Are you a member or a potential renter of points? If you are not a member, your cancellation policy would be whatever the member you are renting from tells you. If you are a member, it's what the PPs stated. But, if the reservation is close to the end of your use year, you might totally lose all those points. And if you borrowed points from the next year, you will have lost them, too, since they cannot be returned to the next use year.