Originally Posted by Hertz

Any changes to a reservation booked with Gold Plus Reward points may impact the rental chargesand point redemption. If a reservation which was booked with points is cancelled within 24 hours ofbooking, all points will be returned to the members account. If a reservation which was booked using points is cancelled more than 24 hours before the pickup time the following points will be-forfeited: If a Gold member, 50% of the points used toward the booking will be forfeited;

If a Five Star member, 25% of the points used toward the booking will be forfeited;
If a President’s Circle member, all points will be returned to the members account.
If the customer does not cancel the reservation prior to the time of pick-up and the rental vehicle is not picked up on the rental date, all the points used toward the rental amount will be forfeited, regardless of the members tier status.

The cash/point conversions and refunds are subject to modification, cancellation or limitation at the discretion of Hertz at any time without prior notice.