Yeah, I misspoke. It's a card not a fob. Like others said, it isn't a valet/guest card. It is actually the main "key" to your car in addition to your phone.
The key card is your backup for when the phone isn't available for whatever reason. It's not a valet key, it's the main car key. (Valet mode is activated from the touchscreen, or your phone.)
Personally, I'm looking forward to not carrying a bulky fob with me everywhere. The key card will go in my wallet with my other cards, and my pockets will be lighter.