Yes. It involves the spectator picking a card with a name on it, and you predicting that name by cutting out the picture, or mind reading that name, and then cutting out the picture to show you knew who it was. So I'd definitely classify it as mentalism.
A prediction is something that happens before
they pick a card or whatever. Mentalism is creating the illusion of mind reading, psychokinesis, precognition, clairvoyance or mind control. I'm not really sure if this is mentalism...I might be wrong.
I saw two angles I could take with this, but before I go into those: Prediction IMO is mentalism. If I predict a card, you'll pick it means I had, precognition, of the fact, I knew it through my mind powers.
Mostly though Mentalism, is more how you present, then actual tricks. I think MOST, and I know not all, any trick could be presented in a mentalist type fashion if need be.
Two Angles, One you cut the picture to create a prediction, then have them select the card and show them your prediction. Second, you have them select then cut out the picture, showing you read their mind to find out what their selection was. Either way I'd say it could be classified as a mentalist effect.