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PTSB Visa Debit Card == Credit Card?

  • 07-01-2016 05:33PM
    #1
    arleitiss
    Registered Users, Registered Users 2 Posts: 3,512 ✭✭✭


    Hey, I am going on holiday soon and I've rented a car.
    It took me a week of hassle to find rental company that accepts debit cards but I've seen many online say that if it's Visa Debit card it will act as Credit Card to freeze funds on card when collecting car (deposit)

    Is that true?


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,722 ✭✭✭✭coylemj


    I don't think so. I happen to have the Bank of Ireland Visa debit card leaflet beside me and it states in pretty clear language that it is not a replacement for my credit card.

    When money is taken from a Visa debit card, it comes straight out of the account as a withdrawal so you need an adequate balance or an overdraft limit to handle that amount. There is no concept of 'freezing' a part of your credit limit as happens with credit cards when you check in to a hotel or rent a car and which never appears on your statement.

    If you rent a car with a debit card, you will either need to take full insurance cover or expect to have a large amount of cash withdrawn from the card as a deposit in case of damage to the car.


  • #3
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,474 CMod ✭✭✭✭Nody


    arleitiss wrote: »
    Hey, I am going on holiday soon and I've rented a car.
    It took me a week of hassle to find rental company that accepts debit cards but I've seen many online say that if it's Visa Debit card it will act as Credit Card to freeze funds on card when collecting car (deposit)

    Is that true?
    Actually you can put a freeze on the money on the account as well; and it can be reversed but yes OP you'll need to have the full deposit "frozen" from your account for the duration (i.e. a 1k deposit then 1k EUR on the account is not going to be available to you until a few days after you return the car at least so you need to be able to cover the car rental + deposit from your main account and have enough money after that for everything else).


  • #4
    arleitiss
    Registered Users, Registered Users 2 Posts: 3,512 ✭✭✭arleitiss


    I was told deposit is 600 Euro.
    So as long as I take say 1600 Euro with me on debit card, I will still have 1000 Euro available, is that correct?


  • #5
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,474 CMod ✭✭✭✭Nody


    arleitiss wrote: »
    I was told deposit is 600 Euro.
    So as long as I take say 1600 Euro with me on debit card, I will still have 1000 Euro available, is that correct?
    Correct but I'd still take a safety margin; I've been told the deposit was suppose to be X only to find out it was twice that at the airport (and of course the guys at the airport refuses to accept anything else).


  • #6
    arleitiss
    Registered Users, Registered Users 2 Posts: 3,512 ✭✭✭arleitiss


    Nody wrote: »
    Correct but I'd still take a safety margin; I've been told the deposit was suppose to be X only to find out it was twice that at the airport (and of course the guys at the airport refuses to accept anything else).

    I guess I will take as much as I can with me then, seems to be the only solution in my case.


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  • #7
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,474 CMod ✭✭✭✭Nody


    arleitiss wrote: »
    I guess I will take as much as I can with me then, seems to be the only solution in my case.
    Well assuming you use internet banking you can simply have additional money on your account; once you've cleared the rental deposit and got to the hotel move the extra back to your savings account in case you lose your card somehow (which is good general practice anyway) :)


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