Final answer:
The credit card market is significant, with millions of Americans holding cards and incurring both interest and fees. However, there is insufficient data to definitively answer the student's questions about the specifics of credit card terms and fees without additional information regarding the cards' details.
Step-by-step explanation:
The market for borrowing money with credit cards has seen significant user engagement, with nearly 200 million Americans as cardholders. These credit cards typically charge an interest rate ranging from 12% to 18% per year. In May 2021, there was about $807 billion outstanding in credit card debts. Understanding the costs associated with credit cards, including the average annual interest rate of 15%, plus additional fees for late payments or basic fees for the cards themselves, is crucial when choosing a credit card.
Regarding the question specifics, there is no given information about credit card #1's interest rate after six months, the annual fees for any cards, or the grace period terms to directly answer points 1 to 3. For question 4, without the fees listed for credit card #3, we can't discern what unique fees it might have. Finally, questions 5 and 6 debate the best credit card choice depending on payment habits but require more details about the cards' terms to answer appropriately.