Mesa Shuts Down Mortgage-Rewards Credit Card, a Fintech Disappointment

Fintech startup Mesa has discontinued its Homeowners Card, a credit card program that offered rewards points for mortgage payments, according to TechCrunch. Effective December 12, all Homeowners Card accounts have been closed and deactivated, as stated in a notice on the company's website. Mesa cited "a business decision" as the reason for the shutdown in its FAQ. This closure comes just over a year after the company launched with $9.2 million in funding. The card was designed to incentivize spending on home-related expenses such as mortgage payments, gas, and utilities. Prior to the official announcement, reports on travel deal websites indicated that cardholders had experienced transaction declines for approximately one week. The sole remaining option for redeeming accumulated points is a statement credit, offered at a rate of 0.6%.