Customer Glossary

Understand all the terms and lingo we use when navigating the app

Updated over a week ago

Oxygen Customer Glossary

  • Cashback Activation: The process of enabling a specific cashback offer or reward in your Oxygen app.

  • Air Tier: The third tier of Oxygen Elements, providing 4% cashback rewards and enhanced benefits.

  • Ambassador Rewards: An additional rewards program offering cash bonuses and discounts on Elements upgrades based on your qualifying annual spend within a 365-day period.

  • APY (Annual Percentage Yield): The annualized interest rate that takes into account compounding interest, helping your savings grow.

  • APY Rate: The interest rate offered on your savings, compounded annually, helping your money grow over time.

  • Balance Restrictions: Limits on the amount of money eligible for earning interest or rewards.

  • Cashback Rewards: Earnings you receive based on your spending at specific merchants, which accumulate in your "Total Rewards Account" until Oxygen Day.

  • Cashout: Transferring your accumulated rewards from your "Total Rewards Account" to your "Oxygen Account."

  • Change in Terms Notice: Notifications regarding changes to any Oxygen program, benefits, terms, and conditions.

  • Direct Deposit: A convenient way to have your paycheck or other regular payments directly deposited into your Oxygen account.

  • Earth Tier: The entry-level tier of Oxygen Elements, providing essential banking features at no annual cost.

  • Fire Tier: The top tier of Oxygen Elements, offering 6% cashback rates and exclusive rewards.

  • Incorporation: The legal process of forming a separate entity, typically a corporation or LLC, to conduct business. It provides limited liability protection and legal recognition as a distinct entity from its owners.

  • Invoicing and Expenses: Involves creating payment requests, and "Expenses" refer to costs incurred for business or personal needs. Both are crucial for financial management.

  • Merchant-specific Cashback: Under the cashback system, rewards are specific to individual merchants, requiring activation for each merchant's offer.

  • Oxygen Day: The 8th day of each month when the accumulated rewards from your "Pending Rewards" are transferred to your "Total Rewards" account.

  • Oxygen Deposit Account: Your personal deposit account with Oxygen, where your cashback rewards can be transferred.

  • Oxygen Elements: A unique banking experience with different tiers (Earth, Water, Air, Fire) offering various benefits and rewards, with competitive cashback and savings Annual Percentage Yield (APY).

  • Oxygen Friends: Peer-to-Peer transfers that allow you the ability to send and receive money directly between Oxygen accounts, split expenses and chat with others in the Oxygen Community.

  • Referral Program: A program allowing you to earn rewards by referring others to join Oxygen.

  • Reimbursement: Compensation or payment for expenses such as subscription fees or application costs.

  • Rolling 30-Day Period: A continuous 30-day timeframe used to calculate spend requirements and eligibility for rewards.

  • Savings Goal: A "Savings Goal" is a target amount set to save for a specific purpose, like buying a house or funding education.

  • Savings Options: Various opportunities provided by Oxygen to help you save money and achieve your financial goals.

  • Spend Requirement: The amount you need to spend within a specific timeframe to qualify for certain rewards or benefits.

  • Total Rewards Account: An account where your accumulated cashback rewards, Ambassador bonuses, and other rewards are moved to on Oxygen Day, allowing you to cash them out.

  • TSA Reimbursement: A benefit available in certain Elements tiers, offering reimbursement for TSA PreCheck and Global Entry application fees.

  • Upgrade: Moving from one Element tier to another with enhanced benefits by paying the next tier annual fee or making use of Ambassador rewards upgrade discount.

  • Upgrade Discount: A reduced fee for upgrading your Element tier within 30 days of receiving a push notification about your eligibility for Ambassador rewards.

  • Virtual Cards: Digital cards that can be generated for online transactions, providing added security and control.

  • Water Tier: The second tier of Oxygen Elements, offering 3% cashback percentages and additional perks.

Oxygen is a financial technology company. Banking Services provided by The Bancorp Bank, N.A., Member FDIC. Banking Services provided by The Bancorp Bank, N.A., Member FDIC. The Oxygen Visa® Debit Card and the Oxygen Business Visa® Debit Card are issued by The Bancorp Bank, N.A., pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

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