Payments cards company CompoSecure Holdings is working with neobank Oxygen to offer a four-tier debit card rewards program called Oxygen Elements, according to a Tuesday (Dec. 14) press release.
Oxygen Elements comes “at a pivotal turning point for the economy,” where a “robust labor market” and increased savings is expected to bolster a rise in spending, the release stated.
The cards will use CompoSecure’s metal dual-interface construction, which allows for tap-to-pay purchases. Oxygen said in the release that it selected CompoSecure because of its “manufacturing capabilities and capacity, which expedites the time to market.”
“Elements sets the standard for the rewarding experience consumers will have now as travel, restaurants and shopping reopen,” said Oxygen CEO Hussein Ahmed in the release. “CompoSecure’s premium metal cards differentiate our products and services, so they stand out in the consumer’s wallet.”
The rewards program features four tiers — Earth, Water, Air and Fire — offering cardholders a choice of perks like increased cash back levels, escalating sets of annual percentage yields and savings on subscription services like Netflix, according to the release.
“Programs like Oxygen Elements empower users to earn rewards, manage their purchases and increase savings,” said CompoSecure CEO Jon Wilk in the release.
This is the second partnership CompoSecure has announced in less than a week. On Thursday (Dec. 9), the company said it is working with rental rewards startup Bilt on a rental rewards Mastercard, which can help renters build up points to use for down payments on homes.
Read more: CompoSecure Teams With Bilt to Drive Homeownership With Rental Rewards
The card is the first to be given regulatory approval to help people get a chance to earn points toward mortgage down payments. The card also lets renters pay their rent through the Bilt app, even at properties where landlords don’t accept credit cards.
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