Yes. We used a similar system for our son in 5th grade with school grades.
He receive "x" amount of points for bringing home an A (any graded paper,not report card grades). "y" amount for a B. nothing for a C (since that is average). Bringing home a D meant he lost points (the same amount of points as bringing a B earned him), and an F on any paper he lost the same amount of points as an A earned him.
So it looked something like this:
A=30
B=15
C = 0
D = (-15)
F = (-30)
His teacher sent home packets of all his papers stapled together once a week. His "currency" was electronics in general (TV/movies, games, DS, etc), So the points correlated to time. 30 = 30 minutes, etc.
They brought home a STACK of papers, so as long as he made Bs or above, he earned plenty of time to play. If he brought home C's no foul, but he didn't earn any time either. Less than that hurt.
We allowed him to use blocks of time, also. For example: 90 minutes earned could be used as a block of time for a movie. We counted all movies as 90 minutes, b/c they aren't all the same length, and some movies are close to 3 hours, but most are around 100 minutes. Regardless, it made him think if he wanted to watch a movie of ANY kind, because that was a big chunk of his time, if he hadn't made a lot of A's that week.
If he didn't spend all his time, we allowed him to carry it over (like airtime minutes, lol). But we did not threaten to take any of his "saved" time away if he lost more points the next week than he earned. That never happened, but it COULD have. We would've let him keep what he had earned in the previous weeks, if it had.
It worked pretty well.
ETA: I found that for it to work well, and fairly, that you have to delineate exactly what earns points and what removes points. It isn't fair to have a chart if you don't specify what they have to do/not do, exactly. They need to know exactly what is required to earn (or to lose) points.
If you are talking about chores, you need to specify points for getting it done. And points for getting it done after having to be reminded. And points for lost for having to be reminded ___ # of times. Because you are GOING to make them do the chores, regardless, right?