-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DWb5wrm0M0djEDJtEvQb4xUKjRf1iAYlhyg0akYEdlix0UNe3p0RcUx+OEqnZXnW
 0F4Jq4pMo3URs20OvyDeIQ==

<SEC-DOCUMENT>0001179110-06-017139.txt : 20060818
<SEC-HEADER>0001179110-06-017139.hdr.sgml : 20060818
<ACCEPTANCE-DATETIME>20060818200305
ACCESSION NUMBER:		0001179110-06-017139
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060818
FILED AS OF DATE:		20060818
DATE AS OF CHANGE:		20060818

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			POINTS INTERNATIONAL LTD
		CENTRAL INDEX KEY:			0001204413
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				000000000

	BUSINESS ADDRESS:	
		STREET 1:		179 JOHN STREET, 8TH FLOOR
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5T 1X4
		BUSINESS PHONE:		416-596-6370

	MAIL ADDRESS:	
		STREET 1:		179 JOHN STREET, 8TH FLOOR
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5T 1X4

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Tamalpais Masterfund, LTD
		CENTRAL INDEX KEY:			0001373108
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51509
		FILM NUMBER:		061044639

	BUSINESS ADDRESS:	
		STREET 1:		CLIFTON HOUSE, 75 FORT STREET
		STREET 2:		P.O. BOX 190 GT
		CITY:			GEORGETOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		4152485634

	MAIL ADDRESS:	
		STREET 1:		600 CALIFORNIA STREET
		STREET 2:		9TH FLOOR
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94108
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 3 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2006-08-18</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001204413</issuerCik>
        <issuerName>POINTS INTERNATIONAL LTD</issuerName>
        <issuerTradingSymbol>PTSEF.OB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001373108</rptOwnerCik>
            <rptOwnerName>Tamalpais Masterfund, LTD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>600 CALIFORNIA STREET</rptOwnerStreet1>
            <rptOwnerStreet2>9TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94108</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4083235</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <ownerSignature>
        <signatureName>Steven Ledger</signatureName>
        <signatureDate>2006-08-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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