ANZ chief executive Shayne Elliott conceded that the bank's return on equity from credit cards was "well above" the group ROE and said there was scope to overhaul the way it ran its credit card business.During his appearance before the House of Representatives Standing Committee on Economics yesterday, Elliott said high rates on credit cards were justified, given the cost of providing rewards programs and the high risk of default compared with other credit products.Elliott said the return on cards had been coming down over the past ten years, along with a decline in returns for the whole business. "Over the most recent decade ANZ's returns fell from 20 per cent down to a little over 12 per cent," he said.He said customers took advantage of interest-free days and relatively few paid the full rate on their balances."Having that high headline rate is not doing us a lot of good. There is scope to change that," he said."With new technology it is going to be easier to offer more targeted risk-based credit cards and personal loans."He said the move to comprehensive credit reporting also provided an opportunity to change a situation where credit cards were a "one size fits all" proposition and "good customers" subsidised "other customers"."As we get more into comprehensive reporting that will change. We are looking at changes in the way we risk manage those products.""I think there's an opportunity for us to take a bit of leadership on this," Elliott said.He added that there was not much growth in the credit card business, with customers steadily reducing their balances in recent years and using their cards for transaction convenience rather than credit.