Can I locate my wallet by locating my Apple Card?

No, Apple Card MasterCard is not an Air Tag and the card cannot be tracked.

If you’ve lost your Apple Card immediately notify an Apple Card Specialist at Goldman Sachs Bank.

CONTACTING — Goldman Sachs Bank 

• Using Messages; chat with an Apple Card specialist

• Call toll-free at 877-255-5923

Please lock your Apple Card using the virtual card in your Apple Wallet app on your iPhone.

Lock or unlock Apple Card - Apple Support

No, but if it is a MagSafe Wallet that you lost, see: Find your lost Apple device or AirTag with Find My - Apple Support

Also, see the information in Lock or unlock Apple Card - Apple Support including the "If your titanium Apple Card is lost or stolen" section of that article.