Maya Black powers surge in first-time credit card users

MANILA, Philippines — About 37 percent of Maya Black credit cardholders now come from Maya Black Express, the deposit-backed credit card of Maya Bank, marking a significant shift in how Filipinos are gaining access to formal credit.

Maya, in a statement, said the trend highlights how new, inclusive financial products are helping first-time borrowers enter the credit market in a country where credit card ownership remains limited.

Credit card penetration in the Philippines stands at only around 15 percent of the adult population. Maya said its deposit-backed product provides an alternative path for underserved customers who have no existing credit history.

“When given the right entry point, Filipinos are ready to engage with credit on their own terms,” said Shailesh Baidwan, president of Maya Group and co-founder of Maya Bank. “Maya Black Express provides both dignity and discipline — perks from day one, and a clear path to grow responsibly.”

Maya Black Express aims to fill a long-standing structural gap in the local credit market, where consumers are often unable to access credit precisely because they lack credit history.

The card requires users to make an express deposit, which serves as both collateral and an interest-earning account with an annual interest rate of 3.5 percent.

In return, customers receive a credit card with a dynamic CVV, a lifetime waiver of annual fees, and access to airport lounges and select Maya Preferred merchants for rewards boosters.

Unlike traditional entry-level cards that offer limited benefits, Maya said Black Express gives users a “fully loaded” experience from the start. The minimum deposit starts at P12,500, 80 percent of which determines the user’s credit limit.

Consistent payments allow customers to upgrade to a standard unsecured credit line, with their initial deposit fully refunded.

Maya said this model promotes responsible credit growth while maintaining risk discipline, a key challenge for banks in emerging markets.