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Do I Have To Leave a Security Bond For My Rental Car?
Car rental companies will require you to leave a bond, which is an amount of money frozen on your credit card. Providing there are no additional charges at the end of your rental, the bond will be refunded to the same card. The security deposit amount varies per location, and by the type of vehicle you are hiring. Some vehicles may require a bond of $100, while others may be $1100. You will need to check your rental agreement for these details.
How long will it take for my bond to be returned?
After you've returned the vehicle, it can take anywhere from 2-10 days for the money to be available in your account. The amount of time it takes depends on your bank.
David pays the bond for his rental car in Sydney
David rents a car from Sydney Airport. When he arrives to pick it up, the car rental company representative informs him that they will need to freeze an amount on his credit card as a security deposit. David is hiring a compact car, so the deposit amount is just $200. The car rental company representative informs him that this amount will be refunded to his card when he returns the vehicle, provided there is no extra damage to the car.