A file with a card-receiving recess is disclosed. The file comprises a first panel comprising a first layer and a backing layer, that contains an opening extending from the first layer to the backing layer, and a second panel hingedly associated with the first panel. The backing layer is configured to support a displayed sheet element in a position such that it is visible through the opening of the first layer, and the displayed sheet element is at least partially received within the thickness of the first surface and the backing layer. The backing layer contains an adhesive disposed thereon within the opening for securing the displayed sheet element to the backing.