Hero - Up: negative effect of next card nullified / Down: more chance of negative card.
Emperor - Up: easier player advantages in battle / Down: easier enemy advantage in battle.
Empress - Up: heals all HP / Down: brings it to one.
Priestess - Up: shows data for enemy in battle / Down: hides data about enemies.
Magician - Up: levels a attack or spell to next level / Down: levels down an ability.
Below is a list of effects for all of the Arcana Cards, both “up” and “down.” Note: all stat increases and Skill and Persona changes are permanent and only affect your personas.