Very simple to make: take a piece of CS 4 1/4" by 11, and score at 3", 5 1/2", and 8". Then fold it so it looks like a "W". There are other punches you could substitute to make the slit, but this one used your word window punched twice (long enough to fit the GC through) with the large oval punched out in the middle(just halfway up to make the "pull notch", see below)
Attach the insides of the fold using Terrifically Tacky Tape along the edges, now it stand up like a regular card. I used my corner rounder on the front and back. Next I ran both sides through my Cuttlebug with theTiny Bubbles folder, gives it a cool leather look. I decided not to bother piercing any holes for my faux stitching, just went around each side where the embossing ended with a dashed line using the fine tip of my SU! Chocolate Chip marker(see close up of pic). I stamped the label border from WIYT?2 on the insides, front and back in Palette Burnt Umber, and added "The Essentials" on one side and "Especially for you" on the other. (You could do your stamping before you emboss, but the images actaully came out pretty clean here since the texture is so fine, I like the look) I swiped my pad a little over the edges of the wallet so the embossing could pick up a little bit of the ink.
Last I stamped the label borders on two of my kids' pics and cut them out adhering them to the inside of my wallet. (the one you see here is William at 6 months) The wallet looks so real, I know my stepdad is going to love it! This was a really fast, FUN project! and very masculine! (The itunes gift card is just a sample, I'll be putting another GC in there he will really like. :)
Next I guess I need to make a fabulous ladies wallet for Mother's Day! If you try your hand at a wallet gift card holder using the What's In Your Tin? sets, please let me know or link it here, I'd love to see! Now scroll down for some blog candy! :)