You can check if the index of the selected value is 0 or -1 using the selectedIndex
property.
In your case 0 is also not a valid index value because its the "placeholder":
<option value="selectcard">--- Please select ---</option>
function Validate()
{
var combo = document.getElementById("cardtype");
if(combo.selectedIndex <=0)
{
alert("Please Select Valid Value");
}
}