Use 'stretch a point' when someone bends rules for special occasions or one-off situations. The librarian stretched a point and let me return the book late without a fine, just this once.
Pro Tip 2/3
Slight Change
It implies a small or minor deviation from the norm, not a major change. I'll stretch a point and allow sneakers at work today, but dress shoes are required tomorrow.
Pro Tip 3/3
Personal Favor
Often used when someone gives you a break or favor that they wouldn't normally consider. I know I'm late, but can you stretch a point and let me take the test?