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

Mesa Shuts Down Credit Card Program for Homeowners

Mesa, a fintech startup, has made a significant decision to shut down its Homeowners Card program, which rewarded cardholders for paying their mortgages. However, this move has left many users in the dark, with some complaining about declined transactions for the past week. Consequently, the only remaining way to redeem points earned on the Mesa card is through a statement credit at a rate of 0.6%.

Background on Mesa’s Homeowners Card

Launched just over a year ago, in November 2024, Mesa offered two products: mortgage loans with 1% cash back and the credit card with rewards including cash back, travel, and offset mortgage payments. Meanwhile, the startup received $9.2 million in funding, with $7.2 million in equity funding and $2 million in debt. In theory, the card was designed to incentivize spending related to home ownership.

Impact on Cardholders and Competitors

The shutdown of the Mesa Homeowners Card program has been covered by travel deals websites, with some cardmembers complaining about declined transactions. Therefore, competitors like Bilt, which has a rewards card that allows customers to earn points on rent payments, are looking to expand with points for mortgage payments when it launches a revamped card next year.

Future Plans for Mesa

TechCrunch has reached out to Mesa for additional comment on its future plans. However, at this point, it seems that the startup has made a business decision to close the Mesa Homeowners Card Program entirely. In addition, the shutdown of the card program has left many users wondering about the future of the company.
 

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