Every points stay I look at has the same language on the web site:

You may cancel your reservation for no charge until DATE (1 day[s] before arrival).
Please note that we will assess a fee if you must cancel after this deadline.
If you have made a prepayment, we will retain all or part of your prepayment. If not, we will charge your credit card.

This fee equals 1 night of your room charge plus tax (for the first night of your reservation).

All my points emails say:

You may cancel your reservation for no charge until DATE (1 day[s] before arrival).