My experience with other cards is that the "up to X billing cycles" is just a safety language. In particular when it says in the same paragraph, that the credit should post in 7 business days. Normally, if it does not post in the defined time - it does not at all (and I fully expect now to have to call and fight with C1 to get it). It's a new card to me, and the initial experience is not great.
Compare that, say, to Amex offers, which post in 1-2 business days (and if they do not - a quick chat with customer service, and it posts right away)

Edit: read messages above. Sure wish I read those first before applying for this card. Very disappointed. Def. not closing my Citi Preferred (and if C1 experience continues to be like that, it's going to be canceled before the next anniversary)