Budget Car Rental Deposit: What You Need to Know Before You Rent
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You’ve booked a car rental, and it’s time to pay the deposit.
This guide covers off on the Budget car rental deposit requirements for pick-up in the United States or Canada.
We set out all you need to know, with information sourced directly from Budget.
What you need to know: Budget Car Rental Deposit
To rent a car from Budget, you need to present a valid credit or debit card with available credit or funds.
Budget accepts major credit cards, including American Express, Discover, Mastercard, Visa, JBC/Japan Card, Optima, Budget International, and Budget Charge Card.
Some branch locations will accept a debit card, but they may run a credit check or require a third form of ID.
Budget will place a hold on your credit or debit card at the time of rental to cover estimated charges plus up to $300.
Prepaid credit or debit cards are not acceptable for deposits but can be used for final payments.
The minimum hold amount is $100 for insurance or auto repair replacement rentals, Budget.com pre-paid rentals, and tour rentals.
In Canada, the minimum hold is $500 CAD for the first day and $75 CAD for each additional day.
The funds required for these deposits will not be available for use until the end of the rental after charges are applied.
So, make sure you have sufficient funds available!
Special requirements for debit cards
Renters under 25 must present a credit card; they cannot use a debit card. Some locations do not accept debit cards for a deposit at the time of rental, but they will accept them for payment when the car is returned.
Locations that do accept debit cards for a deposit may perform a credit check to determine credit worthiness before releasing the car to you.
If you’ve got a credit card, best just to use it, especially if you do your research and find that it comes with rental insurance!
Extending your Rental
If you choose to extend your rental, you must contact a Budget reservation agent at 800-527-7000 before your scheduled return date.
A $10 service fee will be assessed for the extended rental, and up to three additional holds will be placed on your card to cover expected rental charges.
All holds are released upon the return of the car, and the actual cost of the rental will be charged.
Note that your original rental rate may no longer be available if you extend your rental, and your bank may take up to two weeks to post the released credit hold to your card.
Getting your deposit back
When you return your rental car in good condition and on the agreed upon return date, Budget will release the deposit hold on your credit or debit card.
The length of time it takes for the deposit to be returned to your account can vary, but typically it takes between five and 10 days for the funds to be released, depending on the policies of your bank or credit card company.
Our experience is that it will often takes at least a week.
Just make sure you have enough on the card to pay for the remaining rental costs!
Our final top tips
Use a credit card instead of a debit card: Using a credit card will have fewer requirements and restrictions compared to using a debit card. Additionally, credit card companies may offer rental car insurance coverage, which could save you money in the event of an accident.
Check if your credit card offers car rental insurance: Some credit card companies offer rental car insurance coverage, which can save you money in the event of an accident. Make sure to check with your card issuer, and read any T&Cs.
Summing Up
When renting a car from Budget, you need to present a valid credit or debit card with available credit or funds.
Budget will place a hold on your card to cover estimated charges plus up to $300.
The minimum hold amount is $500 CAD in Canada.
Debit card holders may have additional requirements, such as a credit check, and prepaid credit or debit cards are not acceptable for deposits.
Consider using a credit card for fewer restrictions, and check for rental car insurance coverage.
