One Key, a destination club that does not require membership deposits, has revamped pricing across its three-levels of plans and switched to a points-based system for reservations.

Instead of requiring members to pay a partially refundable deposit along with annual dues, One Key sells three levels of plans that include 15, 25 or 45 “One Key nights” to be used for stays in the club’s portfolio of 450 homes in 30 locations.

With the switch to a points-based system, the club no longer has a one for one exchange policy for nights. Depending on the location of the home, the size of the residence and the time of year, a single “One Key night” will get you more, or less, than a night’s stay in a home. For instance, a week’s stay at one of the club’s homes on Kiawah Island, S.C., requires anywhere from six to 11 membership nights. The club’s homes range from three- to six-bedrooms, and members will pay a premium for larger residences and also peak holiday season reservations.

Jay Sapovits, One Key’s founder and chief executive officer, said the changes reflect the fact that a week in Stowe, Vt., for instance, should not cost the same as a week in Aspen, Colo. By switching to a points system, premium locations will cost more at peak travel times than during the off-season. The move towards adding homes of various sizes at each location, he said, ensures that members don’t end up with more house than they need. “We have given them the option to not over-buy,” he said.

In addition to holiday trips, Sapovits said that homes in areas with short seasons, such as Nantucket, will also carry a premium. In some areas, the largest home at the peak season may require more than two membership nights for every night’s stay. For example, a seven-night stay at one of the club’s portfolio of two- to six-bedroom homes in Maui will require anywhere from six to 19 One Key nights.

While the shift to a points system will give travelers the option to maximize their plan nights by opting for smaller homes or trips in the off-season, the change makes it difficult to calculate the cost-per-night of a One Key plan, given that a 15-night plan may yield more, or less, than 15 nights of vacation.

In addition to the shift to a points-based system, One Key will raise plan prices by $5,000 to $15,000 on August 31. The 15-, 25- and 45-night plans will run $39,900, $59,900 and $99,900, respectively. In addition to rolling out homes in Kiawah Island, the club recently announced new residences in Pebble Beach, Calif. and Sonoma County.