Australia’s  Commonwealth Bank has been offering $1 credit cards with a $100 credit up front to sweeten the deal.

The CB is the first Australian financial institution to target online consumers via the Jump On It site in its push for credit cards, a move which worries consumer groups.

Choice spokeswoman Ingrid Just said the temptation of a one-off cash payment meant some consumers were likely to sign up for a credit card without thinking of the financial consequences.

Annual fees of $78 almost wiped out the credit card’s cash hand-out, while customers would also have to tackle interest rates of 13.49 per cent, she said.

There was also little opportunity to compare the deal due to the short time limit imposed on group buying offers, she said.

“Group buying creates this hype and excitement and that gets people sucked in,” she said.

The Commonwealth Bank’s offer attracted almost 600 buyers, according to an online counter, and could mark the start of a new online strategy for financial institutions.