Cut a piece of thread that is approximately 2 feet in length. The thread should reach from about the top of your ear to your belly button.
Turn the card face up and tape the thread in the middle of the card. Use clear tape so that the tape is not visible. You can also use magician's wax to connect the thread to the card.
Connect the other end of the thread to the top of one ear. Again, use either clear tape or magician's wax.
Place the card into a deck of cards to conceal any use of thread.
Extend one hand out so that the thread is between your middle and ring fingers. Use these two fingers to make the card "float" out of the deck. Once it does, grab the card and set the rest of the deck down. Place the card in your palm so that it is laying flat and face up.
Place both of your middle fingers on both ends of the card to spin it. Spin it as you would a coin on a table. Spin the card either clockwise or counterclockwise, whichever is more comfortable for you.
Put one hand (palm facing up) underneath the card and use the other hand to maneuver the card. To do this, again extend your other hand so that the thread runs between your middle and ring fingers. Raise and lower your hands to raise or lower the card. You can also spin your top hand while the card is spinning to make it look like your hand is causing the card to spin in midair.
Turn your head to move the card side to side. Do this in a natural motion so as to not interrupt the spinning of the card. If you jerk your head, the card may "stand up" when it's spinning. This would give the trick away.
Let the card fall down into your palm once it stops spinning. This is the final part of the illusion that you are controlling when and how the card "hovers" or "floats" in the air.