In trying to use what I have this year, I made my own gift tags. I love my 3" scalloped punch. I use this ALL the time (& w/ a craft store coupon, they are not expansive). In the past I have used scrapbook paper, which works great.
But the other day I was breaking down a candy box for recycling and noticed it was in perfect shape. The inside of the box was white. So I cut the edges off, so I would have nice large piece and sure enough, the puncher worked great on the cardboard. What a lovely (& free) way to make gift tags. I am now checking out all my boxes before I break them down for recycling!!