I looked long and hard for such a product but found very few that held as many cards as this one does or wasn't total junk. It's made of a decent vinyl(although for the price I'd expect leather) and lined with a shinny material like nylon.
The magnetic clasp seems to hold well enough, better than Velcro which loses it's grip after a year or so.
My only beef is the high price($21 including shipping) I keep thinking I should have been able to find something similar for at least half that but I wasn't able so I guess if you really want something like this and you've got the money to throw at it, this works well.