Crypto founder mocks American Express’ controversial fee hike

Gemini co-founder Cameron Winklevoss took to X (formerly Twitter) mocking American Express after the company revealed a steep annual fee increase for its Platinum cards.

His post came in response to a report from First Squawk, which noted that AmEx had raised the annual fee on its Platinum card to $895, up $200.

On Sept. 15, American Express launched the Amex Travel App and Amex Passport to personalize trip planning and digital travel memories. Amex Passport mints collectible “Stamps” on Base, an Ethereum Layer 2, when cardholders transact abroad. The updates also add Centurion Lounge wait-time estimates for smoother travel.

Winklevoss wrote:

“BREAKING: @Gemini HIKES ITS CREDIT CARD ANNUAL FEE TO $0, UP $0"

For the uninitaited,  Gemini in April 2022, first announced the launch of its crypto credit card that offers 3% cashback rewards in Bitcoin across the United States.

Community reaction

Winklevoss’s post quickly sparked replies from Gemini customers and broader crypto users, many of whom voiced concerns over Gemini’s own credit product.

On April, the New York-based crypto exchange Gemini announced the launch of its crypto credit card that offers 3% cashback rewards in Bitcoin across the United States.

One user, @worthlessFed, said they had struggled to apply:

“Tried to get the card. You're forced to use the app to apply, and I tried to apply like 60 times. The app would never work, which in turn made me too suspect of the app to buy crypto with them. I tried so much, Coinbase took me off wait-list today, had one hiccup where I had to...”

Other users echoed complaints about low credit limits and application glitches:

@IanAlexander_Fi: “Have you finally raised the credit limits yet, last time I checked it was stuck at 1000 USD and I couldn’t get the autopay to work. Or the damn thing took 4 days to clear.”@044_DCL: “I’m still waiting for my card, after being approved on the day it came out…. Approved 24 days ago. Can’t use card due to being at the 30% limit until I get my card…”

@randybhattu: “I echo everyone about the credit limit. I got both this and the Robinhood Gold card. RH 3x’d what you guys gave me lol.”

AmEx’s contrasting move

American Express confirmed its Platinum and Business Platinum annual fees will increase from $695 to $895 beginning with renewals later in 2025.

The company framed the hike as part of its “largest investment ever in a card refresh,” adding hotel, dining, and lifestyle credits worth up to $3,500 annually — provided cardholders use them.

Related: American Express brings travel memories on-chain with ‘Amex Passport’

This story was originally reported by TheStreet on Sep 19, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.

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