Comments on: More Debt Myths

By: Nic

Nic — Sun, 13 Apr 2008 05:31:22 +0000

Unfortunately I have a note on the debit cards. They do not all take them, and if they do, you sometimes have to provide a recent pay stub and a utility bill to provide proof of credit. Hertz runs credit checks so it won't be necessary. If you're renting from an airport location and you have a return flight out of the same airport, sometimes this is all waived. Sometimes it isn't. They'll also instantly charge your card $400-$500 bucks, and refund you the difference when you return the car. The big downside to that for me is that I have a $500 a day limit, and banks count Friday-Monday as a single day. Not really fun.

Also, if you hear one thing from a rental agency in your hometown, the rules are probably not the same in your destination city. They're split into territories and zones throughout the country and there are no corporate rules guiding this.

I live in the city so I rent cars 1-2 times a month because it's way cheaper, even if it is annoying.

By: Michelle

Michelle — Sat, 12 Apr 2008 22:38:40 +0000

Great list!! It is all really about the math, isn't it?

A word about debit cards and car rentals: Since the debit card is directly linked to your bank account, you need to make sure you've got plenty of funds to secure the rental. A friend of mine had a huge problem when they used a debit card for the rental, and the car company put a hold on funds to cover the cost of the rental and then some (as a deposit) and then they didn't release the hold when the car was turned in. If you want to use a debit card for a rental, I'd get all the terms spelled out, before you ever get to the rental desk.

Remember, debit cards are linked to your bank account, so if it's lost or stolen and starts getting used, it can be a HUGE headache–it's not the same as if someone steals your credit card.

By: The Mom of 'Em

The Mom of 'Em — Fri, 11 Apr 2008 20:45:00 +0000

He also has a podcast! We're taking the class now – so your posts are good reminders to what we JUST heard on Monday. Thanks!!! We're on step 2.

By: Camille

Camille — Fri, 11 Apr 2008 18:22:41 +0000

Just a note on the rental cars: all national chains do take them, but specific locations of the chain may not. We've gotten stung before with that one and ended up paying twice the price because we had to find a company at the airport that accepted debit cards. It's best to call and check with the location where you are renting from.

I have no idea the reasoning behind the policy, but it is what it is.

By: Fielding J. Hurst

Fielding J. Hurst — Fri, 11 Apr 2008 14:13:35 +0000

Great article. My brother is in the "must build credit mindset" and won't listen. He is convinced that he is getting the best of the credit card companies by putting everything he buys on there to get the cash back bonus.

FJH
http://www.daveramseyguru.com