Malcolm Turnbull is claiming credit for a major bank's move to cut credit card interest rates.

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.