The ponchos do cover more, but a few years ago I invested in an Adidas pull over water-resistant jacket that I love. I bought it in one size bigger so that my cross body bag fits comfortably underneath it and its a bit longer covering most of my shorts. The jacket has a very good sized kangaroo sized pocket on the front that I would keep my KTTW card & phone in during the rain, and now the pocket is only for my phone since the introduction of MB's.
The jacket folds up nicely to go in my bag and its durable enough that I've been able to use it for multiple trips, including the one I've got coming up in October.