The Weird Reason Why Barack Obama’s Credit Card Was Once Declined in NYC While He Was Still President

Former President Barack Obama was involved in an embarrassing incident when his credit card was once rejected during a dinner date with Michelle Obama in 2014. This moment came to light when Obama shared the story with employees at the Consumer Financial Protection Bureau in Washington. Thankfully, the former First Lady had her credit card ready as she covered the bill. Barack recounted this experience when he signed an executive order designed to enhance protections against identity theft, as reported by the Washington Post.

The former POTUS said, "I went to a restaurant up in New York when I was -- during the U.N. General Assembly, and my credit card was rejected. It turned out I guess I don’t use it enough. They were -- they thought there was some fraud going on. Fortunately, Michelle had hers." He added, "I was trying to explain to the waitress, you know, I really think that I’ve been paying my bills. Even I’m affected by this." Barack and Michelle enjoyed their meal at Estela in downtown Manhattan during his visit to New York for the UN General Assembly, according to CNN.

Later, while signing the executive order, Barack said the changes would provide better protection for consumers against financial fraud. He said, "Last year, millions of Americans became victims of identity theft. More than 100 million Americans had information that was compromised in data breaches in some of our largest companies, and identity theft is now America's fastest growing crime," as reported by CBS News. At that time, Barack also revealed plans for the government to upgrade payment terminals at places like passport offices and national parks, so they could start accepting microchip-enabled cards.

This move was part of a series of executive measures by the then-president to implement economic reforms. He said, "We know this technology works. When Britain switched to a chip and pin system, they cut fraud in stores by 70 percent." Talking about identity theft, Barack added, "The idea that somebody halfway around the world could run up thousands of dollars of charges in your name just because they stole your number or because you swiped your card at the wrong place in the wrong time, that's infuriating. For victims, it's heartbreaking, and as a country, we've got to do more to stop it."

Meanwhile, Barack wasn't alone in experiencing financial setbacks among prominent officials. In 2014, former Federal Reserve Chairman Ben Bernanke disclosed at a Chicago conference that the tight market conditions prevented him from refinancing his home. He made this revelation while delivering the keynote address at a luncheon event. Bernanke said, "I recently tried to refinance my mortgage and I was unsuccessful in doing so." He added, "I’m not making that up.” Bernanke used his experience to highlight the restrictive lending environment, which he argued was a barrier to the housing market's recovery, according to the Washington Post.