Turo is a car-sharing platform that allows users to rent out their personal vehicles to other individuals. It is an excellent way for car owners to earn extra money and for renters to access a wide variety of vehicles at affordable prices. However, one question many people have when using Turo is whether or not the platform will put a hold on their credit or debit card. In this blog post, we will take a closer look at how Turo handles card holds and what you can expect when using the platform.
What is a Card Hold?
Before we dive into how Turo handles card holds, it is important to understand what a card hold is. A card hold is when a merchant (in this case, Turo) places a temporary hold on a certain amount of funds on a credit or debit card. This hold is usually placed to ensure that the cardholder has enough funds to cover the transaction’s cost.
The amount of the hold varies depending on the merchant and the type of transaction. For example, a hotel may place a hold on your card for the entire cost of your stay, while a gas station may only place a hold for the amount of gas you purchase. The hold is usually released within a few days, but it can take longer depending on the merchant’s policies.
How Does Turo Handle Card Holds?
Turo uses card holds to ensure that renters have enough funds available to cover the cost of the rental, as well as any potential damages or extra charges. When you book a rental on Turo, the platform will place a hold on your card for the total cost of the rental, plus a security deposit.
The security deposit is an amount of money that Turo holds as a precautionary measure in case of damages or extra charges. The security deposit amount varies depending on the vehicle and the rental period. For example, a luxury vehicle may have a higher security deposit than a standard car, and a longer rental period may result in a higher deposit.
Once the rental period is over and the car is returned without any damages or extra charges, Turo will release the hold on your card, and the security deposit will be returned to you. If there are any damages or extra charges, Turo will deduct the cost from the security deposit and return the remaining amount to you.
It is important to note that Turo’s card hold policies may vary depending on the country you are in. Turo may not place a hold on your card in some countries, while in others, the hold may be for a different amount. Check Turo’s policies for your specific country before booking a rental.
How Long Does it Take for Turo to Release a Hold?
Turo typically releases card holds within a few days of the rental period ending. However, the exact time it takes for the hold to be released can vary depending on the bank or credit card issuer. Some banks may release the hold within a few hours, while others may take several days.
How to Avoid Card Holds on Turo
You can do a few things to avoid card holds when using Turo. One of the most effective ways is to book your rental using a credit card with a high credit limit. This will ensure that you have enough funds to cover the rental cost, plus the security deposit.
Another way to avoid card holds is to use a debit card linked to your checking account. Debit cards usually have lower credit limits than credit cards, but they also have access to funds in your checking account. This means that you will have enough funds to cover the rental cost plus the security deposit.
It is also important to know Turo’s policies for your country. Turo may not place a hold on your card in some countries, while in others, the hold may be for a different amount. By checking Turo’s policies for your specific country before booking a rental, you can ensure that you have enough funds available to cover the total cost of the rental plus the security deposit.
In conclusion, Turo does put a hold on your card when you book a rental. The hold is usually for the total cost of the rental, plus a security deposit. The security deposit is an amount of money that Turo holds as a precautionary measure in case of damages or extra charges. Once the rental period is over and the car is returned without any damages or additional charges, Turo will release the hold on your card, and the security deposit will be returned to you. If you want to avoid card holds on Turo, you can use a credit card with a high credit limit or a debit card linked to your checking account. Additionally, it is important to know Turo’s policies for your specific country before booking a rental.