I don't see why not because there's no circuitry. You would need a proper metal drill bit and maybe material on top and below to reduce damage. I suspect you could bend it trying to carry it around like a badge looped around your neck.
DRILL ... A ... HOLE ... in Apple's most exquisite piece of minimalist art??? But seriously, I'm curious why you would use the physical Apple Card which gives you lesser cash back than using your iPhone? P.S. you might need a cobalt drill bit otherwise you'll ruin the card.