Maya, the country’s leading all-in-one finance platform and No. 1 Digital Bank, is seeing a structural shift in how Filipinos enter the credit market, with 37% of its Maya Black credit cardholders now originating from Maya Black Express, a deposit-backed credit card designed to help users establish or rebuild their credit history.
The surge comes against a backdrop of persistently low credit card penetration in the Philippines—estimated at just 15% of the adult population—underscoring the significance of new entry pathways for underserved borrowers. Maya’s data suggests that first-time users are increasingly choosing deposit-backed cards as an on-ramp to formal credit, bypassing the traditional friction of requiring a prior 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.”
A Different Route Into Credit
Maya Black Express addresses a long-standing structural gap: consumers are often locked out of credit due to a lack of credit history and unable to build one without an entry product.
By placing an Express Deposit, which serves both as collateral and a 3.5% per annum interest-earning account, applicants gain access to a numberless credit card with dynamic CVV, no annual fees for life, complimentary access to global airport lounges and access to Maya Preferred merchants for Maya Miles rewards booster.
Unlike most entry-level cards that start with plain, limited features, Maya Black Express delivers a fully loaded experience from day one—offering the same privileges typically reserved for seasoned cardholders. (For more information, visit https://www.mayabank.ph/creditcard/maya-black-express/.)
The minimum Express Deposit starts at PHP12,500, with 80% of that amount determining the cardholder’s credit limit. The deposit earns a better-than-market interest rate of 3.5% p.a., creating a low-risk entry point for new credit users. Consistent, on-time payments allow cardholders to graduate to a standard credit line, with their original deposit fully returned.
Maya Black Express is available to qualified users through the Maya app.
Responsible Growth at Scale
This model allows Maya to expand credit participation while maintaining prudent risk controls—a balance long sought in emerging market banking.
“We’re cutting the wait out of credit,” Baidwan said. “Traditional secured cards make you fill forms and line up. With Maya Black Express, you’re approved easily—no paperwork, no branches. It’s credit designed for the digital age.”
Nearly 40% of Maya Black cardholders today are first-time credit users, a figure that signals the early stages of a broader behavioral shift in how Filipino consumers engage with credit.
The approach is especially relevant in a market where the credit access challenge remains real. Bangko Sentral ng Pilipinas data from 2021 shows that 56% of adults found it difficult to obtain a credit card. Additionally, as of 2023, TransUnion reported that only 15% of Filipino adults had one. Maya’s goal is to change this—not just by issuing credit, but by rethinking how it is earned, approved, and rewarded.