This isn't a new PWCC policy. They had the same policy when I read it in their TOS last year when they were selling on eBay. I was looking into consigning some of my cards (which I ended sending to elsewhere) and read it on their website.
It seems pretty straightforward to me. Instead of charging a listing fee, they just take ownership of the card if it can't even get a single bidder for $10. They don't want people sending in their $5 cards. It just creates more work for them but no revenue. It's a lot easier to just say the card has been forfeited to them as payment for their services than to deal with invoicing a customer and shipping the card back. It's just not worth their time to deal with. They probably take a huge box of all those borderline worthless cards over to a local card shop where they get $1 each for them.
I remember seeing a few cards listed in this last auction where I said, "PWCC is getting that one!" lol. One of them was something like a 1987 Topps Roger Clemens PSA 6. I was like, "WTF?" Card probably isn't even worth $1.
However, I'm pretty sure if it was a valuable card that somehow slipped through the cracks as a result of a glitch or misspelling or something like that, that they won't keep your card if you bring it to their attention. I highly doubt they're using it as a loophole to steal your $1,000 cards. We're talking about absolute junk cards here. It seems like a perfectly reasonable policy to me.
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