Not the case. You could probably get it punched at guest services, I've used a corkscrew in the past as well.
A hole through the card doesn't matte ror not with charge priveledges. If you don't want your kids to hav them, just make sure that you stop at guest services and let them know. Then when they go to scan the card to pay for something, it will come up as no charge priveiledges.
Anne