Maya Bank unveils revolutionary AI-powered Maya Black Credit Card to empower more Filipinos with easy credit access
Maya Bank, a leading digital bank in the Philippines, has launched the Maya Black Credit Card, a premium offering designed to democratize access to credit, particularly for individuals who lack traditional credit histories. This new product leverages Maya’s proprietary data and AI-driven credit scoring models to evaluate and approve applicants who conventional banking institutions might overlook.
Key Features of the Maya Black Credit Card
- AI-Driven Credit Assessment: Utilizing extensive transactional data and alternative data sources, Maya’s AI-powered credit scoring model can assess and approve users without prior credit history, enabling seamless onboarding. Applicants can also opt for a secured card pathway, fully integrated within the Maya app, eliminating the need for cumbersome paperwork.
- Digital Application and Management: The entire credit card lifecycle, from application to customer support, is managed within the Maya app. Upon approval, users receive an instant virtual card, followed by the delivery of a sleek, numberless physical card within 3-5 days. All sensitive card details are securely stored within the app, allowing users to freeze or replace their cards in real-time for enhanced security.
- Reward System – Maya Miles: Cardholders earn Maya Miles on every transaction, with real-time tracking available within the app. These miles can be utilized as currency across Maya’s extensive merchant network, converted into airline miles such as Philippine Airlines’ Mabuhay Miles, and redeemed for other travel rewards, all within the app. Additionally, users receive a welcome bonus of 3,000 miles upon physical card activation and spending ₱5,000 within the first 60 days.
- Global Acceptance and Travel Perks: The card is accepted at over 130 million merchants worldwide through the Visa network. Cardholders also enjoy access to airport lounges via DragonPass, including PAGSS and Marhaba lounges at Ninoy Aquino International Airport (NAIA).
Addressing credit accessibility challenges with the Maya Black Credit card
Interest in credit cards is growing in the Philippines, with credit cards now accounting for 38% of financial product search interest, according to Google Philippines data. However, access remains limited. The Bangko Sentral ng Pilipinas (BSP) 2021 Financial Inclusion Survey indicated that 56% of Filipino adults find it challenging to qualify for a credit card. As of Q4 2023, only 15% of Filipino adults hold a credit card, based on TransUnion data.
Maya Black credit card aims to address this accessibility gap by eliminating traditional barriers and scaling AI-powered credit across Maya’s rapidly expanding Millennial and Gen Z user base. This launch builds upon the success of the Landers Cashback Everywhere Credit Card, which has issued nearly 200,000 cards to date.
The introduction of the Maya Black Credit Card represents a significant step towards financial inclusion in the Philippines. By leveraging AI-driven credit assessment and offering a fully digital application process, Maya Bank is providing more Filipinos with access to credit facilities, coupled with attractive rewards and global acceptance. This move not only enhances the banking experience for existing customers but also opens doors for those who traditional financial institutions have previously underserved.
Image: Maya Bank
