Well I waited 2+ days before reporting this, but a similar thing happened to me concerning Points-Only Gift Cards (GC's) that I never received. Up until now, they've always arrived within 2 days of redemption, either in my email inbox or the spam folder.
The two Points-Only GC's I'm waiting for were both redeemed on June 1, are the Fandango $25 GC for 40,000 points, and the Amazon $5 GC for 18,000 points. Documentation of these redemptions is confirmed in my Transaction History.
Thank you for your prompt attention to this matter.