"If you are performing for an intelligent audience..."What a patronizing cnut.
Anyway, back to the trick, which isn't a particularly good one to begin with, but anyway I'll be happy to resolve the little debate going on.
Using an envelope is stupid and just confuses the effect.
If you want to do a card to envelope trick then do a card to envelope trick. If you want to do a card to wallet trick then do a card to wallet trick.
Who has a bloody envelope in their wallet anyway? If you want to do a card to envelope trick, absolutely nothing is added by taking the envelope out of a wallet as oppose to, say, removing it directly from your pocket - or how about this revolutionary idea - having the envelope in play from the start.
The only exception to this would be if you have some absolutely ingenious plot that makes it logical and necessary for the card to end up inside an envelope which was inside a wallet.
But, if you're going to do a "nested" card to impossible location, and you insist on using your wallet, then you simply must do the "folded card to condom wrapper" .... how could you not?