Use against Gemini monsters so that they lose their effect when returned to the field. Also useful against monsters that gain counters and against Xyz Monsters, which lose their Xyz Material when they leave the field.
Use this against token monsters as token monsters disapprear after leaving the field.
"Leviair the Sea Dragon" also combos well with this card if you happened to banish a level 4 or lower monster. You would prevent the monster from returning to the field AND gain another monster on your side of the field.