The security deposit hold is an amount temporarily retained on the credit card of the reservation holder throughout the rental period. It is important to highlight that this is a hold, not a charge; the retained amount serves as a guarantee that the vehicle will be returned without damage and according to the conditions established in the rental agreement. If there are no issues, the amount is released back to the renter after the rental period ends.
How is the security deposit block made?
The security deposit block is made exclusively via a physical credit card, which must be in the name of the renter. This card must be presented at the time of vehicle pickup. It is important to note that debit cards or other forms of payment are not accepted to block the amount.
For international rentals, the block is performed in the local currency of the country where the car will be picked up. It is important to know that the security deposit block amount does not have IOF (Tax on Financial Operations) incidence at the time of booking, as it is only a pre-authorization and not a charge. Only if there is an effective charge of this amount for damages or other fees, will the IOF be applied to the charged amount.
What is the value of the security deposit block and how is it defined?
The value of the security deposit varies according to the rental company, the vehicle group, and the items contracted at the counter. It is important to note that this amount can be defined based on different factors, such as:
Vehicle category: luxury cars or SUVs usually require higher deposits.
Specific rental company: each company can adopt its own criteria.
Rental duration: extended periods can impact the amount.
Country or region policies: local rules can also influence.
Why does the country where I'm renting influence the security deposit amount?
Local rules can impact the value of the security deposit block because each country or region can adopt different policies. This can happen due to factors such as:
Mandatory insurance: in some countries, extra coverage is required by law. Example: in Mexico, legislation requires that every rented vehicle has Personal Liability Insurance (PLI). As this protection is mandatory, the amount blocked on the card is usually higher than in countries where this coverage is not required by law.
Risk level: regions with a higher rate of accidents or thefts may have higher deposits.
Regulatory requirements: local authorities can determine minimum block amounts.
Local costs: exchange rate variations, taxes, or maintenance also influence.
Therefore, the same vehicle group can have different security deposit amounts depending on the country where you make the rental.
Where can I find the value of the security deposit block?
The approximate amount of the security deposit hold can be found on our website under “Important Information.” If the security deposit hold amount is not visible at the time of the quote, don’t worry! It will be informed at the time of signing the rental contract. However, it is important to be aware that this amount may change at the time of vehicle pick-up.
Below, you can find images that help identify the security deposit hold information.
How is the security deposit released?
After the vehicle is returned, and provided there are no pending issues or additional costs identified by the rental company, the release of the security deposit amount is requested by the company itself. However, the actual release of the funds on the card will depend entirely on the credit card network and the administrator of the card used. Normally, the period for the release of the blocked amount is up to 30 business days, and in some cases, it's possible for the period to extend to two billing cycles, depending on the policies of the card-issuing bank. During this period, the amount may appear on the statement as a "pending charge," but this does not mean it has been debited.
What to do if the security deposit is not released within the deadline?
If the security deposit amount is not released within the stipulated period of up to 30 business days, the customer should:
Confirm with the rental company if the release of the amount was properly requested.
Contact the credit card operator to check if there is any pending issue in the administrator's system or any irregularity in the process.
If the problem is not solved, it is advisable to open a request directly with the rental company, which should conduct an internal analysis and take the necessary measures for resolution. Depending on the bank's policy, this release may require specific follow-up.
What to do if the security deposit was charged and not just blocked?
If the amount was debited from the card, instead of just being blocked, the customer should follow these steps:
Contact the responsible rental company directly to request clarification and arrange for the refund.
Gather documents such as proof of payment, photos, and inspection reports.
If necessary, contact us for additional guidance.
Important information about the security deposit:
The credit card must be in the name of the reservation holder, be a physical card, enabled for international transactions (in case of rentals made outside the country of origin), and within the validity period. It must also be issued by a banking institution and meet the rental company’s requirements.
Before pickup, make sure your credit card has sufficient available limit to cover the deposit amount.
Credit card approval is the full responsibility of the rental company, so digital or prepaid cards are not accepted.
A security deposit hold will be required for each confirmed reservation, regardless of whether it is with the same rental company. For each new rental, even if made immediately after the previous one, an additional hold will be applied.
The security deposit is processed at the time of vehicle pickup.
The release of the amount is not immediate and may take up to 30 business days, depending on the type of rental (domestic or international) and the rental company’s policy.
Rest assured! If the card statement closes before the deposit is released, the amount will not be charged.
Once the rental period ends and the vehicle is returned without any issues, the rental company will start the process of releasing the blocked amount, which may be completed within the previously informed timeframe.
It is important to note that Rentcars does not directly block or unblock the security deposit, as this responsibility lies exclusively with the rental company and the card-issuing bank.