If you hold it up to a bright enough light* you can see the chip and
the antenna. On mine at least, the chip is in the top right corner and
the antenna runs round all sides of the card about a quarter of an
inch from the edge, blocking off all your prime hole punching space.
You'd have to put the hole about half an inch from either of the three
non-chip corners, but you'd be running the risk of ripping the antenna
if the hole tears, as it inevitaby will.
(* the key is having the room dark enough so you can only see light
that's coming though the card. A video projector or a spotlight will
do)
See also:
http://www.skeptobot.com/2008/05/time-lapse-vid-of-dissolving-oyster.html
U