Consumer choices probed in Senate cards session 28 August 2015 4:31PM Ian Rogers Interest margins on credit cards of greater than ten per cent fell under the spotlight at a Senate inquiry yesterday, with one regulator pushing for consumers to take more responsibility for shopping around.Michael Saadat, ASIC's senior executive leader, told a Senate economics committee inquiry into credit card interest rates in Sydney that "only a quarter of credit card holders have low-rate cards, although 40 per cent of new cards being issued now are lower rate."He said that 75 per cent of cardholders on lower incomes did not hold low-rate cards.Malcolm Edey, assistant governor for the financial system at the Reserve Bank of Australia, said the margins earned by banks on credit cards were at record highs."Credit cards vary a lot - some are very high, higher than I think can be easily explained," he said.Edey also pushed the consumer choice barrow."There are a lot of cards that offer low rates," he said.The fact that many consumers seem not to chase the notionally best deal in the market is a focus of attention.Edey said this issue "raises questions about why more cardholders don't take advantage of the lower rates that are on offer, whether there are obstacles to competition and whether there might be some role for regulatory action."Some cardholders might be unable to switch, for example if they have poor credit histories. "That is something that can be looked into, along with the related question of whether there are unreasonable obstacles to switching."