Mesa Ends Credit Card Rewards for Mortgage Payments
Fintech startup Mesa has announced the termination of its Homeowners Card, which provided users with rewards for paying their mortgages. The official announcement stated that as of December 12, all accounts associated with the Mesa Homeowners Card have been closed. Cardholders can no longer make purchases or accumulate Mesa Points.
Mesa’s Decision to Cease Credit Card Rewards
In a recent FAQ, Mesa described the shutdown as a “business decision” to discontinue the entire Mesa Homeowners Card Program. Founded in November 2024, the company had secured a total of $9.2 million in funding, comprising $7.2 million in equity and $2 million in debt. During this short period, Mesa aimed to redefine credit card rewards specifically for homeowners.
Homeowners Card Features
The Mesa Homeowners Card offered several unique features. It allowed users to earn points on everyday home-related expenses rather than traditional travel or dining expenditures. According to CEO Kelley Halpin, the card incentivized spending for essentials such as:
- Gas
- Groceries
- Homeowner Association (HOA) fees
- Utility bills
- Home goods
- Mortgage payments
This approach aimed to mimic the allure of travel and dining rewards but tailored them for those investing in homeownership.
Community Response and Future Plans
Reports have surfaced that Mesa cardholders faced declined transactions in the days leading up to the closure, leading to confusion among users. While Mesa initially attributed the issue to a temporary outage, the final decision to close accounts was confirmed shortly after. Some travel deal websites reported that users were dissatisfied with the handling of rewards and the effective cessation of card operations.
Currently, the only option left for Mesa cardholders to redeem their accumulated points is through a statement credit, valued at 0.6% of the points earned.
In related news, Bilt, another fintech company, plans to enhance its rewards card, allowing points to be earned for future mortgage payments, demonstrating a continued interest in this niche market.
