Senate inquiry into credit card rates

Federal Labor and crossbenchers have won Senate support for an inquiry into the growing gap between credit card interest rates and the official cash rate.

A parliamentary inquiry will investigate credit card interest rates charged by Australian banks. (AAP)

A parliamentary inquiry will investigate credit card interest rates charged by Australian banks.

Labor senator Sam Dastyari and a number of crossbenchers won support on Wednesday to refer the growing gap between credit card interest rates and the official cash rate to a Senate committee.

The economic references committee - which will report by November 24 - will also look into credit card loyalty programs, consumer protection measures and transaction costs.