A gray card can help you find the correct exposure when shooting in manual mode - but is much more useful to ensure that your colors are correct.
Why a gray card? Well all the cameras that the world is halfway between black and white and that's what they are trying to make the tone of your photos equivalent. So when you know how to use a gray card you can make sure the exposure is correct.
To correct the color of a neutral gray color casts shows up. For example, if the light is slightly blue gray card will look a little blue - pink or green or whatever.