I recently bought a new wallet called the Mighty Wallet from DynoMighty Designs while away on vaction in New York to visit my brother. It's basically a folded up paper wallet made from untearable paper that I think is plastic-based. But the nice thing about it is that it could be unfolded enough that I could trace out a template and make my own!
Here's my first prototype:
It's not tear-proof yet, but maybe if I laminate the paper before cutting/folding? We'll see...
(Also, Check out the many different Mighty Wallets on Dynomighty's website... I have the CMYK one!)