For our experience, applied for the card, once received, spent the $500.00 immediately (the same day as the credit card came in the mail). Received the bill (which included the $49.00 annual fee). By the time the bill was due, the $250.00 credit had already been applied to our account - on line. I just sent a check for the difference. It was all taken care of with one bill. Credit was not listed on our first statement, but just kept checking before the due date. It worked well for us because we had a plan in place for the required spend amount needed. Must just have been the right timing.