Fintech startup Mesa has announced the closure of its Homeowners Card program, a product designed to reward cardholders with points for their mortgage payments. In a statement on its website, Mesa confirmed that as of December 12, “all Mesa Homeowners Card accounts are closed,” indicating that all associated credit cards have been deactivated and that users can no longer make purchases or earn Mesa Points.
The shutdown is described as “a business decision to close the Mesa Homeowners Card Program entirely,” according to the FAQs section on the Mesa website. The decision has led to speculation regarding the startup’s future plans, prompting TechCrunch to seek additional comments from Mesa.
Launched just over a year ago in November 2024, Mesa initially received $9.2 million in funding, which included $7.2 million in equity and $2 million in debt. The startup proposed two main products: mortgage loans with 1% cash back and a credit card that offered rewards in various forms such as cash back, travel benefits, and the capability to offset mortgage payments. CEO Kelley Halpin had previously emphasized a vision that aimed to repurpose popular features of travel and dining rewards cards specifically for homeowners and parents.
Mesa’s unique approach allowed users to earn points for home-related expenses, diverging from traditional rewards cards that typically focus on travel and dining. As Halpin explained, the program incentivized spending on necessities tied to homeownership, including groceries, gas, utilities, and homeowner association fees, along with mortgage payments.
In a related development, competitor Bilt is set to expand its offerings by allowing customers to earn points on mortgage payments with a revamped card scheduled for release next year.
The announcement of Mesa’s card shutdown has garnered attention from travel deal websites such as One Mile at a Time and Upgraded Points. Reports from card members indicate issues with declined transactions in the weeks leading up to the shutdown, with the company at first attributing the problems to a temporary outage. Currently, the only available option for redeeming points accrued on the Mesa card involves using them for statement credits at a conversion rate of 0.6%.
