You're correct, as soon as you complete two qualifying stays (including one that's at least two nights) you get the associated Mastercard... you can use the two night qualification as a way to hold off triggering the card if you book your own stays, it'd mean checking out every day/checking back in in the evening though... I agree, it seems like you should be issued your card at the end of the promotion and it'll reflect the highest value based on your stays. Maybe they didn't want to wait until March to issue all those cards at once? Who knows... that's IHG for ya.