Mark Cuban once gave a memorable piece of financial advice: “Don’t use credit cards. If you use a credit card, you don’t want to be rich.”
He often shares this mantra on his blog and during interviews with financial gurus like Dave Ramsey. It reflects his belief in living within the bounds of your possibilities, a solid principle for anyone looking to build wealth.
Ironically, Cuban found himself in a credit card bind while celebrating his team’s 2011 NBA championship victory.
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As a child, Cuban sold trash bags door-to-door and built a tech empire. His name became known through hard work and smart investments. His big break came in the 1990s with the sale of Broadcast.com to Yahoo for $5.7 billion, followed by the purchase of the Mavericks for $285 million in 2000. Under his stewardship, the team went from a perennial underachiever to an NBA champion, winning its first title in 2011.
After winning the championship, Cuban and his team headed to Miami’s LIV nightclub to celebrate in style. An extravagant 15-liter bottle of Armand de Brignac champagne, often called the “Ace of Spades,” was gifted. Priced at $140,000 (or $90,000 according to some sources), it was the perfect way to commemorate the moment. Cuban confidently reached for his American Express Centurion card, a credit card exclusively for high net worth individuals.
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To his surprise, the transaction was declined. Cuban recounted the experience during a 2018 interview on Fox Sports 1’s “Fair Game,” revealing that he had to call American Express’s back office. “I got on the phone with them, and they were like, ‘Hey, sir, this hasn’t been authorized. It’s a new card,’” he said, laughing at the absurdity of the situation. “I asked to speak to a supervisor. I said, ‘Did you watch the NBA game tonight? Are you a basketball fan?’”
His humor was evident as he made his way through the various levels of customer service, eventually reaching someone who understood the context of his outlandish request. “I’m Mark Cuban. We just won the championship. Can I spend some money, please?” he joked.
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David Grutman, the owner of LIV, chimed in, recalling the chaotic scene: “We were in the back because their credit card was declined.”
Cuban often emphasizes that learning to avoid credit cards was one of his toughest financial lessons, but acknowledges that they can be acceptable, if used responsibly.
In a 2017 Money.com interview, he noted, “Over time, what I’ve learned is that using a credit card is fine if you pay it off at the end of the month.” He added, “Just recognize that the 18%, 20%, or 30% you’re paying in credit card debt is going to cost you a lot more than you could earn anywhere else.” While Cuban may not be a fan of credit cards, he knows the right way to handle them when necessary.
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Cuban’s businesses continued to evolve in the years following the championship. In late 2023, he sold his majority stake in the Mavericks for $3.5 billion, but retained a minority stake and control of basketball operations.
Even billionaires occasionally pull out the credit card to treat themselves, but Cuban’s message is simple: If you use credit cards, pay them off quickly to avoid interest. While most people aren’t going to be carrying $140,000 bottles of champagne, his Amex Black card mishap proves that financial wisdom and indulgence can coexist, even for the ultra-rich.
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This article Mark Cuban’s Black American Express Card Was Declined When He Tried To Buy A $140,000 Bottle Of Champagne After His NBA Team Won The Championship originally appeared on Benzinga.com
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