ANZ National Bank is lowering the interest rates it charges on credit cards.

The move comes at a time that banks have been criticised for not cutting interest rates as fast as the central bank has cut interest rates, though banks have moved to cut mortgage interest rates.

ANZ said the 1.00 percent per annum reduction on its credit cards, effective March 12, follows a reduction of 1.25 percent per annum in January.

The bank's Low Rate Mastercard will charge 13.9 percent per annum, the Everyday Rewards Visa and the Visa Platinum to 18.95 percent per annum and other credit cards to 19.95 percent per annum.

The National Bank will lower interest rates across a number of credit cards by between 1 percent annum and 1.2 percent per annum, effective March 12.