Mark Cuban once famously gave memorable 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 one’s means, a solid principle for anyone looking to build wealth. 

Ironically, Cuban was in a predicament involving a credit card while celebrating his team’s 2011 NBA championship victory.

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From selling garbage bags door-to-door as a kid to building a tech empire, Cuban became a household name through his hard work and savvy 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 ownership, the team transformed from perennial underperformers to NBA champions, capturing their first title in 2011.

After the championship win, 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, often called “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 reached for his American Express Centurion Card – an exclusive 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 how he had to call American Express into the back office. “I’m on the phone with them, and they say, ‘Uh, 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 was like, ‘Did you see the NBA game tonight? Are you a basketball fan?'”

His humorous approach shone through as he navigated the layers of customer service, eventually reaching 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 quipped.

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

Cuban often emphasizes that learning to avoid credit cards was one of his toughest financial lessons, but he acknowledges that they can be OK – if used responsibly. 

In a 2017 Money.com interview, he noted, “Over time, what I’ve learned is using a credit card is OK if you pay it off at the end of the month.” He added, “Just recognize that the 18% or 20% or 30% you’re paying in credit card debt is going to cost you a lot more than you could ever 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 ventures have 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 share and control over basketball operations.

Even billionaires occasionally whip out the plastic for a celebratory splurge, but Cuban’s message is simple: if you use credit cards, pay them off fast to dodge interest charges. While most people won’t be charging $140,000 bottles of Champagne, his Amex Black Card mishap proves that financial wisdom and indulgence can coexist, even for the ultrawealthy. 

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