I did this @6 mos ago and I made a purchase as soon as I got the card, had my gift card in hand before I received a bill! Not sure if it always that quick of a turn around but I was pleasantly surprised.
I was even more surpised that I already had the Disney visa and they let me open a 2nd on and got the $100. My husband then got the $200 offer and we were able to apply for that as well.
Right now we have $300 just burning a whole in my pocket to get me to Disney!!!!!!!!
BTW, no flames, please, I am aware that having all these cards opened just to get the perks, affects my credit report. Just want to mention that before anyone gets on a high horse