Make sure to check with the car company’s policies online to get clear details about the “younger driver” policy and your particular situation. Also note that if you want to rent a car while abroad, international companies have different requirements for each location.

Finally, if you are in the military you might be able to rent a car as young as 18 because the car company may exempt you from the minimum age requirement, but the vehicle may also have to be for on-duty purposes only.

Credit History

Most rental companies need a guarantee for the rental of their cars. Therefore, they will require your credit card information as a deposit.

Driving Record

Having a bad driving record will (understandably) influence your eligibility to rent a car. The better your driving history, the better chance of renting a vehicle. The best thing to do is check the company’s policy regarding driving records prior to pickup.

Within two days of discovering card missing

Your liability is limited to no more than $50 if you notify your bank within two days of the time you discover your card is missing.

More than two days after discovering card missing but less than 60 days after unauthorized transactions appear on bank statement

Your liability is limited to no more than $500 if you notify your bank more than two days after discovering your card is missing but less than 60 days after the unauthorized transaction appears on your bank statement.

More than 60 days after unauthorized transactions appear on bank statement

If you wait more than 60 days after receiving a periodic statement showing unauthorized transactions, your liability is unlimited. This means you could lose everything in your account and possibly more if your account is attached to an overdraft line of credit.

Unauthorized use of account number without actual card

If a thief finds out your debit card number without actually taking the card, this information can be used to shop by phone, mail, or on the Internet. You would probably not know your card is being used fraudulently until the transactions appear on your bank statement. Your liability for this type of unauthorized transaction is limited to $50, as long as you report the fraud within 60 days of the time the information first appears on your bank statement. Failure to report fraudulent use within this time frame can increase your liability significantly.

Stop using your card

As with a credit card, most banks will deactivate your ATM or debit card as soon as you report it missing in order to prevent further loss. They will generally issue you a new card right away and if you need it overnight, just ask. They usually will accommodate you.

You’ll need to provide your account number when you call, so make sure you have recorded this information too.  You can take a pic of the front and back of the card with the app to make it super easy! Just click on DivaDough and you are good to go! But you need to do this before it’s stolen!

Follow up with a letter:

Many card issuers will require you to follow up your phone call with a letter. This letter should include your name and account number, the date you realized your card was missing or discovered the unauthorized charges on your statement, and the date you first reported the loss. Write down the name of the customer service representative who takes your phone report and include that in your letter as well.

Don’t use your account:

Most card issuers will freeze your credit card account as soon as you report your card or account number lost or stolen, in order to prevent further loss. This means that you (and anyone else who is named as an authorized user) won’t be able to use the account. The card issuer will usually issue a new card and account number immediately.

• Will different interest rates for purchases, balance transfers, and/or cash advances apply?
• What method determines the outstanding balance used to calculate the finance charge?
• What is the grace period (if any)?
• What fees may be charged?
• If your card accesses an automated teller machine (ATM) network, are the machines conveniently located?
• What special services or other enhancements (e.g., purchase protection, credit insurance) are available, and will you incur any additional cost for them?

But be careful not to apply for too many…

Credit card issuers tend to be cautious when they notice certain patterns appearing in your credit report. For example, if you apply for several cards at once, issuers may want to know why you have a sudden need for multiple lines of credit and may deny your credit application.

Just as with a plan that falls short of delivering on your goals, a plan that is overly aggressive relative to your resources is likely to lead to budget frustration. Keeping goals aligned with objectives is a critical part of the process and essential to budgeting successfully. In other words, the BMW convertible should be taken off the wish list…at least for now!