Guard Penalty is a Quick-Play Spell Card.
Spell Cards are usually activated from the hand on your turn unless their type gives another timing window.
On the current TCG and OCG Forbidden & Limited lists tracked here, Guard Penalty is Unlimited.
YGOPRODeck lists Guard Penalty for these formats: Duel Links, Common Charity, Edison, TCG, OCG, Master Duel.
A listed print of Guard Penalty appears in Dark Revelation Volume 4 (DR04-EN225) at Rare rarity.
Among markets shown on this page, the lowest listed snapshot for Guard Penalty is about $0.14 on TCGPlayer (prices change frequently).
