1) All my passwords are stored on a piece of paper, in plain text. There is no need to encrypt, because only I know how I use it.
2) I don't need to back it up regularly. Just one backup, in case I lose the card, is enough.
3) Because I have to type in the passwords from it, I actually remember the ones I use regularly, so even if I lose the cards, I can log in to most things.
4) There is no "master password" to be exposed.
5) If I'm stupid enough to read it out loud, or run my finger along it whilst someone is watching, I might expose the parameters of one password, but everything else is still secure.
6) It is a piece of paper, the browser integration goes via my eyes and my fingers.