Card rates worth close examination: ASIC

ASIC is open to working with Treasury to investigate the huge interest rates charged on credit cards.

The corporate watchdog believes interest rates banks impose on credit cards is worth "close examination".

"We think it is worth looking at ... we would be very much prepared to work with Treasury to look at this issue, it is obviously something of community concern," Australian Securities and Investments Commission deputy chairman Peter Kell told a Senate committee in Canberra.

Independent senator Jacqui Lambie said the huge mark-up on credit card rates made "payday lenders look like charities".