What is a credit card balance? - Business Insider

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Your credit card balance is an important number for your financial health — and you should keep it as close to zero as possible

, which is an important component of your overall credit score. The lower your balance, the better your credit utilization ratio.

Now, let's say you have a balance of $5,000 on the same card. Your credit utilization ratio leaps to 50 percent. If you decide to apply for a loan to buy a condo, that big balance and less-than-stellar ratio is going to raise some eyebrows at the bank that is deciding whether to let you borrow the cash.

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My Amex gives me the option to automatically pay off the balance in full every month. Would recommend that everyone uses that feature. Credit cards are a beautiful thing. Accumulating points for money I would be spending otherwise, it'd be stupid not to take advantage of them.

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