Oxygen

Oxygen

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Written by Lorraine Roberte
Edited by Jordan Potenza

About Oxygen

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Oxygen is a financial technology company that offers banking services through The Bancorp Bank. So, although Oxygen isn't technically a bank, your accounts and deposits are still FDIC-insured. Accounts aren’t subject to many traditional banking fees, such as monthly, minimum balance or overdraft fees, and purchases on items like food and coffee can earn you cash back. You can also create virtual cards to avoid sharing your real debit card information when you don’t want to.

Pros

  • Virtual cards for security
  • Cash back on certain purchases
  • Two-day-early direct deposit access

Cons

  • Fees for cash deposits
  • Almost entirely app-based

Bottom Line

Oxygen is a fintech company offering banking services through an FDIC-insured partner. Its app-based approach avoids many traditional bank fees and has perks like early paycheck access and cell phone and travel insurance.

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What is Oxygen?

Oxygen is a digital banking platform. While it isn’t actually a bank, it works with an FDIC-insured partner (The Bancorp Bank) to provide banking services.

Oxygen offers both personal and business accounts. The company largely markets its services to creative individuals and entrepreneurs, but anyone can set up an account if they meet the initial qualifications for their account tier.

How does Oxygen work?

To open an Oxygen account, you'll start by downloading the app. There's no physical location or desktop accessibility, so the app is the only way to manage your account. You will receive a physical debit card, though.

Features and costs vary depending on which tier you choose, but once you’ve set up your account, you can deposit money and use your Visa debit card or virtual cards to make purchases, much like you would with a traditional bank account.

Oxygen products

Oxygen has four loyalty tiers to choose from, and each is named after an element (Earth, Water, Air and Fire). Depending on your banking needs, you can choose a free tier (Earth) or one of the company’s premium tiers, but those come with varying annual fees.

All tiers share the same basic features, such as:

  • Cell phone protection
  • Extended warranty protection
  • An auto rental collision damage waiver
  • Baggage delay protection
  • Lost luggage protection
  • Hotel theft protection
  • Two-day-early direct deposits
  • Access to 40,000 fee-free Allpoint network ATMs
  • Bill pay
  • The ability to send money to friends

However, each loyalty tier has its own unique features:

This is Oxygen’s free loyalty tier. Along with the basic features, Earth includes:
  • A plastic debit card
  • 2% cash back on purchases from approved merchants
  • $1 cash back on food and coffee
  • 0.5% APY on savings balances of $20,000 or less
  • $1,000 per day or $10,000 per month limits for in-app ACH pulls from external accounts
  • Up to three savings goals
  • Three active virtual cards

This tier has no initial or annual qualifications.

Water gets you all of Oxygen’s basic features, as well as:
  • An embedded metal debit card
  • 4% cash back on purchases from approved merchants
  • $1 cash back on food and coffee
  • 1% APY on savings balances of $20,000 or less
  • $1,500 per day or $15,000 per month limits for in-app ACH pulls from external accounts
  • Up to 10 savings goals
  • A two-month Netflix reimbursement
  • 15 active virtual cards

This tier has a $19.99 annual fee, but the fee is waived in subsequent years if you meet certain annual qualifications.

To initially qualify for this tier, you must have 30 consecutive days with qualifying deposits of at least $1,500 a month and spending of at least $500 a month. The annual qualification requires your cumulative qualifying deposits and spending for the year to be 12 times the above amounts ($18,000 per year in deposits and $6,000 per year in spending).

In addition to the company’s basic features, Air provides:
  • An all-metal card
  • 5% cash back on purchases from approved merchants
  • $1 cash back on food and coffee
  • 2% APY on savings balances of $20,000 or less
  • $3,000 per day or $30,000 per month limits for in-app ACH pulls from external accounts
  • Unlimited savings goals
  • A two-month Netflix reimbursement
  • A two-month Peloton Digital reimbursement
  • Priority Pass annual membership (plus 5 visits)
  • Unlimited virtual cards

This premium tier has a higher annual fee of $49.99 per year, but the fee is waived in subsequent years if you meet the necessary qualifications.

To initially qualify for this tier, you must have 30 consecutive days with qualifying deposits of at least $3,000 a month and spending of at least $1,000 a month. The annual qualification requires your cumulative qualifying deposits and spending for the year to be 12 times the above amounts ($36,000 per year in deposits and $12,000 per year in spending).

Fire provides all of Oxygen’s basic features, as well as:
  • A mechanically engraved all-metal card
  • 6% cash back on purchases from approved merchants
  • $1 cash back on food and coffee
  • 3% APY on savings balances of $20,000 or less
  • $6,000 per day or $60,000 per month limits for in-app ACH pulls from external accounts
  • Unlimited savings goals
  • A 2-month Netflix reimbursement
  • A 2-month Peloton Digital reimbursement
  • Priority Pass annual membership (plus 10 visits)
  • Global Entry reimbursement/TSA PreCheck fee credit
  • Unlimited virtual cards

This tier has Oxygen’s highest annual fee at $199.99 per year. As with the other premium tiers, this fee is waived in subsequent years if you meet certain qualifications.

To initially qualify for this tier, you must have 30 consecutive days with qualifying deposits of at least $6,000 a month and spending of at least $2,000 a month. The annual qualification requires your cumulative qualifying deposits and spending for the year to be 12 times the above amounts ($72,000 per year in deposits /$24,000 per year in spending).

Oxygen rates

Rates for Oxygen’s loyalty tiers vary:

  • The Earth tier is free.
  • The Water tier costs $19.99 per year.
  • The Air tier costs $49.99 per year.
  • The Fire tier costs $199.99 per year.

However, annual fees are waived in subsequent years if you meet certain qualifications for depositing and spending.

Other fees include:

  • $3 for out-of-network ATM use
  • 1% fees for international transactions
  • 1% (plus $5.00) fees for international ATM use (one free every month)
  • 1% to 4% fees on money-in-minutes check deposits (minimum of $5.00)
  • $4.95 fees for Green Dot cash deposits (initiated by Green Dot)

Oxygen FAQ

What bank does Oxygen use?
Oxygen banking services are provided by The Bancorp Bank.
Is Oxygen FDIC-insured?
All Oxygen deposit accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to at least $250,000 through Oxygen’s banking provider, The Bancorp Bank.
Where can I use my Oxygen card?
You can use an Oxygen-issued debit card anywhere that accepts Visa debit cards.
Is Oxygen a prepaid card?
No, Oxygen debit cards are not prepaid cards — they're linked to a bank account. Even Oxygen’s single-use virtual cards draw from your account, so you don’t have to load money onto them from somewhere else before you purchase.

Is Oxygen legit?

Oxygen is a legitimate financial technology company with banking services provided by an FDIC-insured bank. There are several perks to Oxygen accounts, such as cash-back earnings. However, there are some fees, and you’ll need to be comfortable doing your banking through an app rather than a brick-and-mortar location. If you’re looking for an alternative to traditional banks, though, Oxygen might be a good option for you.

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Rated with 1 star
Verified Reviewer
Original review: May 23, 2022

Customer service is a joke. The bank itself are thieves. The accountant got my account info mixed up with my sister. Hers went into mine and they made the funds available the next day. They froze my account. My sister and her 2 sons are homeless. I can't give her her money nor can I use mine. The IRS said for me to take them to court so all I can say is hire a lawyer people.

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Oxygen Company Information

Company Name:
Oxygen
Website:
oxygen.us