Fintech ecosystem Maya said Thursday it is seeing a structural shift in how Filipinos access credit, with more first-time borrowers opting for deposit-backed cards as an entry point to formal credit use.
The company’s data showed that 37 percent of its Maya Black credit cardholders were originally Maya Black Express users—consumers who chose deposit-backed credit cards to help them establish or rebuild their credit history amid the persistently low credit card penetration in the Philippines.
“When given the right entry point, Filipinos are ready to engage with credit on their own terms,” said Maya Group president and Maya Bank co-founder Shailesh Baidwan.
With Maya Black Express, qualified consumers can place an express deposit with a minimum amount of P12,500 and gain access to a numberless credit card with a dynamic CVV (card verification value).
This express deposit serves as both collateral and an interest-earning account with an annual rate of 3.5 percent, creating a low-risk entry point for new credit users. Eighty percent of the deposited amount determines the cardholder’s credit limit.
Maya said this model allows them to expand credit participation while maintaining prudent risk controls. Consistent and on-time payments can also help users qualify for a standard credit line and regain their full initial deposit.
Maya Black Express offers a fully loaded experience, including no annual fees for life, complimentary global airport lounge access and access to Maya Miles rewards booster with partner merchants, unlike most entry-level cards with limited perks.
“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,” he said.
