Use this card with "Magical Hats" to return one of the face-down Spell or Trap Cards to your hand.
Use this card on monsters that have Special Summoning conditions, such as Ritual, Fusion, Synchro, Xyz, or Nomi or Semi-Nomi monsters. Your opponent will unlikely be able to easily re-Summon those monsters and will have used up whatever resources they needed in order to Summon them (note that there are exceptions, such as "Rainbow Dragon" or "Judgment Dragon"). In most Decks, the strongest monster is either Nomi, Ritual, or an Extra Deck monster, so this card will get rid of them for good
There are several cards that cannot be destroyed by the effects of cards, or that revive if they are destroyed. This card is a good way to get around that rule, by returning them to the hand.
Your own monsters can be protected from your opponent's harmful card effects by returning them to your hand, thereby removing the target of those effects from the field and rendering the effects themselves useless.
Use this card against an opponent's "/Assault Mode" monster. Since it wasn't destroyed, the opponent doesn't get their Synchro Monster back, and the "/Assault Mode" version is stuck in their hand, with no way to Summon it unless they get another "Assault Mode Activate", revive their Synchro and return their "/Assault Mode" to the Deck.
This is a good card to use to generate the effect of "Fortune Lady Light" to immediately Special Summon a more powerful "Fortune Lady" monster during your opponent's turn. Also, if there is a "Future Visions" on your field, this will allow yourself to use her effect again.