A few days ago, the Mesa Homeowners Card abruptly went out of business. This is a card I’ve mentioned before on the blog and was thinking about getting “someday”.
It was an attractive zero-annual-fee card because it offered points on mortgage payments (didn’t have to be charged on the card) and 3X points on property taxes, HOA fees and other home expenses. Transfer partners were limited but included Air Canada Aeroplan. And just last week, the card added Omni hotels as a transfer partner! So, it was a bit shocking to hear that the card shuttered so suddenly.
The week before the surprise shutdown, several users reported declined transactions on the card. And unfortunately, on December 12 when Mesa announced that all cards would be closed, most people had trouble transferring their points to transfer partners and had to settle for cashing out their points a 0.6 cents per point.
Too Good to be True?
In this miles and points hobby, there is a delicate balance between “strike while the iron is hot” and “this is just too good to be true.” Many times, when new credit cards are launched, the initial benefits and bonuses offer outsized value to attract new customers. Then eventually, over time, the benefits are reduced.
We saw this with the Bilt program and credit card. Initially, members could earn up to 10,000 bonus points on each Rent Day. We used to save some of our bills and purchases just for Rent Day. Now, the maximum bonus points on Rent Day is down to 1000 bonus points. My family is definitely accruing Bilt points a lot slower than we used to.
The Mesa Homeowners Card was definitely in the “too good to be true” category. Points for paying your mortgage every month regardless of how you pay it? Some folks have $4k mortgages, and that adds up quickly. Of course, Bilt is planning to start a similar benefit in 2026.
Minimizing Risk
I’m thankful I didn’t lose points from the Mesa Homeowners Card when it went bust. However, this event has made me think about my own miles and points actions and the level of risk involved in exploring new cards and programs.
The biggest thing I do to minimize my risk of losing miles and points to shutdowns and devaluations is to diversify my stash. My family’s points are spread out over multiple banks and currencies. It’s best not to put all your eggs in one basket.
But to be honest, I worry that we’re currently carrying too many Bilt points. Bilt hasn’t had financial success as a partner with Wells Fargo and is instead teaming up with Cardless in 2026. While the company seems to be in a much better financial position than Mesa, it remains to be seen how it will fare with Cardless and mortgage rewards in 2026. I definitely feel that my points from bigger programs (Chase, Citi, Capital One, Amex) are less risky than my Bilt points. Since I’m planning to book an international award flight in the next 1-2 months, I plan to transfer Bilt points to a travel partner to reduce my balance.
Will I apply for the next Mesa-type credit card down the line with too-good-to-be true benefits? Well, I won’t rule it out. But, if I do, I’ll transfer points regularly so that I don’t accumulate too many points in one program.
What do you think of the Mesa card fiasco, and has it affected your go-forward miles and points strategy?
Author: Nancy
Nancy lives near Dallas, Texas, with her husband and three kids. Her favorite vacations include the beach, cruising and everything Disney.
Leave a Reply