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Points are a form of currency used at the time of an exchange. A Timeshare is given a specific amount of points as a way to place a value upon it. You can buy additional points in order to add on more days to your Timeshare, select a larger unit, or use points for exchange value.
For example, if you own a Lake Tahoe timeshare but want to a Williamsburg vacation, you can take the Lake Tahoe timeshare points and exchange them for nights in Williamsburg. The timeshare company will tell you how many points you have to transfer from one property to another, and any additional costs associated with point transfers.