I have been using 3x5 and 4x6 index cards to hang my bows on. I had to cut the slits using an exacto knife and was a pita. When I was in Michael's today, I happened to see a hole punch with a 2 inch reach!!
I grabbed it and it was even on sale!!
It was $3.84 and definitely worth it! I got the 1/4 inch round punch (same size as a reg hole punch). It's so much faster than the knife and safer as well!
Here's a link to the product site.
2" Reach Punchline : McGill Inc., Innovative Craft Tools and Office Products Since 1878