Credit card promotions touting "zero interest" on balance transfers will go under the microscope as part of a review by the corporate regulator into the $50 billion market.

The probe will assess whether banks are deliberately targeting interest-free promotions at customers who are likely to end up taking longer to pay off their debts.

As part of the review, the country's biggest banks will have to hand over data on their credit card portfolios going back five years, to allow the watchdog to investigate the impact of "zero per cent" balance transfer deals, which critics say can be "debt traps".

Consumer groups have long highlighted the risks of balance transfer deals – now the Australian Securities and Investments Commission will ask banks to supply monthly repayment details on consumer cards, down to the level of individual accounts, going back five years.