Center an 8-inch length of ribbon lengthwise on the white felt rectangle, turning under the ends. Attach ribbon to the felt by sewing down the center of the ribbon.
Fold up 2 inches at the bottom of the felt to form a pocket with the ribbon on the outside. Sew 1/8 inch from the side edges of the pocket. Fold down 1 3/4 inches at the top for the front flap; press lightly. Trim the sides of the gift-card holder with the scallop-edge scissors.
Glue rhinestones onto the front of the holder. Tie a bow with the remaining ribbon and tack to the center top on the front of the holder.