Mark Cuban’s Amex black card was rejected when he tried to buy a $140,000 bottle of champagne after his NBA team won the championship

Mark Cuban once gave famous financial advice: “Don’t use credit cards. If you use a credit card, you don’t want to be rich.”

He shares this mantra frequently on his blog and in interviews with financial gurus like Dave Ramsey. It reflects his belief in living within your means, a solid principle for anyone looking to build wealth.

Ironically, Cuban found himself in a difficult credit card situation while celebrating his team’s 2011 NBA championship win.

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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 investments. His big break came in the 1990s when he sold Broadcast.com to Yahoo for $5.7 billion and then bought the Mavericks for $285 million in 2000. Under his leadership, the team transformed from perennial underdogs to NBA champions, winning its first title in 2011.

After winning the championship, Cuban and his team headed to Miami nightclub LIV to celebrate in style. He treated himself to an extravagant 15-liter bottle of Armand de Brignac champagne, often referred to as the “Ace of Spades.” Valued at $140,000 (or $90,000 by some accounts), it was the perfect way to commemorate the moment. Cuban confidently reached for his American Express Centurion Card, a premium credit card 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. “I’m on the phone with them, and they’re like, ‘Uh, sir, this hasn’t been authorized. This is a new card,’” he said, laughing at the absurdity of the situation. “I asked to speak to a supervisor. I said, ‘Did you see the NBA game tonight? Are you a basketball fan?’”

His humorous approach worked its way through the customer service levels until he finally reached someone who understood the context of his extravagant request. “It’s Mark Cuban. We just won the championship. Can I spend some money?” he joked.

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David Grutman, owner of LIV, chimed in, recalling the chaotic scene: “We were standing in the back because his credit card was declined.”

Cuban often stresses that learning to avoid credit cards was one of the hardest financial lessons he’s learned from using them, but he admits they can be okay — if used responsibly.

In a 2017 interview with Money.com, he noted, “Over time, I’ve learned that it’s OK to use a credit card as long as you pay it off at the end of the month.” He added, “Just remember that the 18%, 20%, or 30% that you pay off 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 how to use them properly when necessary.

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Cuban’s ventures continued to evolve in the years following his championship run. 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 break out the plastic to celebrate, but Cuban’s message is simple: If you use credit cards, pay them off quickly to avoid interest. While most people won’t charge $140,000 for 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 Amex Black Card Was Rejected When He Tried to Buy a $140,000 Bottle of Champagne After His NBA Team Won the Championship originally appeared on Benzinga.com