The larger 2.75x3.75 includes EVERYTHING
So take this OG YuGiOh! card. See how it's set inside that grey/black border? That was their space for the bleed, which is why on some cards, its a little thinner. It's also why their ID # for each card, the copyright, and the foil square for authenticity is inside that border. In the cutting process, which these cards are cut on a machine en masse, won't be chopped off or hampered. This sort of border is not required, but iirc Magic The Gathering does it too.

Other TCGs like Final Fantasy, does not. Which you can see they're more careful about spacing to keep all their info away from the bleed edge on the bottom. And instead, leave a bar of empty but "filled in" space for the bottom cut.