Looking at a card in the web interface, normally it shows the list it's in, just under the card title. It says "in list", then the list name with a clickable down-arrow, allowing it to be moved to a different list.
But, lately I've noticed, a card may not show the list name. It shows "in list" and then just a down arrow, without the list name.
It appears that it does this if the card is in a list that is archived.