Car rental companies typically require customers to have a credit card when renting a vehicle. This is because the credit card serves as collateral, ensuring the customer will return the car on time and in good condition. However, not everyone has a traditional credit card, and that’s where Chime Credit Builder comes in. Chime Credit Builder is a unique program designed to help people build or improve their credit scores while providing them with the convenience of a credit card.
What is Chime Credit Builder?
Chime Credit Builder is a program offered by the digital bank Chime. It’s designed to help people build or improve their credit score by providing them with a credit card that reports to the major credit bureaus. With Chime Credit Builder, customers can make purchases up to their credit limit and pay off the balance each month to establish a positive credit history. The program is available to anyone with a Chime Spending Account, and no fees or interest charges are associated with it.
Does Enterprise Accept Chime Credit Builder?
The short answer is yes, Enterprise does accept Chime Credit Builder. However, there are some things you need to know before you rent a car using your Chime Credit Builder card.
First, it’s important to note that Enterprise does not accept debit cards for rental deposits, even if they have a credit card logo. If you plan on using your Chime Credit Builder card to rent a car, you’ll need a traditional credit card to cover the deposit. The deposit amount will vary depending on the location, the type of car you’re renting, and the length of your rental period.
Second, while Enterprise accepts Chime Credit Builder for payment, they may place a hold on your card for the estimated cost of the rental plus a security deposit. This hold can be for several hundred dollars, and it may take a few days for the hold to be released after you return the car. It’s essential to remember this when using your Chime Credit Builder card to rent a car, as it could impact your available credit and your ability to make other purchases.
How to Use Chime Credit Builder at Enterprise Rent-A-Car
To use your Chime Credit Builder card at Enterprise Rent-A-Car, follow these simple steps:
- Make sure you have a traditional credit card to cover the rental deposit.
- Reserve your rental car online or over the phone, and indicate that you plan on using your Chime Credit Builder card for payment.
- When you pick up your rental car, present your Chime Credit Builder card to the Enterprise representative. They will place a hold on your card for the estimated cost of the rental plus a security deposit.
- Enjoy your rental car and return it on time and in good condition.
- When you return the car, the hold will be released, and you will be charged the actual cost of the rental. The charge will be posted to your Chime Credit Builder account and reported to the major credit bureaus.
Benefits of Using Chime Credit Builder at Enterprise Rent-A-Car
Using Chime Credit Builder at Enterprise Rent-A-Car has several benefits, including:
- Establishing or improving your credit score: Every time you use your Chime Credit Builder card to rent a car, you build a positive credit history that will be reported to the major credit bureaus. Over time, this can help you establish or improve your credit score.
- No fees or interest charges: Chime Credit Builder doesn’t charge any fees or interest, so you can use your card to rent a car without worrying about additional costs.
- Convenience: With Chime Credit Builder, you can rent a car without having a traditional credit card, which can be a significant convenience for people who don’t have a credit history or who don’t want to use a traditional credit card for personal reasons.
Potential Drawbacks of Using Chime Credit Builder at Enterprise Rent-A-Car
While using Chime Credit Builder at Enterprise Rent-A-Car has its benefits, there are also some potential drawbacks to consider, including:
- Rental deposit: You will need a traditional credit card to cover the rental deposit, which can be an inconvenience for people who don’t have a credit card.
- Credit limit: Your Chime Credit Builder card will have a credit limit, which may not be enough to cover the full cost of a rental car.
- Holds: Enterprise may place a hold on your card for the estimated cost of the rental plus a security deposit, which can impact your available credit and your ability to make other purchases.
Alternatives to Chime Credit Builder at Enterprise Rent-A-Car
If you don’t have a traditional credit card or don’t want to use your Chime Credit Builder card to rent a car, there are some alternatives to consider, including:
- Debit card: While Enterprise doesn’t accept debit cards for rental deposits, other rental car companies do. Check with your rental car company to see if they accept debit cards.
- Prepaid credit card: You can purchase a prepaid credit card with a set limit for rental car deposits and payments.
- Alternative rental car companies: Several rental car companies specialize in serving customers who don’t have credit card, such as E-Z Rent-A-Car and Advantage Rent-A-Car.
Tips for Using Credit Builder Programs at Rental Car Companies
If you plan on using a credit builder program to rent a car, there are some tips you should keep in mind to ensure a smooth experience, including:
- Call ahead: Call the rental car company to confirm their rental policies and ensure they accept your credit builder card.
- Have a backup plan: Always have a backup plan if the rental car company doesn’t accept your credit builder card or there are any issues with the hold or payment process.
- Read the fine print: Ensure you understand the rental terms and conditions, including any fees or penalties for late returns, damage, or other issues.
- Be responsible: Treat the rental car as your own, and return it on time and in good condition. Any damage or issues can result in additional fees or penalties.
- Monitor your credit report: Keep an eye on your credit report to ensure that the rental payment is reported accurately and to track your credit-building progress.
Chime Credit Builder can be used at Enterprise Rent-A-Car with a few caveats. While there are some potential drawbacks to using this card for car rentals, such as the need for a traditional credit card for the deposit and the possibility of holds on your card, there are also several benefits, including the ability to establish or improve your credit score and the convenience of not needing a traditional credit card. Researching and understanding your rental agreement’s terms and conditions is essential to ensure a smooth and positive experience. Overall, Chime Credit Builder can be a useful tool for those looking to build their credit while enjoying the convenience of renting a car.