Transform Christmas Cards into Gift Tags

Several years ago, I came up with a way to reuse the Christmas cards that I get from family and friends.  I transform them into gift tags to be used the following year.

Materials needed:
Christmas cards
a large paper punch in a design of your choice (I got mine from Michael's using a 50% off coupon)
scissors
single hole punch

Procedure:
Go through your cards and select the ones that have a portion about the same size as your punch that would make a good graphic for a gift tag.
At the edges of the card, mark the approximate center of this graphic.  Use these marks to line up with the center of the punch.  I marked my center with two lines on the punch, one to the left and one below.
Punch out the graphic.
Use a single hole punch to punch a hole in the new gift tag.  You can attach the gift tag with ribbon.  Alternatively, you can simply tape the gift tag onto the gift.

Here are the gift tags I made with this year's cards.  Not all of them came out exactly like I wanted, but I think they are cute nonetheless.