In the context of ITILITE Cards, a “hold amount” refers to a temporary reservation of funds on your ITILITE Card. This practice is commonly employed in certain situations, such as hotel bookings or car rentals, where the final transaction amount is not immediately known.
Here’s what you need to know:
- Authorization Hold:
- An authorization hold is a temporary deduction from the available balance on your ITILITE Card. This ensures that the necessary funds are reserved for potential future transactions.
- Scenarios for Hold Amounts:
- Hold amounts are often encountered in scenarios where the final transaction amount is uncertain at the time of authorization. This is a common practice in industries like travel, hospitality, or car rentals.
- Duration of Hold:
- The duration of the hold can vary. Typically, it is released once the final transaction amount is determined, and the actual payment is processed. The duration of a hold amount can extend up to 7 business days. This practice is aligned with industry standards and the policies of both the issuing bank and Mastercard.
- Pending Transactions:
- During the holding period, you may see pending transactions, including those with hold amounts, in your ITILITE Card statement. It’s important to note that the initially held amount may differ from the final transaction amount.