Klarna, the Swedish buy now, pay later pioneer, is overhauling its U.S. approach to an old-fashioned payments tool, the credit card.

The company is ditching the credit card it rolled out in the U.S. two years ago, and replacing it with a less expensive “new and improved” version, according to a Klarna press release Wednesday and a follow-up explanation from a company spokesperson.

In February 2022, the company said it was putting its “Pay in 4” payment option on a physical Visa card issued by WebBank, with consumers able to use it in stores or online. At that time, the company said interested consumers could join a waitlist to receive the card, and it would be “in the very near future,” but it’s not clear how many cards were ever issued. A spokesperson didn’t immediately respond to a request for comment on the number.

This week, Klarna said it’s offering a new credit card with different features, though it remains aligned with card issuer WebBank and the San Francisco-based network giant Visa for the offering. The new card also wipes out the option to pay in four installments, which has been the hallmark of the BNPL industry.

“Instead, customers can now make monthly payments in full at zero interest, move a payment to the next month, or pay over time in 3 or 6 installments,” the Klarna spokesperson said by email. Customers will still be able to pay in four installments if they use the company’s app, which could provide cashback benefits, she added. The card can, in turn, be linked to the app to receive cashback benefits, she said.

Given the BNPL industry emerged seemingly as a means to provide an alternative to cards, presumably with distinct and superior features, it’s noteworthy that Klarna’s pivot on cards takes it more in the direction of the traditional payment method. Rival Affirm has stayed away from offering a credit card, instead delivering BNPL options via a debit card.

The new Klarna card also eliminates a $4.99 monthly fee that was associated with the prior version of the card, and there will also not be any annual fee, the spokesperson said.

Just like in 2022, Klarna is asking prospective U.S. users of the card to sign up for the card by way of a waitlist. And just like last time, it’s not clear when it will arrive, with the company only noting in the release that it’s “rolling out over the next few months.”

Klarna CEO Sebastian Siemiatkowski acknowledged the slow process in offering the card in the U.S., following an earlier roll-out in Europe. He also sought to distinguish it from the traditional credit card.

"We're finally bringing the new Klarna Card to the U.S. market, a product that gives consumers more financial control to choose how they want to pay,” Siemiatkowski in the press release. “Unlike many traditional credit cards, the Klarna Card is transparent with no hidden fees, gives consumers increased payment options, flexibility, and cashback when they use the card in our app."