I was surfing the net the other day looking for ideas for gift card holders and found a Youtube video for these. I have varied the design somewhat but the principle is the same. They are basically circles cut at 4.5 inches. I used chipboard sandwiched in between two different coordinating designer papers or plain coloured cardstock. You need 3 circles for each ornament. I then cut one of the circles a little bit larger than half way for a pocket. I cut the initials with SCAL on the cricut using the Black Chancery font (see also the glittered monogram ornaments in a previous post). I then embellished the gift card holders for the boys with the words Ho Ho Ho (I used SCAL for this), cut the pine trees and punched out some snowflakes for the girls gift card holders. I then threaded some gold ribbon through a hole in the top for the hanger. I have them hanging on the tree but won't put the gift cards in them until Christmas eve.
Here is a link to the video http://www.youtube.com/watch?v=wbCU7ESmsqQ