AppLink Apps
OXYGEN: Mobile Banking
Oxygen is a financial technology company that offers a comprehensive app for managing money. It allows users to open bank accounts, incorporate a business, manage finances, and send and receive wires, all in one place. The app is ideal for both personal and business use. While Oxygen is not a bank itself, it partners with The Bancorp Bank, N.A., a member of the FDIC, to provide Banking services.
One of the key features of Oxygen is its cashback rewards program. Users can earn cashback when they spend money at select merchants, with different cashback percentages depending on the merchant. For example, users can earn $1 cashback on food and coffee merchants such as Starbucks and McDonald's, and up to 6% cashback on merchants like Shell and DoorDash.
Another feature of Oxygen is its virtual cards, which allow users to shop securely online. Users can set spending limits and lock spending to specific merchants to ensure their card cannot be used elsewhere.
Oxygen also offers tools for growing and managing savings. Users can round up their purchases to contribute to their savings and enjoy Annual Percentage Yields (APYs) on their digital bank account that are up to 5 times higher than the national average.
In terms of benefits, Oxygen provides retail perks such as cell phone insurance and extended warranty, as well as travel advantages including coverage for delayed and lost luggage and car rental damage waiver protection.
The app also offers secure financial management tools, including Oxygen Friends for easy chat and money transfers to friends, direct deposit set-up for bill and payroll payment, and access to over 40,000 fee-free domestic ATMs.
For businesses, Oxygen allows users to incorporate their business as an LLC, S-Corp, or C-Corp, and provides a business bank account at no additional cost. Sole proprietorships can also apply for a business bank account.
Oxygen offers different account tiers for personal use, each with varying benefits. The tiers are Earth, Water, Air, and Fire, with increasing cashback percentages, savings APYs, and virtual card limits as the tiers go up. Ambassador rewards, which provide additional perks, are available for all tiers.
The Oxygen Business Account offers a business savings account with a 1.00% APY and features such as customizable invoices and virtual cards with spending controls. Users can also earn 5% cashback on select merchants.
In conclusion, Oxygen is a financial technology company that provides a comprehensive app for managing money. It offers a range of features including cashback rewards, virtual cards, savings tools, retail and travel benefits, secure financial management tools, and business account and incorporation services.