MAYA Black Mini-Payments Explained

TL;DR: When the Maya Black credit card was first introduced last year, it allowed anyone with a verified Maya account to get a Visa credit card from Maya. It was simple and easy to sign up for one so it allowed first-time credit card users to avail.

When the Maya Black credit card was first introduced last year, it allowed anyone with a verified Maya account to get a Visa credit card from Maya.
Well, the outstanding credit balance is then transferred into the Mini-Payments section of Maya then divided into equal monthly payments (either 3, 6, 9 or 12 months) including the applied interest.
This feature allows the credit holder to avoid the monthly finance charge of 3.5% which can be expensive.
That's on top of the fact that the entire balance is now divided equally into smaller "mini-payments".
Just like some credit card providers, the "mini-payments" is a classic way to address the critical need reduce large payments into more manageable amounts spread across multiple months and at a muc…

When the Maya Black credit card was first introduced last year, it allowed anyone with a verified Maya account to get a Visa credit card from Maya.

It was simple and easy to sign up for one so it allowed first-time credit card users to avail. You get a virtual card and a custom printed Visa card delivered to your home. You also get a lot of perks (see complete list here).

However, there were a few limitations like the credit limit which was based on 80% of the Security Deposit you had to maintain in the Maya Savings (still earns 3.5% p.a.). Thus, the credit limit can be limiting for those who frequently use it.

After using the Maya credit card for over a year now, I’ve been actively using it especially after the integration with Google Pay in the Philippines.

Here’s another new feature I am sure Maya Black users will definitely love — Mini-Payments. Simply put, this feature allows the credit card user to convert the total credit balance into installments. If you’re a long-time credit card user, you should be familiar with this since most major banks offer a similar setup — convert your existing credit card balance into fixed monthly payments with a small add-on interest rate.

The Maya Mini-Payments allow the credit card user to switch to monthly installments of up to 12 months.

In our testing last May, we transferred Php51,836.84 into Maya Mini-payments. This translated to a Php 8,639.36 monthly payments for 6 months.

So, what happens next? Well, the outstanding credit balance is then transferred into the Mini-Payments section of Maya then divided into equal monthly payments (either 3, 6, 9 or 12 months) including the applied interest. Note though that the entire amount transferred to mini-payments will be deducted from your regular monthly credit limit. Your credit limit will only return back to its original status once the entire “mini-payments” have been settled.

This feature allows the credit holder to avoid the monthly finance charge of 3.5% which can be expensive. That’s on top of the fact that the entire balance is now divided equally into smaller “mini-payments“.

Just like some credit card providers, the “mini-payments” is a classic way to address the critical need reduce large payments into more manageable amounts spread across multiple months and at a much lower (and fixed) interest rates.