Hockey agrees credit card rates too high

Treasurer Joe Hockey won't stand in the way of a Senate inquiry into credit card interest rates even though he has the Council of Financial Regulators looking into the issue.

Labor and crossbench senators are establishing an inquiry into the record gap between rates on cards and the official cash rate.

"Credit card rates are too high ... we are not going to stand in the way of any Senate inquiry," Mr Hockey told reporters in Canberra on Monday.