With an estimated net worth of $500 million, Shaquille O’Neal likely wasn’t expecting his credit card to be declined while shopping at Walmart. But that’s exactly what happened back when he was trying to make what he said was the “biggest purchase in Walmart history.”
In an interview with James Corden, Shaq says the incident occurred shortly after the legendary NBA superstar was traded from the Miami Heat to the Phoenix Suns in 2008. When he arrived in Phoenix, Arizona, the apartment that the Suns had waiting for him was empty. So Shaq, who claims to be very impatient, took a late-night trip to the local Walmart to stock up on necessities, racking up a whopping $70,000 bill.
Unfortunately, his credit card was declined twice when he tried to pay for the massive haul. “I said, ‘I know I’m not broke,’” laughed Shaq. As it turns out, the transaction was blocked and flagged by American Express as potential fraud. After clarifying the situation with AMEX over the phone, Shaq was ultimately allowed to complete the substantial transaction.
As funny as the story may be, Shaq’s experience highlights the limits and pitfalls of relying on credit cards for emergency spending, no matter how wealthy you may be. Here are a few tips on emergency spending, and the financial options that you may want to consider.
When it comes to emergency expenses, such as sudden car repairs or unforeseen health expenditures, many Americans find themselves unprepared for the situation. According to Empower, 21% of Americans surveyed said they have no emergency savings at all, while 37% said they could only afford an emergency expense of $400 or lower.
Without the resources to pay for an unexpected cost, many Americans will reach for the most accessible form of borrowed money they have: credit cards.
Nearly 9% of Americans have applied for a new credit card just to pay for a financial emergency, according to a survey from Debt.com. Meanwhile, 36% of Americans surveyed in 2024 have more credit card debt than emergency savings, according to Bankrate data.
Shaquille O’Neal’s credit card was once declined in an emergency. Here’s how to avoid this issue
We all know Shaquille O’Neal as a legendary basketball player and successful businessman, but even the big man himself can run into financial hiccups. In a recent interview, Shaq revealed that his credit card was once declined in an emergency situation, leaving him stranded and embarrassed.
To avoid finding yourself in a similar situation, here are some tips to ensure your credit card is always ready when you need it most:
1. Monitor your spending: Keeping track of your expenses and staying within your credit limit can help prevent your card from being declined unexpectedly.
2. Update your contact information: Make sure your credit card company has your current phone number and email address on file. This will allow them to easily reach you if they suspect fraudulent activity on your account.
3. Set up alerts: Many credit card companies offer alerts for unusual activity or when you’re approaching your credit limit. Take advantage of these alerts to stay on top of your finances.
4. Have a backup plan: Carry more than one form of payment, such as a debit card or cash, in case your credit card is declined.
5. Communicate with your credit card company: If you know you’ll be making a large purchase or traveling to a new location, let your credit card company know in advance to avoid any issues with your card being declined.
By following these tips, you can ensure that your credit card is always ready when you need it most, unlike Shaquille O’Neal in that one unfortunate emergency.
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