Why Car Rental Companies Insist On Credit Cards For Obtaining Reservations
If you have ever rented a car, regardless of how you planned to pay for the actual rental, the car rental company probably asked you for a major credit card. It is standard practice for most car rental companies to require their customers to provide a major credit card at the time of rental.
Beyond simply asking for your major credit card information, most car rental companies will obtain a credit card authorization and advance charge approval to cover expenses related to any potential damages to the car while it is in your possession. In essence, your major credit card is held as a security deposit against loss or damage.
If you turn back the car in perfect condition, nothing will be charged to your credit card except for the rental fee. However, if the car is damaged while it is in your possession, your credit card will immediately be charged with an appropriate fee based on the terms of your rental agreement.
The rental company will not actually charge a fee to your card at the time you rent the car. However, by obtaining an advance charge approval, the rental car...
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