Karma Cut is a Normal Trap Card.
Trap Cards are normally Set first and can be activated on a later turn, often in response to an action.
On the current TCG and OCG Forbidden & Limited lists tracked here, Karma Cut is Unlimited.
YGOPRODeck lists Karma Cut for these formats: Duel Links, Common Charity, Edison, TCG, OCG, Master Duel.
A listed print of Karma Cut appears in Dark Revelation Volume 4 (DR04-EN173) at Super Rare rarity.
Among markets shown on this page, the lowest listed snapshot for Karma Cut is about $0.95 on Cardmarket (prices change frequently).
