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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 SRulqBsKrwvoVA+KqkpDdQTNB07s+hRoC8CzP+rdIN9qVtRhYRQW7ntkyYKlI9Hl
 o6RakUdWiLSrf0ZhxtbDsg==

<SEC-DOCUMENT>0001179110-06-018902.txt : 20060922
<SEC-HEADER>0001179110-06-018902.hdr.sgml : 20060922
<ACCEPTANCE-DATETIME>20060922182337
ACCESSION NUMBER:		0001179110-06-018902
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060919
FILED AS OF DATE:		20060922
DATE AS OF CHANGE:		20060922

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 Management Group, LP
		CENTRAL INDEX KEY:			0001373107
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51509
		FILM NUMBER:		061105299

	BUSINESS ADDRESS:	
		STREET 1:		600 CALIFORNIA STREET
		STREET 2:		9TH FLOOR
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94108
		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>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-09-19</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001373107</rptOwnerCik>
            <rptOwnerName>Tamalpais Management Group, LP</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>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2006-09-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>200000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>.59</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4283235</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Manager of Tamalpais Master Fund, LP</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <ownerSignature>
        <signatureName>Steven Ledger</signatureName>
        <signatureDate>2006-09-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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