I would think so, yes. As I recall, you make a series of parallel cuts within the perimeter such that the cuts stop short in alternating rows. I think folding the card in half is the key to this trick. You end up with one long loop, narrower spaces between the cuts yielding a larger loop.
Right? I’m remembering this from seventh grade math, which I took when Eisenhower was president.
. . .
(Checking) Well, I see that I forgot one cut, which is kind of crucial, but I had the right idea. And it is a fun trick. As for utility, maybe it’s handy for winning bets (from people who think you’d ask this if you didn’t know the trick).