This trick relies on the fact that the coefficient of kinetic friction, \mu_{k} is not proportional to sliding speed v. If you double the sliding speed, the resulting coefficient of kinetic friction less than doubles.
To understand why this is important to the card slide trick, let's see what would happen if \mu_{k} were proportional v:
Scenario 1
You pull the card out from under the coin at some constant speed v_{1}. The card and the coin are in contact for time period T_{1}; the frictional force is \mu_{k,1}. The total impulse imparted to the coin due to friction is then I_{1}=mg \mu_{k,1} T_{1}.
Scenario 2
You pull the card out at speed v_{2}=2 v_{1}. The card and the coin are now in contact for half the time (T_{2}= {\textstyle{1 \over 2}} T_{1}) but with double the frictional force (since we are assuming \mu_{k} \propto v): \mu_{k,2}=2 \mu_{k,1}. The total impulse imparted to the coin due to friction is then I_{2}=mg \mu_{k,2} T_{2}=mg (2 \mu_{k,1}) ({\textstyle{1 \over 2}} T_{1}) = I_{1}.You can see that, if \mu_{k} \propto v, the coin would always be given the same impulse no matter how fast you pulled the card out. In the real world, however, \mu_{k} and v are not proportional to one another, but are related approximately linearly by \mu_{k} = Av+\mu_{k,0}, where A and \mu_{k,0} are positive constants. Therefore, in the real world, the faster you pull the card out, the less impulse is imparted to the coin.
I found some experimental data http://idol.union.edu/vineyarm/teaching/phy110lab/sample_report_2.pdf" which show how \mu_{k} varies with v for different materials.