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Oxygen Bank - Credit

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Super Contributor

Oxygen Bank - Credit

Did any one use or have an account with Oxygen Bank. I just setup an account with them yesterday. They approve line of credit based on linked Bank account balance and usage instead of credit scores. Earlier with an advice from one of the fellow posters I have setup an account with Grain. They gave me $1000 credit based on my Bank account. I understand Oxygen follows similar approach. However we have to wait 90 days before we apply for credit. Also with Grain we can have only one linked bank account. Oxygen allows to connect multiple bank accounts. I am wondering if any of you have experience using the Oxygen Bank and their Credit feature?

Gardening since 08/2020
6 REPLIES 6
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Valued Contributor

Re: Oxygen Bank - Credit


@concorduser wrote:

Did any one use or have an account with Oxygen Bank. I just setup an account with them yesterday. They approve line of credit based on linked Bank account balance and usage instead of credit scores. Earlier with an advice from one of the fellow posters I have setup an account with Grain. They gave me $1000 credit based on my Bank account. I understand Oxygen follows similar approach. However we have to wait 90 days before we apply for credit. Also with Grain we can have only one linked bank account. Oxygen allows to connect multiple bank accounts. I am wondering if any of you have experience using the Oxygen Bank and their Credit feature?


I have been dealing with Oxygen Bank, but not their credit feature yet. I just found out about their credit card offering from a YouTuber called "Credit Plug". Very good and informative channel, and I think he is a fellow MyFico member, I just can't figure out who yet Smiley LOL

 

Like you said, and per Credit Plug Channel, you need of opened an account with Oxygen and have it in good standing for 90-days before being offered a line of credit (I believe without a HP either). For me that wont be until September, so I have time. I believe both Oxygen and Grain are part of something called Fintech, where they monitor your banking for creditworthiness. I know there is more to it, but that is all I recall for now.

 

So far I like Oxygen, it has saved me some money (their debit card) I hope they add more retailers on their offers to take advantage of more savings. Smiley Happy






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Message 2 of 7
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Super Contributor

Re: Oxygen Bank - Credit


@Wavester64 wrote:


I have been dealing with Oxygen Bank, but not their credit feature yet. I just found out about their credit card offering from a YouTuber called "Credit Plug". Very good and informative channel, and I think he is a fellow MyFico member, I just can't figure out who yet Smiley LOL

 

Like you said, and per Credit Plug Channel, you need of opened an account with Oxygen and have it in good standing for 90-days before being offered a line of credit (I believe without a HP either). For me that wont be until September, so I have time. I believe both Oxygen and Grain are part of something called Fintech, where they monitor your banking for creditworthiness. I know there is more to it, but that is all I recall for now.

 

So far I like Oxygen, it has saved me some money (their debit card) I hope they add more retailers on their offers to take advantage of more savings. Smiley Happy


Hi @Wavester64 Thanks for your reply. Glad you are enjoying the Oxygen account. Yes, I heard about Oxygen card on Credit Plug Channel and after that did some reading on the web about it. Last night I have setup the account with Oxygen and waiting to receive the card. In case also it will be October for 90 days to pass to be able to apply for Credit. However I do not see any option on their app to apply for credit. Do you think it will show up after 90 days ? I like Grain. It is no hassle service. They gave me $1000 CL. I think that is the max they are offering for now. May be it will change in the future.

 

One thing Oxygen lacking is ability to write checks. Then it would be almost like a conventional Bank like Discover Bank and other online Banks. Let us see what happens after 90 days. I am tempted to open the Business Account also with them. Not sure about the benefits it is going to offer. Right now I have convenationl Business account with BOA and online account Azlo. Not sure what Oxygen Business account will add or bring new value to me. I guess it does not cost any thing to open new business account with them. I'll keep looking into it.

 

Let us know if you hear any thing new about Oxygen.

Gardening since 08/2020
Message 3 of 7
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Re: Oxygen Bank - Credit

What is grain? they also offer a card?
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Message 4 of 7
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Re: Oxygen Bank - Credit


@Birdman7 wrote:
What is grain? they also offer a card?

Grain does not offer plastic. They do not do credit check either. They provide the limit based on your bank account balance and use. They provide you a limit and you can draw that amount any time. They gave me $1000 CL. I think that is the higest limit they are offering now. However they also have a feature like a secured card that they might ask you to deposit some amount and provide you a limit. It all depends on the bank account an use. There is a 1% transaction fees for with draw. Funds are transfered to your linked bank account and you use the money with your debit card or write a check. Once the statement cuts they charge 12% interest with monthly payments. It is almost like a cash advance from your bank account. They also have an automated feature where you can opt into credit building. They will advance some money to your account and withdraw. There is no fees for that service. Not a bad service. It is nice to have an extra $1000 available credit. It is nice and easy and more than all they do not check your credit. Oxygen is providing a Debit card that we can use with their account. But we have to wait 90 days to apply for Oxygen Credit. Try Grain. It is fun and I like it.  There is no cost to setup and you might have an extra credit available for your use.

Gardening since 08/2020
Message 5 of 7
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Re: Oxygen Bank - Credit


@Birdman7 wrote:
What is grain? they also offer a card?

Grain is sandy or salty depending on your  outlook on CSRs😆

Message 6 of 7
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Re: Oxygen Bank - Credit

The underlying bank is the Bancorp Bank headquartered in Wilmington and is the 9th largest bank in the state of Delaware. It is also the 208th largest bank in the nation. It was established in 2000 and as of December of 2019, it had grown to 612 employees at 1 location. They provide the banking services for "Oxygen".
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