What happens if you book a hotel with the credit for after your card's anniversary date, and plans change?

For example, card anniversary date is January 1st so my current credit expires then. Today, I book a hotel for February with my $300 credit.

I'm guessing as long as everything goes to plan, that's fine and there aren't any issues. But what if, sometime after January 1st but before the trip, plans change and I need to cancel the hotel? Is the credit forfeited?

Sounds like the prudent thing to do is to use the travel credit ASAP after you get it, and not sit on it for the year.