if you want a good design do it right, if not buy crap from eBay
What you will be stressing with the higher voltage is not the SD card module but the SD card itself.
The lower the forward voltage of the diode, the better.
This is an acceptable way to level shift.
I heard about people solder some wires directly to a microSD Adapter and use this as an interface to microSD cards.
Thanks Terry, for the link to a broad variety of SDFat libraries. Good to know. Thanks
That buffer circuit is wrong, its connecting 5V Arduino outputs to the 74HC245's inputs, shortcircuiting the outputs of the Arduino through the 74HC245's input protection diodes to 3.3V - this could damage the 74HC245, the Arduino, or raise the 3.3V rail to well above 3.3V - none of these are desirable. Basically the voltage mismatch has been moved from the SDcard to the '245