What is a credit card guarantee?

Credit card guarantee means that in the process of applying for a credit card, according to the requirements of the card issuer, a third party signs a guarantee contract with the card issuer to provide guarantee for the applicant as the cardholder using the credit card. The debt of the issuing bank is guaranteed. However, in recent years, another new form of credit card guarantee has become popular. This occurs in the consumption process of credit cards. A typical example is hotel reservations. The booker uses the credit amount on the card to guarantee his reservation.

Credit card guarantee is a reservation method, not payment. Only when the tourist fails to check in normally, the corresponding room fee will be deducted from the guaranteed credit card. Visitors still need to pay the room fee at the front desk to check in when they arrive at the hotel. The hotel accepts payment with another credit card or cash. If you pay with the same credit card, please make sure you have sufficient credit limit, because there is a handling fee for choosing to use frozen funds as actual payment, domestic credit card 1, foreign credit card 5.

Usually, reservations for five categories of hotels require credit card guarantees:

(1) Hotels in Hong Kong and Macau;

(2) Some central cities in the mainland Hotels in core business districts and tourist areas;

(3) Hotels in peak tourist seasons;

(4) Hotels around exhibition periods, such as the Canton Fair, China Fair, Food and Drinks Fair, etc.;

(5) If the hotel reservation arrival time exceeds the time specified by the hotel, such as the guest arriving late, it exceeds the latest reservation time (usually 18:00).