7/5/2023 Update: Wise counts as direct deposit. Use “Direct Dep” for the memo.
Oxygen is a fintech app that partners with Bancorp Bank to provide services. Oxygen has an easy $100 signup bonus, a cashback-earning debit card, and some other features that make it worthwhile to sign up.
$100 Signup Bonus
Get $5 or $10 when you download the app and open an account by following the QR code below. Get an extra $100 when you receive a payroll direct deposit of $500 or more and make 5 debit card purchases within 60 days of account opening. As a referrer, I also get $100.
https://oxygenbank.onelink.me/vjPj/r3nyli01
I don’t think the extra $5 is working for anyone, hence I titled it as a $100 offer. Given that, I suggest clicking on the link and downloading the app as opposed to scanning the QR code. Update: It appears scanning the QR code isn’t tracking referrals (but going through the link in a mobile app works fine).
Five transactions can easily be done at Amazon. If you do the five transactions first, your $100 bonus will post on the same day as your direct deposit. On the other hand, if you do direct deposit first and then do the transactions then your bonus will post a few days after the charges settle.
Cashback on Debit Card
$1 Off on Fast Food & Coffee
One of my favorite features about Oxygen is that their debit card gives you $1 off on fast food and coffee.
- minimum purchase of $3
- cashback can be used once every day
2-6% Cashback Categories
Oxygen debit card, depending on your membership levels, offers 2-6% cashback in various categories. The categories of cashback, minimum purchase requirement, how often you can use the offer, and the limit on cashback per transaction are as follows:
| Category | Minimum Purchase | How Often (in Days) | Limit per Transaction |
| Gaming | $5 | 1 day | $5 |
| Gas | $5 | 5 days | $5 |
| Meal Delivery | $5 | 1 day | $5 |
| Pharmacies | $5 | 1 day | $5 |
| Rideshare and Transportation | $5 | 1 day | $5 |
| The Container Store | $5 | 1 day | $5 |
| Trader Joe’s | $5 | 1 day | $5 |
| USPS, FedEx and UPS | $5 | 1 day | $5 |
| Walmart | $5 | 5 days | $5 |
| Whole Foods | $5 | 1 day | $5 |
Membership Levels (“Oxygen Elements”)
The oxygen element card comes with four membership levels namely, Earth, Water, Air, and Fire. The membership level, cashback %, and annual fee are tabulated below:
| Membership Name | Cashback | Annual Fee |
| Earth | 2% | free (default) |
| Water | 4% | $19.99 |
| Air | 5% | $49.99 |
| Fire | 6% | $199.99 |
The annual fee can be waived in subsequent years with annual spending qualifying activity. This brings me to the fact that you need to meet certain direct deposit and spending thresholds in the last 30 days before being eligible for these cards. All criteria mentioned in this paragraph (annual spend criteria and upgrade criteria) are presented in the image below:
The full benefit comparison of various element cards is provided below:
You can read more about membership levels on Oxygen’s website.
Discussing Some Benefits
Two-month Netflix reimbursement is a fairly decent benefit, especially considering it is even available on the $19.99 signup fee card (Water). This means, if you pay for Netflix anyway, you might as well try at least the Water card.
I am quite fond of apps that make virtual cards easy and Oxygen makes it very easy. They allow you to easily generate one-time-use disposable virtual cards. Additionally, they also allow you to create virtual cards that can be used more than once and their setting can be customized to the point that you can only allow one merchant to charge the card.
Closing Thoughts
At the very minimum, the fast food benefit is pretty decent. Oxygen also offers a business account with 5% cashback.
Get $100 when you receive a payroll direct deposit of $500 or more and make 5 debit card purchases within 60 days of account opening. As a referrer, I also get $100.
https://oxygenbank.onelink.me/vjPj/r3nyli01
1 comment
Does this card work with PPBP?