Maya rolls out premium credit card

MANILA, Philippines — Fintech ecosystem and digital bank Maya has launched a premium black-tier credit card designed to give more Filipinos access to credit, especially those without traditional credit histories.

The new Maya Black Credit Card is fully digital, with instant approval and virtual issuance through the Maya app. A physical numberless card is delivered shortly after.

Using its own AI-powered credit scoring system based on in-app user data, Maya is able to approve users often overlooked by traditional banks. For those with no credit history, the Maya Black also offers a secured option that’s integrated into the app without requiring paperwork or a separate application.

Maya Group president and Maya Bank co-founder Shailesh Baidwan said that credit cards have long symbolized financial freedom and status in the country. However, for most Filipinos, they’ve remained out of reach.

“With Maya Black, we’re making the most desirable card in the market and democratizing access to it,” he said.

“This is a bold step in reshaping credit access and a major leap in Maya’s journey as the leading provider of a full suite of financial products,” he added.

The bank said that cardholders could manage everything in the app, including tracking expenses, viewing billing statements, freezing the card or requesting a replacement.

The card also comes with premium benefits such as reward miles that can be used for purchases, converted to airline miles like Mabuhay Miles or redeemed for travel perks. Users receive bonus miles when they activate the card and meet a minimum spend. It also includes airport lounge access and is accepted globally via Visa.

Maya said the rollout responds to the growing demand for credit cards in the country. It follows the success of the Landers Cashback Everywhere Credit Card, which has already issued nearly 200,000 cards.

The company aims to expand credit access further by leveraging technology and its growing base of millennial and Gen Z users.

Maya Group turned in a profit in the first quarter of the year amid growing deposits and more lending. From January to March, Maya disbursed close to P28 billion in loans to borrowers, raising its total loan book to P120 billion.

As such, Maya’s loan-to-deposit ratio increased to above 51 percent. The digital bank has booked P43.6 billion in deposits.