I'm trying to create a formula that would do the following: 

Card_Number__c (text field) contains credit card numbers and depending on the prefix number entered, will determine the Card_Type__c from a picklist with the values of Visa, MasterCard, AMEX, Discover

If the Card Type's Card Number Prefix starts with the following, will determine the value for the Card_Type__c

Card Type:                    Card Number Prefix
American Express              34 and 37
MasterCard.                   51,52,53,54,55
Visa                          4
Discover                      300, 309, 352, 36, 38, 39, 64, 65, 601, 622, 624, 628

Is this possible with a formula?