According to VMware, this problem is caused because the newer cards are the SD Extended Capacity cards (SDXC) and use the PCIe bus rather than the USB bus that the original SD card slot uses.
It’s possible to access the card by sharing it through the virtual drive share feature.
Choose Sharing Settings from the Virtual Machine menu as shown above. You’ll be presented with the Sharing window. Click on the plus sign in the lower right to add an additional device to be shared. Then, select your inserted SDCard as a device that you want to share and access from within your virtual computer.