Enterprise Rent A Car, better known as Enterprise, is an American car rental agency that belongs to the main brand Enterprise Holdings, also owner of the agencies Alamo Rent A Car and National Car Rental. When a person decides to rent a car, the company withholds an amount of money from their credit card as a guarantee.
Enterprise’s hold equals the rental fee plus a deposit that serves as insurance. This hold aims to cover expenses for accidents, late return of the vehicle, or gasoline surcharges. If the company considers that it does not need to use this money, it returns it. We will discuss this in more detail below.
How much is Enterprise withholding on car rentals?
As mentioned above, the withholding consists of the same amount as the rental payment plus an additional amount for insurance. You already know the rental amount, but the insurance varies by car model, payment method, and pick-up location.
The newer and more expensive the vehicle, for obvious reasons, you will have to pay more. However, the location is also an important factor in determining the final price to be paid and the amount retained on your credit card. We will explain how Enterprise works in both scenarios in the following lines.
Renting at an airport
If you decide to rent at an airport, Enterprise will withhold 120% as a rental payment. This is recorded in the contract signed by both parties, which stipulates the price for the car rental plus 20% for unforeseen situations.
When a person picks up a car from the airport and does not have a return airline ticket, Enterprise will retain an additional $200 over the amount mentioned above. In other words, they will charge your card 120% for the rental plus $200 for not having a return ticket. The customer will get back 20% plus the additional $200 withheld.
Renting in the city
When renting in the city, it is usually more expensive. The price of a cheap car in Boston has a standard payment of $300 and an insurance deposit of $250. In this case, the retention would be a total of $550.
We recommend that you seek advice before accepting the agreement and find the details of this information at the bottom of the contract page. The conditions for returning the deposit and the total amount withheld are stipulated in the fine print.
How long does it take Enterprise to return the deposit?
When the customer returns the car, Enterprise will refund the full amount withheld as long as there are no surcharges for gas, late return, and any other reason. The refund depends on how you paid it.
By credit card
When you pay for the rental with a credit card, the credit card hold disappears instantly after turning in the car. Enterprise employees will verify that the vehicle arrives in the right condition. After certifying each of the details, the company will collect the rental amount and return the percentage that represents the insurance.
They will issue an invoice with the rental amount.
By debit card
The day you pick up the car, the company will withhold from your bank account associated with the debit card the amount of the rental plus the insurance voucher. In the rental contract, you must sign before taking the car; you authorize Enterprise to withdraw the security deposit from your account in case of expenses for repairs or delay in the delivery of the vehicle.
The rental fee is deducted from your account when you return the car undamaged and on time, and the security deposit is left. Depending on the type of bank, it may take five to ten days for the warranty to be returned to your account.
Paying for a car rental with cash is much more complicated. Only a few agencies will accept it and require documentation to support payment, including two utility bills, personal references, a driver’s license from the same state, and insurance payment.
Enterprise will return the money in a check if you pay cash, which you can pick up at the rental office or request by mail.
Monitor car rental transactions. Are these recommendations
Follow these tips to avoid inconveniences with payment holds:
- Before making the reservation, research the cost of the car you want and the hold percentage at the pickup location
- Check the available balance on your card by calling the number on the back of your card. If it is close to the limit, make a payment to increase the available credit and have the balance to cover the cost. Consider another means of income if you are very close to the limit
- After returning the vehicle, check the amount reflected on the invoice issued by the company and monitor your account to make sure you received the money withheld