Klarna Launches Pay-in-3 Debit Card and Perk Subscriptions in Portugal

Portuguese shoppers who prefer the certainty of a debit balance to the haze of revolving credit now have a new tool in their wallet—albeit a virtual one. Klarna’s freshly launched card lets users tap to pay as usual and, only later, decide inside the app whether that purchase should be settled at once or sliced into three interest-free instalments. At the same time, the Swedish fintech is introducing subscription bundles that promise lounge access, insurance and cashback without the traditional high-interest strings, just as Brussels prepares to tighten the rules around Buy Now Pay Later.

Debit but with a twist: Pay later without the interest

Klarna’s Portuguese debut piggybacks on the Visa network, powered by Marqeta’s flexible credential technology, so the card behaves like any other contactless debit at the till. The difference emerges when the transaction appears inside the Klarna app: a single tap can convert it into “Pagar em 3,” automatically scheduling two further charges over the next sixty days. The instalments cost nothing if paid on time; miss a deadline and a fixed €3–€5 late fee kicks in, a structure the company says is cheaper than revolving credit. A physical card—in plastic for entry-level members and in metal for top-tier subscribers—arrives by post for those who want a tangible version of the same feature set.

Membership tiers seek to dethrone elite credit cards

Under Klarna’s model, perks that once required a high-limit gold or platinum credit card are unbundled and sold through monthly plans. Klarna Standard remains free and purely digital. Klarna Core, at €1.99, adds a plastic card and brand vouchers. Stepping up to Klarna Plus brings 0.5 % cashback on every purchase, while the forthcoming Klarna Premium and Klarna Max promise global travel insurance, unlimited airport-lounge access, and a rose-gold metal card for those willing to pay up to €34.99 a month. The company insists that a clear, flat subscription is more transparent than rewards funded by double-digit APRs on unpaid balances.

Portugal’s hunger for debit and digital wallets

Data from Banco de Portugal show that only about one in four adults carries a credit card, whereas debit dominates day-to-day spending. Cash still accounts for roughly 52 % of transactions, yet smartphone payments are rising fastest among consumers under 40. Klarna, already recording nearly 1,000 downloads a day for its standalone Pay in 3 service, hopes that familiarity will translate into card sign-ups. The bet is that a Portuguese public cautious about debt but curious about digital finance will warm to a product that marries the two cultures.

Regulatory spotlight: CCD2 looms over BNPL

Brussels has not been idle. The new Consumer Credit Directive, CCD2, formally Directive (EU) 2023/2225, drags short-term interest-free loans into the same regulatory net as traditional credit. From 20 November 2025, providers must run full solvency assessments, cap penalty fees and display clearer warnings about overspending. The Bank of Portugal has already echoed the European concerns, flagging the risk of hidden debt accumulation when instalments are spread across several apps. Klarna says its automated credit checks are ready for the stricter rule-set and that transparency around the flat late fee simplifies compliance.

Competitive landscape: where Klarna fits among PayPal, Scalapay and Lisbon banks

The Portuguese BNPL arena is crowded but fragmented. PayPal’s Pay in 4, Scalapay, Oney, and domestic fintech Parcela Já all depend on merchant integration, meaning the buyer must choose instalments at checkout. Klarna’s card circumvents that limitation because any Visa-accepted purchase can be re-tagged for later payment inside the app. Traditional banks—from Millennium BCP to Banco CTT—offer instalment options, yet usually through credit lines tied to specific retailers or to credit cards. Klarna is pitching its post-purchase flexibility as the differentiator that will pull users away from those incumbent channels.

What consumers should watch: costs, late fees and future upgrades

For all the hype, Klarna’s proposition still carries fine print. The monthly subscription on higher tiers can wipe out the value of modest cashback if spending is low. The fixed late-payment fee may look minor, yet repeated slips quickly erode the savings from 0 % interest. Travellers will appreciate the zero-margin currency conversion, though warranty extension and trip-cancellation coverage only arrive with the pricier plans. Klarna says two new tiers with even richer perks are due “within weeks,” a move that will test how much Portuguese consumers are willing to pay for VIP benefits while keeping their finances on a debit footing.