To help us understand when using a card or list is more appropriate for UX purposes, it helps us greatly to first understand what each is and what each does (or is supposed to do).
A card is a container that displays various bits of related information, from which users can get even more information. While it’s still a product of flat design, it’s more properly classified as being Flat Design 2.0 since it usually does have light 3D effects like drop shadows to indicate clickability. 3D effects like that visual depth function as the signifier to users, telling them they can click for further information.
Interestingly, there’s something of a dichotomy with a card since it usually resembles an actual playing card both in shape and size. This is suggestive of the out-of-date skeuomorphism, where graphical elements resembled actual items.
A list is a page where a user’s search criteria or browsing habits takes them. The listing page essentially features a number of various candidate items or entries. Therefore, a list has to facilitate efficient and quick eye scanning for proper UX. This is an important distinction that helps us differentiate when a list is more appropriate than a card, in terms of usability.