I actually designed this card a couple of years ago and just changed some colors to use it for one of the December stamp club projects. A funny thing when you make a card and go back to it much later - you don't always remember exactly how you made it! Getting the tag punched out right in the center had me stumped for a while. I had stamp club use a template and trace the punched out part to help them punch it in the right spot. BUT... it later all came back to me! Sorry, there is an easier way than how I had some of you do it! So now I will explain the easier way - better late than never, right?
Use an oversized piece of white card stock (in this case 3" x 2.75" worked well). Punch the tag out of approximately the center of that piece as shown in the first photo below (it does not have to be exactly the center). Now line up any inside edge of the tag on the 1/2" marking of the paper cutter as shown in the second photo below and cut. Shift to the next inside edge of the tag, line it up at 1/2", cut again. Once you have lined up each of the 6 tag edges at the 1/2" mark and cut, you end up with the tag "negative" with a 1/2" border all around it as shown in the third picture below.
Once you have created the tag portion of the card, the remainder is fairly self-explanatory. The base of the card is Bravo Burgundy. The now retired background called Word by Word was stamped in Pretty in Pink on Whisper White card stack.
Words from the Everyday Flexible Phrases set were stamped randomly around the 1/2" border of the tag in Pretty in Pink classic ink. The slot at the top of the tag was punched using the Horizontal Slot punch. Bravo Burgundy grosgrain was put through the slot and a piece of Pretty in Pink grosgrain was knotted around the Bravo Burgundy.
The "Love" word in the center of the tag is also from the Word by Word background stamp. The area of the background stamp with that word (the very corner of the background stamp) was inked up in Bravo Burgundy and a scrap of Whisper White card stock was placed over that corner and then it was trimmed with scissors to get just "Love".
The tag and the word "Love" were layered using pieces of foam tape to give the card some dimension.