Mark Cuban once famously gave memorable financial advice: “Don’t use credit cards. If you use credit cards, you don’t want to get rich.”
He often shares this mantra on his blog and in interviews with financial gurus like Dave Ramsey. It represents a belief in life in a way, a powerful principle for anyone who wants to build wealth.
Ironically, Cuba is in a predicament involving credit cards while celebrating the team’s 2011 NBA championship victory.
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From selling trash bags door-to-door as a kid to building a tech empire, Cuban became a household name through hard work and smart investment. The 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 ownership, the team went from an underdog to an NBA champion , take the first one. title in 2011.
After winning the championship, Cuban and his team headed to LIV nightclub in Miami to celebrate in style. He treated himself to a 15 liter bottle of the luxurious Armand de Brignac Champagne, often referred to as the “Ace of Spades.” Priced at $140,000 (or $90,000 according to some sources), it’s the perfect way to commemorate the moment. Cuba confidently reaches for the American Express Centurion Card – an exclusive credit card for wealthy 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,” revealing how he had to call American Express into the back office. “I was on the phone with them, and they said, ‘Hey, sir, this is no longer valid. This is a new card,'” he said, laughing at the absurdity of the situation. “I asked to talk to the supervisor. I was like, ‘Did you see the NBA game tonight? Are you a basketball fan?’
His humorous approach shines through as he navigates the layers of customer service, finally reaching someone who understands the context of his lavish request. “This is Mark Cuban. We just won a championship. Can I spend some money?” he joked.
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David Grutman, the owner of LIV, chimed in, recalling the chaotic scene: “We were behind because the credit card was rejected.”
Cuban often insists that learning to avoid credit cards is one of the hardest financial lessons, but he admits it can be OK — if used responsibly.
In a 2017 Money.com interview, he noted, “Over time, what I’ve learned is that using a credit card is okay if you pay it off at the end of the month.” He added, “Just realize that the 18% or 20% or 30% you’re paying on credit card debt is going to cost you more than you can get anywhere else.” While Cubans may not be fans of credit cards, they know the right way to handle them when the need arises.
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Cuba’s business continued to grow in the years following the championship. At the end of 2023, he sold his majority stake in the Mavericks for $3.5 billion but retained a minority stake and control over basketball operations.
Even billionaires sometimes whip out plastic for a festive splurge, but the Cuban message is simple: if you use a credit card, pay them off quickly to dodge interest charges. While most people wouldn’t fill a $140,000 bottle of Champagne, the Amex Black Card debacle proves that financial prudence and indulgence can coexist, even for the wealthy.
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This article Mark Cuban’s Black Amex Card Denied in Attempt to Buy $140,000 Bottle of Champagne After His NBA Team Wins Championship originally appeared on Benzinga.com
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