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Research: Credit Cards and Cars -

Different forms of payment reflect one's tendency to expedience. If you use cash, you are most likely to rely upon your own resources and be independent from all those numerous money lenders out there. If there's a debit card in your purse, it may show you love for stability and rationality.

The number of credit card benefits is ever growing and today they are covering car rental programs.

Now, if you are a user of such credit card brands as Visa, Discover or MasterCard, be sure - you are welcome at most major car rental companies that, apart from the convenience of payment transaction, offer you some benefits.

Using a credit card to pay for the car rent is a great advantage primarily from the financial point of view. The thing is, if you cannot provide a credit card most car rental companies are sure to require a significant cash deposit to guarantee payment.

That' what happens if you choose a debit card as a form of payment. There are a number of car rental companies that do accept debit cards but they have set up the so-called authorization hold, or deposit, on the card for the rental period. This can notably use up your available funds during the vacation.

It's quite a different thing if you go to a rental location armed with a gold or platinum Visa or MasterCard. Accepting the credit card, the company may work it twice. First turn, it will cover the rental amount and second it will put up an additional charge in case of damages.

For as long as you rent the car, the charge slip is staying blank (a blank ticket), and if you are accurate enough to return the vehicle in a perfect condition the slip is destroyed or returned to you. So, no additional amount is actually withdrawn from your credit card account unless you damage or break the car.

In case with a debit card, the company will withdraw the amount straight off instead of running a blank ticket. Of course, they will return the amount at the end of the rent period but it can take two weeks to refund your account.

So it appears that renting the car with a credit card allows you to have a larger disposable fund while traveling. And that is far not all as to the financial benefits of car renting that most good credit card applications offer you.

If your favorable credit rating allows you to use gold or platinum credit cards of the largest credit card companies, you can count on the rental car insurance free of charge. No, you didn't mishear. The credit card company, provided it's one of the points of the agreement, will compensate for part of your own insurance amount.

Thus, if you mischance to get into a car accident, your own car insurance will cover all the repair costs, but the bank or credit company will make up the difference. But you should know it beforehand that such a protection from your creditor may affect your car insurance rates.

This said, do you agree that credit card is a more convenient payment tool to rent a car? Are you already calculating the difference in expenses when paying with a debit or credit card? Well, you are very wise to do it.

As soon as you've decided in favor of a credit card, check up your credit limit as most car rental companies an immediate withdrawal of the rental amount from your bank account and it will surely reduce the available funds.