The reversing phoenix card is one of the Gorajo cards a player can be given by the Gorajo hoardstalker found in the resource dungeon in Meilyr Clan district in Prifddinas, requiring level 95 Dungeoneering to enter. You can get one card per day from the hoardstalker, resetting at 00:00 UTC. This version of the card affects only the player who activated it, and there is a team version of the card that affects all of the members of a dungeon party. You can only have one solo card and one team card (of any type) at once.
To use this card, start a dungeon at Daemonheim, and click to activate it, consuming it. It increases the chance of spawning Slayer creatures in the dungeon, but it's unclear how this differs from the effect of the team version of the card.