both.
I have 2 new MR cards that I hit the spend req. before the most recent statement (both closed on 12/17). Didn't use refundable for either. For one of them I finished the spend on 12/7 and the points for that card are pending. Hit the spend req. for the other on the 13th and points aren't even pending. I even made sure to pre-pay both cards in full before statement closed because I know you need to pay for points to post. When I called, they said it takes 2 statements for the bonus points to post. Never heard or experienced that before.
ETA: They also refused to push through the pending points. Last time around, they were happy to do so.