Step 1: Understanding the Concept:
Unlike a handshake (where one action involves two people), exchanging cards means if Friend A gives a card to Friend B, Friend B also gives a card to Friend A. This is a problem of permutations or simple multiplication.
Step 2: Key Formula or Approach:
Total exchanges = $n \times (n - 1)$
Step 3: Detailed Explanation:
1. Total number of friends $n = 12$.
2. Each friend will give a card to every other friend except themselves.
3. So, each person gives $(12 - 1) = 11$ cards.
4. Total cards = $12 \text{ friends} \times 11 \text{ cards per friend} = 132$.
Step 4: Final Answer:
They exchanged 132 cards altogether.