Mesa shuts down credit card that rewarded cardholders for paying their mortgages

Fintech startup Mesa has officially closed its Homeowners Card, which allowed users to earn points for paying their mortgages. According to a notice on the Mesa website, all Homeowners Card accounts were deactivated as of December 12, and cardholders can no longer make purchases or accrue Mesa Points. The company described this closure as a "business decision" to terminate the Mesa Homeowners Card Program entirely. TechCrunch has reached out for further insights regarding Mesa's future initiatives. Launched just over a year ago in November 2024 with $9.2 million in funding, including $7.2 million in equity and $2 million in debt, Mesa aimed to innovate in the financial space by offering rewards tailored for homeowners. Its product lineup included mortgage loans that provided 1% cash back, alongside the credit card that rewarded spending on home-related expenses such as groceries, utilities, and HOA fees. CEO Kelley Halpin previously highlighted that the intention was to reframe the rewards experience typically associated with travel and dining cards to benefit homeowners. "It’s not rewarding you on travel and dining spend; it’s rewarding you on gas, groceries, your HOA, utilities, home goods as well as your mortgage payment," Halpin stated. In light of Mesa's shutdown, competitors like Bilt are preparing to enhance their offerings by introducing points for mortgage payments on their revamped card next year. Meanwhile, the closure has drawn attention from travel deal websites, with reports indicating that Mesa cardholders experienced transaction declines leading up to the shutdown. Initially dismissed as a temporary glitch, it has now been confirmed that the only way to redeem Mesa points is through a statement credit, valued at a rate of 0.6%.