How do pre-authorisations on credit cards work? CarShare ideas also

ycon on 29/04/2013 - 21:02

Hi,

So I'm looking to organised a GoGet membership (as signing up is free with the coupon code "FAMILY") for the odd occasions where I need a van.

If I charge pre-authorisation ($500) to a credit card, will I need to pay that back my my due date? I've got the entire credit limit available. I'd link it to my 28 Degrees card

Also- without going to a lot of detail, is any car share company particularly cheap?

Cheers

Financial

Comments

  • retiredfeline on 29/04/2013 - 21:06

    A pre-auth is not a real charge, it's just a hold on your funds, so there is nothing to pay. Think of it as having the effect of lowering your credit limit.

  • ycon on 29/04/2013 - 21:12

    How about if it pushes beyond my credit limit? Will it just not go through in the first place? Cheers for the response

    • retiredfeline on 29/04/2013 - 21:15

      Then the pre-auth will fail and you'll have to satisfy the merchant some other way.

      • porkupine888 on 30/04/2013 - 09:09
        +2

        lol @ satisfying the merchant some other way….

  • ycon on 29/04/2013 - 21:44

    Any tips on which car share company is better? I just need to borrow a van a few times a year, and I don't have any friends with vans to borrow from!

    • retiredfeline on 29/04/2013 - 21:53

      Sorry, somebody else will have to answer as I have no car share company experience.

    • porkupine888 on 30/04/2013 - 09:10

      would suggest gumtree and also maybe strike a deal with thrifty/budget to see whether they can meet your usage requirements

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