How Much Will Enterprise Hold on a Credit Card?

Enterprise Rent-A-Car, like most rental agencies, places a hold on your credit or debit card when you rent a vehicle. This hold isn’t an actual charge, but rather a temporary reduction in your available credit. The exact amount of the hold varies, but you can generally expect it to be the estimated cost of the rental plus an additional security deposit. The security deposit helps cover potential extra charges like fuel, late returns, damages, or any other unforeseen fees.

Understanding the Enterprise Credit Card Hold

Navigating the financial aspects of renting a car can feel like deciphering a cryptic code. The “hold” on your credit card is a key piece of this code, and understanding it empowers you to plan your finances effectively. Let’s delve into the details.

Factors Influencing the Hold Amount

Several factors influence the amount Enterprise will hold on your credit card. These factors contribute to the overall estimated cost and the size of the security deposit:

• Rental Duration: A longer rental period naturally translates to a higher estimated rental cost, and thus, a larger hold.
• Vehicle Type: Premium vehicles, SUVs, and vans typically command higher rental rates compared to economy cars, directly impacting the hold amount.
• Location: Rental rates and applicable taxes can vary significantly between locations, influencing the total estimated cost. Airport locations, for instance, often carry higher fees.
• Add-ons and Extras: Optional extras like Loss Damage Waiver (LDW), Supplemental Liability Protection (SLP), GPS navigation, child safety seats, and roadside assistance will all increase the estimated cost and the corresponding hold amount.
• Payment Method: While credit cards are generally preferred, debit card policies can differ significantly and often involve stricter requirements and potentially larger hold amounts.
• Age of Renter: Renters under a certain age (typically 25) might face additional surcharges, which would be factored into the hold amount.
• Time of Year: Like hotels, rental agencies often raise rates during peak seasons and holidays, increasing the overall estimated cost and hold.

Calculating the Estimated Hold

While Enterprise doesn’t publicly disclose a precise formula for calculating the hold, you can estimate it by considering these factors. As a general rule of thumb, anticipate a hold equivalent to the estimated rental cost plus an additional amount ranging from $200 to $500 for a security deposit. This range can vary based on the factors mentioned above.

• Example: If your estimated rental cost is $300 for a three-day rental of an economy car, Enterprise might place a hold of $500 to $800 on your card ($300 rental + $200-$500 deposit).

Important Note: It’s always best to contact the specific Enterprise location where you plan to rent to confirm their exact hold policy and estimated amount. You can also use their online reservation system to get an estimated quote and then inquire about the anticipated hold.

The Impact on Your Available Credit

The credit card hold reduces your available credit limit by the specified amount. This means you won’t be able to use that portion of your credit limit for other purchases until the hold is released. If you’re close to your credit limit, it’s crucial to be aware of the hold to avoid potential declined transactions or over-limit fees.

• Example: If you have a credit card with a $1,000 limit and Enterprise places a $600 hold, you’ll only have $400 available for other spending.

Enterprise Credit Card Hold FAQs

Here are answers to some frequently asked questions concerning Enterprise’s credit card hold policies:

1. Can I use a debit card instead of a credit card? Yes, but with caveats. Enterprise generally accepts debit cards, but they often have stricter requirements than credit cards. These may include a credit check, proof of residence, and a larger security deposit. Policies vary by location, so confirm with your rental branch.

2. How long does it take for the hold to be released? The hold is typically released within 3 to 10 business days after you return the vehicle. However, the exact timeframe can vary depending on your bank or credit card issuer.

3. What happens if I return the car late? Returning the car late will result in additional charges. These charges will be deducted from the security deposit, and you may be charged for the extra time beyond the agreed return time.

4. What if there’s damage to the vehicle? If the vehicle is damaged during your rental period, Enterprise will assess the damage and charge you for the repairs. This cost will be deducted from the security deposit, and you may be required to pay the remaining balance if the repair costs exceed the deposit.

5. Does adding Loss Damage Waiver (LDW) affect the hold amount? Yes, adding LDW increases the overall cost of the rental, which in turn increases the initial hold amount. However, it can protect you from being responsible for the full cost of damage in case of an accident.

6. Can I pay for the rental with cash when I return the car? While you might be able to pay the final bill with cash, it is unlikely that you will be able to pay with cash in the beginning to avoid a credit card hold. Policies vary by location, but Enterprise typically requires a credit or debit card to secure the rental at the start. Check with your local rental branch.

7. What if the actual rental cost is lower than the estimated hold? If the final rental cost is lower than the initial estimated hold, the difference will be refunded back to your credit card when the hold is released.

8. Can I use a prepaid card? Prepaid cards are generally not accepted by Enterprise for securing a rental due to the potential difficulties in processing refunds or additional charges. Credit and debit cards are the preferred methods.

9. What happens if I decline optional extras like roadside assistance? Declining optional extras will lower the overall estimated cost of the rental and, consequently, reduce the initial hold amount on your credit card.

10. Can I use someone else’s credit card? No. The credit card used to secure the rental must be in the name of the primary driver. Enterprise requires verification of identity and card ownership.

11. Is the hold different for commercial rentals? Yes, commercial rentals often involve different rates and insurance requirements, which can lead to larger hold amounts compared to personal rentals.

12. How can I minimize the credit card hold amount? To minimize the hold, opt for a shorter rental duration, choose a smaller and less expensive vehicle, decline optional extras, and prepay for fuel. Also, verify the location’s debit card policies if you’re considering that payment option.

Understanding Enterprise’s credit card hold policy is essential for a smooth and stress-free rental experience. By knowing what to expect and planning accordingly, you can manage your finances effectively and enjoy your trip without unexpected financial surprises.