Eyes on big banks as ANZ cuts card rates

Bank customers will be watching to see if the big banks lower interest rates on credit cards after the ANZ reduced the rate on two of its cards.

Eyes are on the big banks to see if they follow ANZ's lead and lower credit card interest rates. (AAP)

Australia's big banks will be under pressure to lower their credit card interest rates after ANZ broke ranks and cut the rate on two of its cards, one by two per cent.

ANZ will from Thursday cut its low rate platinum card by two per cent to 11.49 per cent and its low rate classic card by one per cent to 12.49 per cent, which it says are the lowest rates since 2003.

Prime Minister Malcolm Turnbull said this action was a result of his inquiry by the House of Representatives economics committee last October to bring the big four banks - ANZ, Commonwealth Bank, National Australia Bank and Westpac - to account.

The inquiry was Mr Turnbull's response to calls for a royal commission by Labor, the Greens and others.

The committee is due to grill the banks again early next month.