Maya Credit Card Review: Fees, Benefits, Features and Drawbacks

Thinking about getting your first credit card in the Philippines? Many people are now looking at Maya, the digital bank known for its popular app. This Maya Credit Card Review explains everything in simple words.

You will learn about the card’s features, fees, interest rate, benefits, and requirements. We will also look at the good and the bad sides, so you can decide if it fits you.

Remember, banks can change their rules at any time, so always check the Maya app for the newest details before you apply.

What is the Maya Credit Card?

A credit card lets you buy things now and pay the bank later. The bank lends you the money for a short time. If you pay on time, you usually pay no interest on regular purchases. If you do not, the bank adds extra charges.

Maya does not have just one credit card. It offers two main credit card.The Maya Black Credit Card and the Landers Cashback Everywhere Credit Card. Both are issued by Maya Bank, which is licensed by the Bangko Sentral ng Pilipinas (BSP), the central bank of the country. Both cards work on the Visa network, so they can be used in many shops around the world.

How is this different from a Maya prepaid or wallet card? With a prepaid or wallet card, you can only spend money that you already put in. With a credit card, you spend the bank’s money first and repay it later. That means a credit card needs more care.

Maya’s credit cards are made for young, phone-first users, including people who have little or no credit history.

Maya Credit Card Features and Benefits

Let us look at the main Maya credit card benefits.

Maya Black Credit Card

• You earn Maya Miles. The base rate is 1 mile for every ₱40 you spend, and you can earn up to 10 times more at Maya Black Preferred partner shops.
• Cardholders can get 4 free airport lounge visits per year.
• The card is “numberless.” Your card details are hidden on the plastic and shown only inside the app, which makes it safer.
• You get a virtual card right away, before the physical card arrives.

Landers Cashback Everywhere Credit Card

• You can earn up to 5% cashback that you can spend at any Landers Superstore.

Using the Maya app

You can manage everything from your phone. You can freeze or unfreeze your card with one tap, track your rewards, and pay your bill. If you are not approved for Maya Black at first, you may be offered Maya Black Express. It gives similar perks, but it needs a security deposit. Maya says the deposit can earn interest.

About installment plans: Maya has other products, like loans, with fixed monthly payments. For card installments, please check the app for the current rules.

Maya Credit Card Interest Rate and Fees

Fees are the part many people forget to read. Let us make them easy.

Maya Credit Card Interest Rate

According to Maya, its card charges 3% per month on unpaid amounts. Cash advances (taking cash out with your card) also have a 3% monthly rate, counted from the day you took the cash.

Here is a simple example. If you leave ₱10,000 unpaid for one month, interest can be about ₱300. That is why paying your full statement balance on time is so important. When you do, you can avoid interest on regular purchases.

Maya Credit Card Annual Fee

Good news here. Maya says both cards have no annual fee. For Maya Black, the fee is waived as long as you keep the card active with at least one purchase every month. Conditions can change, so confirm this in the app.

Maya Credit Card Foreign Transaction Fee

When you spend in another country, a Maya credit card foreign transaction fee (also called a foreign exchange conversion fee) applies. A Wise guide lists it as 2% for Maya Black and 2.5% for the Landers card. The same guide lists a ₱200 fee for each cash advance.

Late Payment Fee

If you miss your due date, you may pay a late fee. A Maya article gives an example of ₱1,000 or the unpaid minimum amount.

Maya Credit Card Requirements

The Maya credit card requirements are fairly simple, but approval is never guaranteed. Here is what to expect:

• A Maya account. You apply inside the Maya app, so you need to be a Maya user.
• Age and residency. Check the minimum age and residency rules inside the app, because they can change.
• A valid ID. You will be asked to verify who you are.
• Proof of income. One comparison site lists your latest two months of payslips, or an Income Tax Return (ITR). People who already hold a card for a year may show a statement from another bank.
• Credit assessment. Maya uses its own data and technology to review you. People without a credit history may still get a chance.

In the end, Maya decides who gets approved.

How to Apply for a Maya Credit Card

If you are wondering how to apply for Maya credit card, here is the general path. Only use the official Maya app or website.

1. Download the Maya app and log in to your account.
2. Go to the credit card section and choose the card you want.
3. Fill in your details and upload the documents asked for.
4. Complete identity verification, which may include a selfie and ID photo.
5. Wait for the review. Maya will tell you the result in the app.
6. If approved, your virtual card appears first. Your physical card arrives later.

The exact steps can change, so follow what the app shows you. Never share your OTP or password with anyone.

Is Maya Credit Card Good? Pros and Cons

So, is Maya credit card good? It depends on you. Here is a balanced look.

Pros

• Easy to apply and manage inside one app.
• No annual fee, as long as you meet the usage condition.
• Good rewards: miles with Maya Black, cashback with Landers.
• Strong security, such as numberless cards and instant freezing.
• A chance for people with little credit history.

Cons

• The 3% monthly interest is costly if you do not pay in full.
• Late payment fees can be high.
• Approval is not guaranteed.
• Foreign transaction fees apply abroad.
• Cashback from the Landers card is spent at Landers stores only, which limits its use.
• Some people have complained online about customer service problems, so be careful and protect your account.

Who Should Consider the Maya Credit Card?

The card may suit young, app-loving people who want rewards and can pay the full bill every month. It can also help beginners who want to build a credit history, if they use it wisely.

Be careful if you often spend more than you earn or tend to forget due dates. A credit card is a loan, not free money. Also, if you want to shop at many different stores, other cards with wider cashback may suit you better. Compare a few cards first.

Conclusion

The Maya Credit Card offers no annual fee, useful rewards, and easy app control. Its main drawbacks are the 3% monthly interest and the fees for late payments and foreign spending. It suits careful spenders who pay in full. Before you apply, compare the latest fees, rates, and perks.

Disclaimer: This article is for information only and is not financial advice. Fees and terms may change, so please verify them with Maya.