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

Core Insights - Fintech startup Mesa has decided to shut down its Homeowners Card program, which allowed cardholders to earn points for mortgage payments and other home-related expenses [1][2] - The shutdown is described as a business decision, with all accounts closed and credit cards deactivated as of December 12 [1] - Mesa launched the Homeowners Card in November 2024, backed by $9.2 million in funding, and aimed to provide rewards for home-related spending [2] Company Overview - Mesa offered two main products: mortgage loans with 1% cash back and a credit card that provided rewards for various home expenses [2] - The CEO emphasized that the card was designed to reward spending on essential home-related categories rather than traditional travel and dining [3] Market Context - The shutdown of Mesa's card has been noted by travel deal websites, indicating that cardholders experienced transaction declines prior to the closure [4] - Bilt, a competitor, plans to expand its rewards program to include points for mortgage payments, highlighting a potential gap in the market following Mesa's exit [3] Customer Impact - The only remaining option for Mesa cardholders to redeem their points is through a statement credit at a rate of 0.6% [5]