I hardly ever use my IHG Select Card, but I'm still getting my reward rebates so far this year - I also don't believe the rebate comes from Chase but IHG, who know how many points you've used.
Haven't really tracked when in the month they deposit, but if the 11/12th ish, then seems similar to the Business Rewards 2X bonuses I get, which also always posts about the same time every month (not related to any credit card).