The short answer is that a customer’s credit card is temporarily authorized to be used for the estimated total rental charges plus a security deposit by Enterprise Holdings, the parent company of Enterprise Rent-A-Car. The precise sum varies based on the rental vehicle type, location, and length of time.
How Much Does Enterprise Hold as a Security Deposit?
The type of vehicle and the location of the pickup will be two of the factors determining the total security deposit. A luxury car will come with a higher deposit requirement from the company, and it may also affect where you pick up the car.
When renting a car at an airport, Enterprise usually permits a hold for one hundred and twenty percent of the rental That amounts to the rental price plus a twenty percent incidental security deposit.
Our test price for an economy car at Minneapolis-Saint Paul International Airport was $216, plus a $44 (20%) deposit. In this instance, Enterprise would charge the renter’s card $260.
NOTE: Enterprise will withhold an extra $200 if you pick up a rental car at an airport without being able to show proof of a return ticket. Your credit card would be charged $200 plus the rental charge (average of 0% and 20%). When you return the vehicle, you will receive the money that you originally paid plus an additional $200.
Renting in a city can also mean a bigger hold. Our estimate for renting an economy car in Boston’s downtown area was around $300, plus a $250 security deposit. In this case, the total hold would be $550.
When Does Enterprise Return Your Deposit?
After you return the vehicle, Enterprise will refund your security deposit in full. This is provided that there are no additional charges for fuel replacement, late return or other incidentals. When you get your security deposit back depends on how you paid.
If you rent with a credit card
Enterprise places a hold on your account for the total amount of the security deposit and the rental. Enterprise releases the hold and collects the full rental fee when you return the car. The security deposit portion of the hold effectively vanishes right away.
Let’s say you rent a car at an airport. A $300 rental would require a $60 security deposit. When the vehicle is delivered, Enterprise will place a $360 hold on your credit card. The hold is released when you return the vehicle, and your credit card will be billed $300 if there are no additional fees.
If you rent with a debit card
Enterprise will place a hold for the full rental price plus the security deposit on your debit card-linked bank account on the day of pickup. According to the rental agreement, the landlord has the authority to deduct the security deposit from your bank account in order to pay for damage repair or late fees.
Your debit card is charged for the rental when you return the car in good condition and on schedule, and the security deposit hold is released. Funds may not return to your bank account for five to ten days, depending on your bank.
If you rent with cash
It’s more difficult to rent a car with cash only. Certain Enterprise locations will take money orders or cash as payment, but only after receiving a ton of paperwork. This consists of an insurance proof, two utility bills, a pay stub, personal references, and a driver’s license from the same state. When you pick up the vehicle, you have to pay the full rental price plus a minimum deposit that varies by location and ranges from $100 to $300.
If you pay with cash, Enterprise will refund your security deposit with a check that you can pick up in person at the rental property or receive by mail.
Call 844-377-0169 if you haven’t received your security deposit back from Enterprise in the anticipated amount of time.
3 Tips for Monitoring Your Rental Car Transaction
When renting a car, keep the following in mind to prevent cash flow problems:
- Find out the hold amount beforehand, which is the rental car plus the security deposit, before securing the reservation.
- Verify your credit card’s available credit before picking up the rental car. Use the phone number on the back of your card. If you are about to exceed your credit limit, pay quickly to increase your credit limit so you can pay the entire amount. Give yourself a cushion to be safe. If your credit limit is almost reached and you are unable to make a payment, think about getting a different credit card.
- After you return the car, check your receipt. Make sure you monitor your account to ensure that you receive your deposit back in full and on schedule.
Related:
FAQ
Does Enterprise take a deposit with credit card?
When you pick up your car, your credit card will be charged the full rental price plus the security deposit if you paid with one. We immediately release the authorization upon your vehicle return, and we only charge your card for the full rental amount.
How much does enterprise charge on hold?
In summary, although the precise amount that Enterprise retains on a credit card is unknown, it usually varies between $200 and $500 based on elements like location, vehicle type, and length of rental.
How much of a hold is put on a credit card for a rental car?
When you pick up your rental car in the US, many car rental companies put a hold on your credit card. This sum is usually equal to the higher of your estimated rental charges plus a fixed dollar amount or a percentage, usually between 15 and 25 percent of the estimated rental charges.
Why does Enterprise have a $300 deposit?
Renters without a ticketed return travel itinerary will need to provide a deposit at the time of rental, which can range from $300 to $850 depending on the rental location and vehicle class rented, to cover the possibility that they will owe more money than what is specified in the rental contract.
Read More :
https://www.enterprise.com/en/help/faqs/car-rental-deposit.html