This is basically a move used to control a card in the deck. It can also be used in place of, or in conjunction with a double lift and/or the top change. It's commonly used in routines called "Ambitious Card" routines. in which the card keeps appearing on top of the deck.
In this video, you'll see the card (Ace of spades) placed into the center of the deck twice, each time it appears back on top of the deck.
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