Summary and last hint
Alex Y
5 cards picked by an audience member
Assistant gives one back to the audience member, and arranges the other four to be revealed in a particular order.
First thought: There are 48 possibilities for that other card, but only 4! = 24 possible orderings of the four remaining cards, so this looks impossible.
First AHA!: The assistant picked the card the audience member holds, and repeated instances of the trick led to correct speculation that the first card in the stack of 4 indicates the suit of the hidden card.
(BTW, the popularizer of this trick suggests "rotating" the suit key to prevent this induction. i.e., do the trick the first time with the first card as the suit of the hidden card. The second time doing the trick for the same audience, make the second card the one showing the suit, etc.)
Second try: We know the suit of the hidden card, and it is not the one revealed, so there could be 12 possibilities for the hidden card. But there are only 3! = 6 ways to arrange the three cards following the suit key, so it still appears we have only 1/2 the information we need.
What's missing? The key is in the hint titled "Last hint until after the 4th"