$50 Annual Ultimate Rewards Hotel Credit?

I booked a hotel thru the Chase travel portal, using my Chase Sapphire card in October 2023. I did not receive my annual $50 hotel credit. I called and was told to wait 2-3 billing cycles OR until I stayed at the hotel. I stayed at the hotel the first week of January. I just called back now and was told that I will not actually receive the hotel credit until my anniversary, which is in May. Is this true? The terms state that a statement credit will be automatically applied...

Any help is appreciated!