It's funny how you don't see thing until someone shoves it in your face... In the contacts app there is a new icon with a picture of a business card with a small camera over the lower right corner of the card. Tap on that, take a picture of a standard business card and Viola! it captures all the info in contact fields that you can edit before you save.
Open Contacts, tap on the + symbol
Choose where you want the new contact saved
Tap on the Business card icon
Take a photo of the card. Try it without flash in a well lit room for best results.
Check the details
Tap on Save
Thanks to The Daily Note II/3 - Samsung Galaxy Note 2 & Note 3 Daily Videos for pointing this out for us.