A Point Hit refers to the “hit” of minus points you take when you do additional transfers on top of the free transfers you have for that gameweek.
Losing points for extra transfers can only occur in classic fantasy games with a salary cap in which you have one or more free transfers to use each week. In some cases (injuries, double gameweek, etc.) it might be better to take a hit than to hold on to players that won’t be scoring anyhow.
In Fantasy Pro League you lose -4 points for each additional transfer on top of the free one.