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About Oxygen
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.
- Virtual cards for security
- Cash back on certain purchases
- Two-day-early direct deposit access
- Fees for cash deposits
- Almost entirely app-based
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:
Earth
- 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
- 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).
Air
- 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
- 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.
Oxygen Reviews
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- 4,591,400 reviews on ConsumerAffairs are verified.
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- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Reviewed Feb. 14, 2024
On January 30 my college funds went into my account with Oxygen bank. Within 2 hours the next morning my account was wiped out of $1006. At which time I made the bank aware that these transactions did not belong to me. They refused to stop these transactions. I just read a post on here from another lady that stated her funds were taken out of her account by Jo **. That stands for the country name Amman Jordan. Oxygen bank has to be playing a role with this scam stealing funds from us unsuspecting customers! There has to be a stop put to this company immediately! I will be contacting an attorney in the morning. Oxygen bank, you will not get away with this anymore! I promise you that!
Reviewed Feb. 5, 2024
On Oct. 13, 2023, I was purchasing Christmas presents for my grandchildren when my card was declined. I knew I had over $1,000 in my account, so I was devastated to learned I had been cleaned out. And Oxygen denied my dispute stating they had found no error. I then demanded they reopen my dispute, only to have them deny me again. I then demanded to see the documentation used in their decision, and received a half page letter with just their finally decision...no transparency. Again I made them reopen my dispute. That was December 3, 2023, and it's still ongoing with no provisional credit issued either. And guess what? A few days ago it happened again, only this time over $700 worthless of international transfers were sent to "Jo Amman". And I'm pretty sure that should have been flagged as possible terrorist funding rather than paid, and I even informed them of their legal responsibility to do that only to be ignored. Well, no more!
I am reporting them to the Federal agencies whose purpose is to enforce the banking lawsuits made to protect consumers finance from the wolves! So far the agencies I've found that you need to file complaints with are the OCC and the CFPB, and for the first time since this all started I feel they will finally be held accountable for their non-transparency and misconduct in handling consumer finance and disputes. Please, everyone do this. Otherwise, they win again.
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Reviewed Jan. 31, 2024
Updated on 02/08/2024: Yesterday I received a email from their Disputes department saying there was no errors found, apparently this so called wanna be bank is just a bunch of thieves themselves because they surely allow people to steal your money but yet when the victim Disputes it its always denied and now thanks to them allowing this to happen I can't pay my bills that are now past due or even go to the grocery store. I would most definitely recommend not to use this non bank for any type of services to anyone. I wouldn't even recommend this place to my dog if I had to.
Original Review: On January 26, 2024 I attempted to get in my Oxygen account but couldn't so I called them and they informed me that someone had requested to change my email address. So without verification to make sure it was really myself doing so they allowed it to happen which then allowed whoever to change my passwords and access my account. Well they took over 800.00 from me within minutes. I have filed my dispute with them. Not that it's going to do me any good. This isn't my first rodeo with Oxygen. Anyways I received a email from oxygen safety team saying they flagged my account for patterns that don't align with the deposit agreement that I signed and all I do is have my disability check deposited into this account and I normally transfer it straight out of that account into a different account with a different bank. That's it.
But now I can't access my account because it's limited because all of a sudden they want verification of my identity and was just told that it will not be reinstated until they receive the verification but I don't understand Why they are doing this to me and they allowed a scammer or whatever you would call them to do what they did without asking for verification.
Reviewed Nov. 27, 2023
I've been with Oxygen for many years. 1st time I I disputed 700$ in charges that wasn't myself had my card locked and I'm telling them it's fraud and I'll do whatever I need to do prosecute anyone and all they say is, "Sorry no error was there sir." Won't let me talk to the investigator and tell me I'm out 700 for the holidays. If anyone had this problem email me. I think everyone needs to know you will not get your money or scammed or something happens with your bank account.
Reviewed Jan. 3, 2023
I have spent over four hours on hold, during their posted business hours, and they neither answer the phone and chat is not available at all through the app. I have called from different lines, and as I write this review, I have been on hold on my cellphone for 37 minutes, and on hold on my office phone for 15 minutes. This is the seventh and eighth calls I have made, and I can never ever get anyone on the phone.
Reviewed 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.
Oxygen Company Information
- Company Name:
- Oxygen
- Website:
- oxygen.us
