The $300-annual-fee Karta Card packs some of the same shiny perks found on competing premium credit cards — including a metallic look and feel — but it hardly compares to them.
The card is primarily for international applicants, and as such, it's possible to qualify without a Social Security number, Individual Tax Identification Number, or a U.S. credit history. That removes some roadblocks for those who can’t qualify for traditional cards, but you'll still need an active U.S. bank account to apply, on top of some much less common criteria.
For starters, you must have a minimum of $100,000 in assets in U.S. financial institutions. In addition, you'll need a copy of your passport, a utility bill and a U.S. visa if it was required to enter the country. Even then, availability is scarce: You can only get the Karta Card through private banks and brokers who offer a referral. (Some of its partners include Bolton Global Capital, XP Investments, ProCapital Financial and Global Wealth Management.)
Also of note: The Karta Card functions as a charge card, meaning you generally can't carry a balance from month to month unless you pay a fee. And because it reports payments to only one of the three major U.S. credit bureaus (Experian), it's not as ideal as other credit-building cards on the market.
1. Travel-friendly perks might make up the $300 annual fee
The Karta Card's travel incentives and features could make up the cost of its annual fee if you’re able to use them. For example, it offers Priority Pass Select membership, which provides 10 complimentary passes to over 1,800 airport lounges around the world. This benefit alone might justify the annual fee if you value lounge access. As of this writing, the Priority Pass membership with 10 complimentary visits would cost you $329 if you purchased it separately.
There’s also an automatic refund on taxes for purchases made in Europe that is credited to the card when you take a photo of the receipt and send it to the concierge via WhatsApp. The card also offers Visa Infinite benefits that include baggage delay or loss insurance, price protection, purchase protection, auto rental insurance and more. Terms apply. You’ll also save money on foreign transaction fees because this card doesn’t charge them.
But if you value lounge access and have an ITIN, you can get better rewards and even juicier perks with a card like the Capital One Venture X Rewards Credit Card. It offers unlimited access to Capital One Lounges and more than 1,300 lounges through the Capital One Partner Network. You’ll also earn 10 miles per dollar on hotels and rental cars booked through Capital One Travel; 5 miles per dollar on flights and vacation rentals booked through Capital One Travel; and 2 miles per dollar spent on other purchases. New cardholders are also eligible for a welcome offer: Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel. In addition, the card comes with various credits, including up to $300 annually for bookings made through Capital One Travel, as well as 10,000 bonus miles every account anniversary. It has a $395 annual fee.
2. It offers a potentially huge credit limit
The card can offer a higher credit limit than you might receive on a traditional credit card, if you qualify. You can get a credit limit of up to $200,000 (as of this writing), depending on your assets under management from your U.S. financial institution. It’s also immediately available for use after approval on Apple Pay or Google Pay.
3. You can’t carry a balance over time
Even if you have a high credit limit, you can’t carry a balance from month to month with the Karta Card because it’s a charge card. This means that it typically must be paid off in full every billing cycle.
If you do need a bit of time to pay off a purchase, the card offers buy now, pay later options, for a fixed finance charge:
- A 3-month plan for a fee of 5%.
- A 6-month plan for a fee of 10%.
- A 9-month plan for a fee of 15%.
If you prefer a card that allows you to carry a balance, consider the Zolve Classic Credit Card. It doesn’t offer the healthy credit limit you could potentially get with the Karta Card, but it can cover a large purchase. It also reports payments to all three major credit bureaus, so you’ll build credit along the way.
4. It offers meager ongoing rewards
The Karta Card earns just 1 point per dollar spent, and those points can be redeemed for statement credit to pay for airlines and hotels, according to Freddy Juez, Karta's CEO and founder.
That's a paltry rewards rate for a card that charges a triple-digit annual fee.
If you have an ITIN, you could do a lot better with a card like the American Express® Gold Card. It has a $325 annual fee, but it earns 5 Membership Rewards points per dollar spent on prepaid hotels and other eligible travel booked through amextravel.com; 4 points per dollar spent at restaurants on up to $50,000 in purchases per year; 4 points per dollar spent at U.S. supermarkets on up to $25,000 in purchases per year; 3 points per dollar spent for flights booked directly with airlines or through American Express; 2 points per dollar spent on prepaid hotels and other eligible travel booked through amextravel.com; and 1 point per dollar spent on other eligible purchases. Terms apply. It can also offer valuable perks if you already spend with certain brands. You’ll get a $120 annual dining credit (issued in monthly credits on select purchases; enrollment required); up to $120 a year in Uber Cash ($10 per month; enrollment required); up to $100 as a Resy credit ($50 semi-annually; enrollment required); and up to $84 as a Dunkin' credit ($7 per month; enrollment required). Terms apply; see rates and fees.
5. Customer service is available only via WhatsApp
If you’re going to get this card, you'll want to make sure you're comfortable not talking to a human when you have a question or need that arises. As a cardholder, you receive AI customer service through WhatsApp, where a “team” of multi-agents can help with matters pertaining to your card.
