Mark Cuban once made a famous statement unforgettable financial advice: “Don’t use credit cards. If you use a credit card, you don’t want to get 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 means he has, a solid principle for anyone looking to build wealth.
Ironically, Cuban found himself in a predicament involving a credit card celebrating his team 2011 NBA Championship victory.
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From selling garbage bags door-to-door as a child to building a tech empire, Cuban became a household name through his 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 his purchase of the Mavericks for $285 million in 2000. Under his leadership, the team transformed from perennial underachievers to NBA greats. champions, achieving their first victory. title of 2011.
After the championship victory, Cuban and his team headed to LIV nightclub in Miami to celebrate in style. He treated himself to an extravagant 15 liter bottle of Armand de Brignac champagne, also known as the ‘Ace of Spades’. Priced at $140,000 (or $90,000 according to some sources), it was the perfect way to commemorate the moment. Cuban confidently grabbed his American Express Centurion Card – an exclusive credit card for wealthy private individuals.
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To his surprise, the transaction was rejected. Cuban recounted the experience during a 2018 interview on Fox Sports 1’s “Fair Game,” in which he revealed how he had to call American Express to the back office. “I’m on the phone with them and they say, ‘Um sir, this isn’t authorized. It’s a new card,'” he said, laughing at the absurdity of the situation. “I asked to speak to a supervisor. I was like, ‘Did you see the NBA game tonight? Are you a basketball fan?'”
His humorous approach was evident as he navigated the layers of customer service and finally reached someone who understood the context of his extravagant request. “This is Mark Cuban. We just won the championship. Can I please spend some money?’ he joked.
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David Grutman, LIV’s owner, agreed, recalling the chaotic scene: “We were sitting in the back because his credit card was declined.”
Cuban emphasizes this often learn to avoid credit cards were one of his toughest financial lessons, but he recognizes that they can be great if used responsibly.
In a 2017 Money.com interview, he noted, “What I’ve learned over time is that using a credit card is OK if you pay it off at the end of the month.” He added: “Just recognize that the 18%, 20% or 30% you pay on credit card debt is going to cost you a lot more than you could ever make anywhere else.” While Cuban may not be a fan of credit cards, he knows the right way to handle them when the need arises.
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Cuban businesses have continued to evolve in the years since the championship. In late 2023, he sold his majority stake in the Mavericks for $3.5 billion, but retained a minority stake and control over the basketball operations.
Even billionaires occasionally break out the plastic for a festive splurge, but Cuban’s message is simple: If you use credit cards, pay them off quickly to avoid interest charges. While most people don’t charge $140,000 bottles of champagne, his mishap with the Amex Black Card proves that financial wisdom and indulgence can coexist even for the ultra-wealthy.
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This article Mark Cuban’s black Amex card was denied 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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