Yes, you can and we encourage you to do so, especially if you're planning to use many cards across your business. It'll be easier to make sense of the list of cards in use, plus you can always search for them by label (i.e. Advertising).
The default card name is always the first and last name of its owner, but you can easily update it to whatever you like.
Setting up a card name:
Note: your access could be limited. If you can’t do certain actions or you wish to extend your permissions, contact your business account owner/admin.