places Klarna at 1 on the measure among 259 brands, so spending abroad carries no extra conversion cost.

The card pays cashback of 0.5% to 1.5%, so the rate depends on the purchase, and the rewards type is cashback. In the app, rewards of up to 10% cashback in app apply. Budgeting on the top of the range would overstate what comes back.

The card itself is a debit card, so spending comes straight out of your balance. Klarna also offers a credit card in the range, where borrowing carries an APR of 9.5% in the UK. Treat the credit option as a separate decision from everyday spending.

The card is issued by Klarna Bank AB (publ), which is supervised in Sweden by the Swedish Financial Supervisory Authority, and Klarna has operated since 2005. What the regulator covers and what protections attach to a balance depends on the terms in your app, so read those before relying on them.

Yes, virtual card and travel lists the virtual card and travel, so you can order online without handing over the physical card. The card runs on visa and the currency conversion fee is 0%, so no extra cost is added when you pay in another currency.

For spending you already do in the app the maths is simple: a monthly fee of $0, cashback of 0.5% to 1.5% and no conversion charge on foreign purchases. The up to 10% cashback in app app rewards add to that for people who check the app often.