The Prime Minister has welcomed ANZ's decision to cut rates on two of its cards by 2 per cent – down to 11.49 per cent, its lowest rate in almost 15 years – describing it as a win for his policy of hauling bank chiefs in front of a parliamentary committee.

"I am bringing the banks regularly before the house economics committee and they are being held to account for their actions and you will see results," Mr Turnbull said. "This is one of them. This is something that was expressly raised. The bank was challenged on this and they have reflected up on that and they are responding."

The heads of the big four banks were questioned by the economics committee in October, where they were forced to answer questions about a string of scandals and controversies that had led to calls – spearheaded by Labor – for a banking royal commission.

Under pressure from MPs on all sides of politics – including his own – Mr Turnbull moved to neutralise the issue by announcing the bank bosses would appear before the committee every year.

Opposition Leader Bill Shorten said Mr Turnbull "might as well take credit for the weather".

"Of course he's patting the banks on the back, he's desperate to do everything he can to stop a royal commission into the banks," he said. "Mr Turnbull is the best friend the banks have ever had."

Consumer advocate group Choice said the rates being offered by the big four banks had been too high for too long, and described the ANZ's move as "cold comfort" for customers.

"They are still toxic products and the big four banks know that," Choice spokesman Tom Godfrey told the ABC. "ANZ is a long way from having the most competitive card on the market."

He said even after ANZ's move, the big four banks did not have a single card in the top 20 of most competitive interest rates in Australia. They should drop their rates to "reasonable levels" below 10 per cent, he said.

Independent senator Nick Xenophon said the banks were being irresponsible by leaving rates so high.

"We are being gouged with credit cards and we actually need some fundamental reforms," he said. "We really need to look at greater market competition or the banks need to really explain themselves in why they are gouging consumers in this way."

Government backbenchers are vowing to put further pressure on the banks with more public hearings due next month.

Liberal MP and bank critic Scott Buchholz also believed the last round of hearings helped trigger ANZ's decision.

"We will have the banks appearing in the next fortnight in Canberra, along with the Australian Banking Association, where I will continue to take a similar line of questioning with those banks that haven't taken the commercial choice to shift their interest rates yet," he said.